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CCP 08-17-1995
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CCP 08-17-1995
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<br />I <br />I. Risks and Prudence: <br />I This policy recognizes that risk is inherent in the investment world. Investment risks can <br /> result from issuer defaults or market price changes. The Minnesota Statutes governing <br />I permissible investments is designed to control risk to some degree. The Treasurer is <br /> expected to display prudence in the selection of securities, as a way to minimize default <br /> risk. No individual transaction shall be undertaken which jeopardizes the total capital <br />I position of the overall portfolio. In the event of a default by a specific issuer, the Treasurer <br /> shall review, and if appropriate, proceed to liquidate securities having comparable credit <br /> risks. <br />I Investment officers acting in accordance with written procedures, the investment policy, <br /> and appropriate state regulations shall be relieved of personal responsibility for individual <br />I credit risk or market price changes, provided that reasonable action is taken to control t . <br /> adverse developments and all reporting requirements as stated herein are complied with. <br />I Ethics and Conflict of Interest: <br />I Officers and employees involved in the investment process, or in reviewing same, shall <br /> refrain from personal activity that could conflict with proper execution of the investment <br /> program, or which could impair their ability to make impartial investment decisions. <br />I- Employees, investment officials, City Council and members of the Finance Committee <br /> shall disclose to the City Council any material financial interest in brokerage firms or other <br /> financial institutions that conduct business with the City, and they shall further disclose <br />I any large personal financial/investment positions that could be related to the performance <br /> of the City's portfolio. Employees and officers shall subordinate their personal investment <br /> transactions to those of the City, particularly with regard to the time of purchases and <br />I sales. <br /> Delel:ation of Authoritv: <br />I Authority to manage the City's investment program is derived from M.S. 412.141. <br /> (Treasurer's Duties) and M.S. 471.56 (Municipal Funds). <br />I Management responsibility for the investment program is hereby delegated to the <br />I Treasurer who shall, on behalf of the City Council, establish written procedures for the <br /> operation of the investment program consistent with this investment policy. In the absence <br /> of the Treasurer, the City staff so designated in the procedure shall exercise the same <br />I authority, with the exception of extending maturities. No person may engage ill. an <br /> investment transaction except as provided under the terms of this policy and the <br /> procedures established by the Treasurer. <br />I <br />I- 2 <br />I <br />----- <br />
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