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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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Minutes
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6/20/2007
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2. Mortgage-Back securities <br /> 3. Future Contracts • <br /> 4. Options <br /> 5. Guaranteed investment contracts <br /> VIII. INVESTMENT COMPANIES <br /> White Bear Lake will conduct its investment transaction with financial institutions <br /> that act responsibly as custodians of the City's funds. These institutions shall avoid <br /> any transactions which might damage public confidence in the City's ability to <br /> govern effectively. The City will conduct its investment transactions with financial <br /> institutions designated by the City Council. These institutions will meet the following <br /> criteria: <br /> 1. Financial institutions located in the State of Minnesota <br /> 2. Security dealers who are on the Federal Reserve Bank's list as primary <br /> dealers <br /> 3. Security dealers that are subsidiaries of financial institutions that are <br /> designated by the City <br /> 4. Security dealers registered under the Federal Investment Company Act of <br /> 1940, and have its shares registered under the Federal Securities Act of • <br /> 1933 <br /> All brokers will provide the City with a Broker/Dealer Certification stating that they <br /> will do business with White Bear Lake according to Minnesota Statute and White <br /> Bear Lake Investment Policy. This Broker/Dealer Certification will be signed by an <br /> officer of the company. <br /> IX. BIDDING <br /> The City will request competitive bids from approved financial institutions. Selection <br /> of the maturity date(s)would be based upon the City's projection of cash flow needs <br /> or strategic placement of the City's core funds. <br /> Bids will be requested from qualified and approved financial institutions and <br /> investment companies for various options with regard to term and instrument. The <br /> City will accept the bid which provides the highest rate of return within the <br /> parameters of this policy by the firm with sufficient financial strength and the ability <br /> to provide consistent service. <br /> The City may may reject the most favorable bid if it is deemed the bid requires the <br /> City to assume excessive risk due to concentration, does not fit the City's cash flow <br /> needs, or the potential marginal gain does not offset transaction costs. <br /> • <br />
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