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y <br /> es <br /> loss of public funds arising from fraud, employee error, and misrepresentationfc <br /> lo ee band third <br /> dfipar i of <br /> __ 0 unanticipated changes in financial markets,or imprudent actionsby p Y <br /> the City. '-/ <br /> .S <br /> v,.c �- <br /> k <br /> 7. Concentration of Credit Risk`-'1 ,' v.„‘,.'' .,00 <br /> -0 <br /> No more than 5% of the overall portfolio may be invested in the securitie f a single <br /> issuer, except for the securities of the U.S. Government, or'- <br /> maximum oe 5°/a ith any r� <br /> individual counter party in an external investment pool. <br /> 8. Investment Depositories and Authorized Dealers <br /> ti,a,�. <br /> Annually, the City Council will designate by resolution depositories, security <br /> dealers and <br /> financial institutions authorized to provide banking and investment services to the City. Prior to <br /> completing an initial transaction each year with a broker/dealer, the City shall provide to the <br /> broker/dealer a copy of the City's Investment Policy and a copy of the Notification to Broker and <br /> Certification by Broker as required by Minnesota Statutes Chapter 80A. The broker/dealer must <br /> sign and return the Notification to Broker and Certification by Broker and agree to handle the <br /> City's account in accordance with the City's Investment Policy and provide a copy of their <br /> broker's insurance coverage for their firm. <br /> ID <br /> 9. Investment Earnings <br /> Interest earnings will be credited to the source of the invested funds at the end of each <br /> month based on the average daily cash balances during the month. Market value adjustments <br /> and interest accruals will be allocated at the end of the fiscal year based on the average cash <br /> balances during the fiscal year. <br /> 10. Reporting and Review <br /> A listing of the City's investment portfolio shall be included in the financial report to the <br /> City Council at the end of each fiscal quarter. The list should include date of purchase and <br /> maturity, type of investment, firm invested at, yield, interest rate, and comparison to the <br /> benchmark set forth in this policy. <br /> 11. Exemption <br /> Any investment currently held that does not meet the guidelines of this policy shall be <br /> exempted from the requirement of this policy. Upon maturity, if funds are re-invested the new <br /> securities must conform to this policy. <br /> • <br /> 6 <br />