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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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6/24/2024 4:07:07 PM
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06-20-07 Minutes
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Minutes
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6/20/2007
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REPORTING: The investment officers shall generate monthly reports for the City <br /> • Council that will include data on investment instruments being held. <br /> PARTICULAR PROVISIONS OR RESTRICTIONS: In selecting depositories, the <br /> credit worthiness of the institution shall be considered and the investment officers shall <br /> conduct a comprehensive review of prospective depository credit, characteristics, <br /> services available, and financial history. Selection will be in accordance with Minnesota <br /> Statutes Chapter 118A. <br /> Prior to completing an initial investment transaction and annually thereafter, the <br /> supervising officer at the financial institution shall submit a broker certification in <br /> accordance with Minnesota Statutes 118A.04. The investment officers shall annually <br /> prepare a list of authorized financial institutions and broker/dealers, which shall be <br /> approved by the City Council. <br /> INSTRUMENTS: The City will only invest in instruments, which are in accordance <br /> with Minnesota Statutes Chapter 118A. <br /> CUSTODIAL RISK: The Investment officers shall structure all investments and <br /> deposits so that the custodial risk is at all times in Category #1 or #2 under GASB <br /> Statement#3. <br /> DIVERSIFICATION/MATURITIES: It is the policy of the City to diversify its <br /> investment portfolios to eliminate the risk of loss resulting from over-concentration of <br /> assets in a specific maturity, a specific issuer or a specific class of securities. The <br /> maturities selected shall provide for stability of income and reasonable liquidity. <br /> LIST OF ATTACHMENTS: <br /> • Minnesota Statutes Chapter 118A <br /> • <br />
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