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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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06-20-07 Minutes
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6/20/2007
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CITY OF WHITE BEAR LAKE <br /> • INVESTMENT POLICY <br /> JANUARY 1, 1998 <br /> I. PURPOSE <br /> This policy established the standards, direction, and oversight to achieve the <br /> following fundamental objectives for investment of City funds; principal protection, <br /> liquidity to maintain adequate cash flows,while producing acceptable rate of return <br /> for all funds reported in the City's Comprehensive Annual Financial Report except <br /> for any employee retirement funds. <br /> II. POLICY <br /> It is the investment policy of White Bear Lake to protect the capital in the overall <br /> portfolio. Liquidity and yield are also important considerations but secondary to <br /> capital preservation. Funds will be invested to gain the highest investment return <br /> from investment vehicles which have the lowest risk of principal loss,while meeting <br /> the daily cash flow demands of the City and conforming to all federal, state and <br /> local statutes governing the investment of public funds. <br /> III. DELEGATION OF AUTHORITY <br /> Management of the City's investment portfolio is delegated to the Finance Director <br /> or the Assistant Finance Director with the direction of strict compliance with this <br /> policy. <br /> IV. PRUDENCE <br /> Investments shall be made with judgment and care under prevailing circumstances, <br /> which persons of prudence,discretion,and intelligence exercise in the management <br /> of their own affairs, not for speculation, but for investment, considering the probable <br /> safety of their capital as well as the probable income to be derived from investing <br /> the City's overall portfolio. <br /> Investment personnel acting in accordance with written procedures and exercising <br /> due diligence shall be relieved of personal responsibility for an individual security's <br /> credit risk or market price changes, provided deviations from expectations are <br /> reported in a timely fashion and appropriate action is taken to control adverse <br /> developments. Employees involved in the investment process shall refrain from <br /> personal business activity that could conflict with proper execution of the investment <br /> program, or which could impair their ability to make impartial investment decisions. <br /> V. CASH FLOWS <br />
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