§ 20-21. Investment of funds.

(a)

Subject to the restrictions of the Charter and as authorized additionally by this section of the Code, the manager of finance is hereby empowered to invest the moneys credited to any fund without appropriation, buying and selling at the manager of finance's discretion, provided that the return from the investments be credited to the fund in proportion to the amount from such fund so invested, subject, however, to paragraph (b) below.

(b)

The manager of finance, in order to account for services rendered and expenses incurred in the administration, management and investment of the nonsubsidized enterprise funds shall transfer, and is authorized hereby to transfer, as an investment fee from earnings for each such fund to Fund No. 0100, the general fund, an amount in the manager of finance's discretion which shall be no higher than the fee commonly charged by private investment advisers, of not greater than that amount obtained by multiplying the average monthly balance available for investment in each such fund from all sources by the factor 0.00375; and said amounts thus transferred upon the directive of the manager of finance as applicable to each fund shall be so noted upon the books of account and appropriate fiscal records of the city by the manager of finance.

(c)

Subject to the restrictions of paragraphs (a) and (b) above, investments by the manager of finance may, in addition to those specifically listed in the Charter, include investments in Resolution Funding Corporation (REFCORP) Securities, Debt Service Reserve Fund PUT Agreements (PUT), and Forward Purchase Agreements.

(d)

The manager of finance shall appoint an investment committee to advise the manager regarding departmental investment activities.

(Code 1950, § 164.7; Ord. No. 473-84, § 1, 9-4-84; Ord. No. 211-97, § 1, 4-7-97; Ord. No. 1013-02, § 1, 12-9-02; Ord. No. 775-07, § 34, 12-26-07)