[Adopted 3-18-2014 by Ord. No. 2014-03]
A. 
There is hereby established within the Town of Lincoln an Investment Advisory Board consisting of five members: the Town Finance Director; the Town Personnel Director; the Chairperson of the School Committee or designee; a qualified elector of the Town of Lincoln that is neither an officer nor an employee of the Town, selected and appointed by the Town Council, based on his/her knowledge of, and expertise in, investments and finance; and a qualified elector of the Town of Lincoln that is neither an officer nor an employee of the Town, selected and appointed by the Town Administrator, based on his/her knowledge of, and expertise in, investments and finance, to serve an initial term of three years and a two-year term thereafter.
B. 
The Town Finance Director will also serve as Chairman of the Investment Advisory Board.
A. 
The Board shall be responsible for the development of an investment policy of the Town, which is subject to approval by the Town Council, to assure compliance and to review and make recommendations to the Town Council for periodic amendments they may deem necessary.
B. 
The Investment Advisory Board shall review and advise the Finance Director on the investment of all Town unencumbered surplus funds, pension and OPEB trust funds, and all other trust and agency funds in the custody of the Town.
C. 
The Board is authorized to solicit for investment advisors/managers through a competitive solicitation. Qualified firms shall be interviewed by the Board and a recommendation made to the Town Council for approval.
D. 
The Board shall meet at least quarterly to review the status of the Town investments and shall provide a report annually, as of the end of the fiscal year, to the Town Council of same.