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 Richmond
 Code of Ordinances
 Chapter 22. PUBLIC RETIREMENT
 Article III. TRUST FUND AND INVESTMENTS

  § 22-84. Custodian of funds; registration of securities; payment by check.  

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  • (a)

    The City Council hereby delegates to the Board the authority to designate one or more financial institutions to serve as the custodian of all the funds or securities, or both, of the Richmond Retirement System. The Director of Finance shall be the custodian of all the funds of the Richmond Retirement System, unless the Board has designated one or more financial institutions, which may include financial institutions hired as investment managers pursuant to Section 22-83, as the custodian of such funds. The Board shall advise the Council in writing of any financial institutions hired, terminated or replaced by the Board within 72 hours of such actions. The City Council shall periodically review the custodial arrangements entered into by the Board pursuant to this section and may, at its discretion, terminate such arrangements pursuant to the termination provisions applicable to the arrangement.

    (b)

    All registered securities in the funds of the system shall be registered in the name "City of Richmond, Richmond Retirement System," or, at the direction of the Board, in the name of the custodian; every change in registration, by reason of sale or assignment of such securities registered in the name of the "City of Richmond, Richmond Retirement System" shall be authenticated by the signature of the custodian or an authorized representative thereof for a corporate custodian. However, if the Board shall have exercised its power to employ a financial institution as custodian, registered securities in the custody of such custodian may be registered in the name of a nominee of such custodian or a nominee of Depository Trust Company for securities eligible for such registration.

    (c)

    All payments from such funds shall be made by checks issued upon orders signed by such person as is designated for the purpose by the Board. No order shall be signed unless it has previously been authorized by the Board, which authorization shall be recorded in the records of the Board.

    (Code 1993, § 23.1-28; Code 2004, § 78-83; Ord. No. 2006-24-50, § 1, 2-27-2006)

(Code 1993, § 23.1-28; Code 2004, § 78-83; Ord. No. 2006-24-50, § 1, 2-27-2006)