Delegation of authority.

New Orleans City Code § 70-605

in effect

Sec. 70-605. - Delegation of authority. Authority to manage the City of New Orleans investment program is derived from the Louisiana Revised Statutes, title 33, section 2955. Management responsibility for the investment program is hereby delegated to the director of finance, who shall carry out established written procedures and internal controls for the operation of the investment program consistent with this investment policy. Procedures should include reference to: (1) Safekeeping; (2) PSA repurchase agreements; (3) Delivery versus payment; (4) Investment accounting; (5) Wire transfer agreements; (6) Banking service contracts; and (7) Collateral/depository agreements. Such procedures shall include explicit delegation of authority to persons responsible for investment transactions. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the director of finance. The director of finance shall be responsible for all transactions undertaken and shall establish a system of controls to regulate the activities of subordinate officials. (M.C.S., Ord. No. 18,621, §§ 1, 2, 2-5-98)

Source: City of New Orleans, Code of Ordinances and Home Rule Charter (Municode Library, library.municode.com)URL: https://library.municode.com/la/new_orleans/codes/code_of_ordinances?nodeId=PTIICO_CH70FI_ARTVIINPO_S70-605DEAUFetched: 10/28/2026