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<br /> I -3- <br /> I. The Treasurer shall be responsible for all transactions <br /> undertaken and shall establish a system of controls to be <br /> documented in writing and subject to external auditor review. <br /> , The controls shall be designed to prevent losses from fraud, <br /> I employee error, unanticipated changes in financial markets and <br /> imprudent actions by employees and councilmembers. <br /> I Authorized Financial Dealers and Institutions: <br /> The City of Arden Hills will conduct its investment transactions <br /> I with 1) financial institutions located in the state of Minnesota <br /> that are designated as depositories by the city Council and 2) <br /> only brokers and dealers of government securities that report <br /> I directly to the New York Federal Reserve Bank. The city will <br /> conduct its investment business with the most reputable firms. <br /> At the first Council meeting of each year, the Treasurer shall <br /> I offer to the City council a list of financial dealers and <br /> institutions to be authorized in an appropriate resolution, to <br /> provide investment service. <br /> I Authorized and Suitable Investments: <br /> I The City is empowered to invest only in securities which are <br /> permissible under Minnesota Statute section 475.66. These <br /> securities include the following: <br /> I. - U.S. Treasury Obligations <br /> - Federal Agency Issues <br /> - Repurchase Agreements <br /> I - Reverse Repurchase Agreements <br /> - certificates of Deposit <br /> - State and Local Bonds <br /> - Prime Bankers Acceptances <br /> I - Prime commercial Paper <br /> - Mutual Funds <br /> - Interest Bearing Deposits <br /> I Federal Aaencv Issues: <br /> I Federal agency issues are not directly guaranteed by the U.S. <br /> government. The agencies themselves guarantee the issues. <br /> - Federal Home Loan Banks <br /> I - Government National Mortgage Association (GNMA) <br /> - Federal National Mortgage Association (FNMA) <br /> - Student Loan Mortgage Association (SLMA) <br /> I - Federal Farm Credit <br /> Repurchase Agreements: <br /> I The vendor must be a primary reporting dealer in United States <br /> government securities to the Federal Reserve Bank of New York; or <br /> I- any national or state bank in the United States which is a member <br /> of the Federal Reserve system and whose combined capital and <br /> surplus equals or exceeds $10,000,000. <br /> I <br /> -- --- <br />