ALP 6

2. Ethics and Conflicts of Interest
Officers and employees involved in the investment process shall refrain from personal
business activity that could conflict with the proper execution and management of the
investment program, or that could impair their ability to make impartial decisions.
Employees and investment officers shall disclose any material interests in financial
institutions with which they conduct business. They shall further disclose any personal
financial /investment positions that could be related to the performance of the investment
portfolio. Employees and officers shall refrain from undertaking personal investment
transactions with the same individual with whom business is conducted on behalf of the
Authority.
3. Delegation ofAuthoriry
Authority to manage the investment program is granted to the Investment Committee
(Committee) established by the Board of Directors (Board). The Committee consists of
the Treasurer, elected by the Board, and the Executive Director. The two Committee
members are also referred to as investment officers in this policy. Responsibility for the
operation of the investment program is hereby delegated to the investment officers, who
shall act in accordance with established written procedures and internal controls for the
operation of the investment program consistent with this investment policy. Procedures
should include references to: monitoring risks, safekeeping, delivery vs. payment,
investment accounting, repurchase agreements, wire transfer agreements, and
collateral /depository agreements. Furthermore, the Executive Director and Finance
Director shall be authorized to invest bond proceeds and bond resolution moneys to meet
debt service payments, project draws and other expenses. No person may engage in an
investment transaction except as provided under the terms of this policy and the
rocfficers. The investment officers shall be
edures established by the investment o
esponsible for all transactions undertaken and shall establish a system of controls to
eQUlate the activities of subordinate officials.
V. Safekeeping and Custody
Delivery vs. Payment
,Il trades of marketable securities will be executed by delivery vs. payment (DVP) to
nsure that securities are deposited in an eligible financial institution prior to the release
f funds.
Safekeeping
'he Authority may make such arrangements for the custody, safekeeping and registration
f investment securities as will enable the prompt delivery thereof upon maturity or in the
vent of sale.
nless the securities are held in book -entry form, all securities purchased shall be
,livered to and held by the Authority or a custodian designated by the Authority, which
tstodian shall be the State Treasurer, a Colorado bank or bank and trust company
ithorized to do business in Colorado, any trustee under a bond resolution or an agent of
e Authority in New York; New York and such delivery shall be simultaneous with
a
Approved aid Adopted December 1, 2006