06-09-09 FPAC packet - Laserfiche WebLink

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• 8. Investment Depositories and Authorized Dealers Annually, the City Council will designate by resolution depositories, broker dealers and financial institutions authorized to provide banking and investment services to the City. Prior to completing an initial transaction each year with a broker/dealer, the City shall provide to the broker/dealer a copy of the City's Investment Policy and a copy of the Notification to Broker and Certification by Broker as required by Minnesota Statutes Chapter 80A. The broker/dealer must sign and return the Notification to Broker and Certification by Broker and agree to handle the City's account in accordance with the City's Investment Policy and provide a copy of their broker's insurance coverage for their firm. 9. Investment Earnings Interest earnings will be credited to the source of the invested funds at the end of each month based on the average daily cash balances during the month. Market value adjustments and interest accruals will be allocated at the end of the fiscal year based on the average cash balances during the fiscal year. 10. Reporting and Review A listing of the City's investment portfolio shall be included in the financial report to the City Council at the end of each fiscal quarter. The list should include date of purchase and maturity, type of investment, firm invested at, yield, interest rate, and comparison to the benchmark set forth in this policy. 11. Exemption Any investment currently held that does not meet the guidelines of this policy shall be exempted from the requirement of this policy. Upon maturity, if funds are re -invested the new securities must conform to this policy. 12. Review and Approval The investment policy shall be formally approved and adopted by resolution the City Council and any future changes to the policy must be approved by the City Council. Approval by the City Council the Day of , 2009. Stanley D. Harpstead, Mayor Ronald J. Moorse, City Administrator G Date Date