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<br /> ----------- <br /> I <br /> Authorized Financial Dealers and Institutions: I <br /> -, <br /> The City of Arden Hills will conduct its investment transactions with I) fmancial <br /> institutions located in the State of Minnesota that are designated as depositories by the <br /> City Council and 2) only brokers and dealers of government securities that report directly , <br /> to the New York Federal Reserve Banle The City will conduct its investment business <br /> with the most reputable firms. <br /> At the tirst Council meeting of each year, the Treasurer shall offer to the City Council a , <br /> list of financial dealers and institutions to be authorized in an appropriate resolution, to <br /> provide investment service. , <br /> Authorized and Suitable Investments: <br /> The City is empowered to invest only in securities which are permissible under Minnesota , <br /> Statute Section 475.66. These securities include Federal Debt, Mutual Funds, State and I <br /> Local Debt Banker's Acceptances, Commercial Paper, Guaranteed Investment Contracts, <br /> Mortgage Backed Securities and Repurchase and Reverse Repurchase Agreements. <br /> However, the intent ofthis policy, with the sole exception of permissible securities held in , <br /> money market funds, is to limit the City's investments to Federal Debt obligations. <br /> Federal Debt: -. <br /> Government bonds, notes, bills, mortgages, and other securities, which are direct <br /> obligations or are guaranteed or insured issues of the United States, its agencies, its , <br /> instrumentalities, or organizations created by an Act of Congress, excluding mortgage <br /> backed securities defined as high risk as defined by MN Statute 475.66 Subd. 5. <br /> Diversification: , <br /> Assets held in the investment portfolio shall be diversified to minimize the risk ofIoss I <br /> resulting from over-concentration of assets in a specific maturity (maturities shall be <br /> staggered in a way that avoids undue concentration of assets in a specific maturity sector), I <br /> a specific issuer or a specific class of securities. Single transactions in the excess of $ 1 <br /> million require prior approval of the City Council. Investment target goals by security <br /> category will be 15% in cash or cash equivalents 65% of fixed rate instruments and 20% in I <br /> zero coupon instruments. <br /> I <br /> I <br /> , - I <br /> j <br /> I <br />