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B. Any bank authorized under the laws of the United States or any state to <br /> • exercise corporate trust powers, including but not limited to the bank from <br /> which the investment is purchased, <br /> C. A primary reporting dealer in United States government securities to the <br /> Federal Reserve Bank of New York, or <br /> D. A securities broker-dealer licensed pursuant to Chapter 8oA regulated by <br /> the securities and exchange commission and maintaining a combined <br /> capital and surplus of $40,000,000 or more, exclusive of subordinated <br /> debt. <br /> The City's ownership of all securities in which the fund is invested should be <br /> evidenced by written acknowledgments identifying the securities by: <br /> A. The Names of issuers, <br /> B. The Maturity dates, <br /> C. The Interest rates, <br /> D. Any Serial Numbers or other distinguishing marks. <br /> The City may not invest in securities that are both uninsured and not registered <br /> in the name of the city and are held by either : <br /> A. The counterparty or <br /> B. The counterparty's trust department or agent, but not in the name of the <br /> • City. <br /> 6. CONCENTRATION OF CREDIT RISK <br /> No more than 5% of the overall portfolio may be invested in the <br /> securities of a single issuer, except for the securities of the U.S. Government <br /> or an external investment pool. <br /> 7. SECURITY DEALERS, INSTITUTIONS, AND <br /> CONSULTANTS <br /> The Finance Director shall maintain a list of security dealers and financial <br /> institutions authorized to provide investment services to the City of Apple Valley. The <br /> Finance Director shall develop appropriate criteria, when necessary, for the further <br /> evaluation and selection of specific broker-dealers, institutions, consultants and/or <br /> external money managers. Prudence, rating services, analysis of current financial <br /> statement, key ratios and other statistical data compilation and/or specific other <br /> knowledge are expected to be utilized as components of the evaluation and selection <br /> criteria. A current financial statement of each broker-dealer, institution, consultant <br /> and/or external money manager which the City is using in execution of this policy must <br /> be kept on file by the Finance Director. Prior to completing an initial transaction with a <br /> broker-dealer, the Finance Director shall provide to the broker-dealer a written <br /> statement of investment restrictions which shall include a provision that all future <br /> 5 <br />