A. With the concurrence to the Assembly, the Mayor shall appoint at least five Borough voters, who are neither elected officials nor employees of the Borough, to serve on the Investment Advisory Committee. At least three of the committee members must be persons with substantial experience and expertise in the area of financial investment. However, no member of the Investment Advisory Committee, nor any member of their immediate family, may be an officer, director, employee, or have a substantial financial interest in any financial institution which is listed on the Borough’s qualified bidders list.

B. The Investment Advisory Committee shall review the quarterly investment reports and make recommendations and suggestions to the Mayor and the Assembly for the conduct and improvement of the Borough investment program. Investment Advisory Committee meetings shall be held upon request of the Borough administration, the chair of the committee, or any two members of the committee, and are not required for the review of the quarterly investment reports. The committee shall receive copies of the quarterly investment reports. The committee shall receive copies of the Borough’s annual comprehensive financial report, the external auditors’ letter to management and the required auditors’ communication with Audit Committee, if written. The committee may request to meet with the Borough’s external auditors to discuss issues relevant to the Borough’s investments. The committee shall report in writing to the Assembly at least annually on the status of the Borough’s investment program, its compliance with Chapter 7.16 FNSBC and the outlook for future investments. The committee shall also consult with the Mayor concerning the adoption of administrative procedures and internal controls to implement Chapter 7.16 FNSBC. The committee shall hear and decide appeals filed under FNSBC 7.16.130.

C. The Investment Advisory Committee shall be governed by the provisions of Chapters 4.04 and 6.28 FNSBC. (Ord. 2019-09 § 2, 2019; Ord. 99-007 § 5, 1999; Ord. 87-069 § 4, 1988. 2004 Code § 3.04.130.)