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investments are to be made in accordance with Minnesota Statutes governing the <br /> investment of public funds as well as this statement of investment policy. The broker- <br /> dealer must acknowledge receipt of the statement of investment restrictions in writing <br /> and agree to handle the municipality's account in accordance with these restrictions. <br /> The City may not enter into a transaction with a broker until the broker has provided <br /> this written agreement to the City. <br /> A. Qualified broker-dealers will be those security broker-dealers who are <br /> selected according to credit worthiness and approved by the Finance <br /> Director and approved by the City Council. Only broker-dealers who are <br /> recognized as "primary dealers" by the Market Reports Division of the <br /> Federal Reserve Bank of New York and/or regional dealers that qualify <br /> under Securities and Exchange Commission Rule 15C=1 (uniform net <br /> capital rule) may be used for City investment placement. <br /> B. Qualified institutions will be those banks, savings banks and saving and <br /> loans institutions which are generally recognized by applicable federal, <br /> state and local statutes as being authorized to receive investments from <br /> the City. Approved institutions will be those named generally above, whom <br /> also meet further selection criteria developed by the city. Approval is to be <br /> determined by the Finance Director and have the approval of the City <br /> Council. <br /> C. External consultants may be engaged and used when necessary and <br /> prudent to further a/or enhance the execution of this policy. A consultant • <br /> is defined for the purposes of this policy as being an individual or firm <br /> having expertise relative to execution of this policy who may be engaged to <br /> serve in and advisory role without the purpose of receiving investment <br /> deposits from the City for the further purpose of generating a return on the <br /> placement. Approval of a consultant must be given by the Finance Director <br /> and approved by the City Council. No funds are to be placed directly with a <br /> consultant. <br /> D. External money managers may be engaged and used in the execution of <br /> this policy as long as the external money manager(s) is limited to <br /> investment activities within the confines of this policy. An external money <br /> manager must maintain appropriate diversification as noted later in this <br /> policy. Any external money manager engaged by the City will be required <br /> to provide an accounting and performance report to the Finance Director <br /> at a frequency not less than quarterly. External money managers must be <br /> approved by the Finance Director and the City Council. <br /> 8. INVESTMENT OBJECTIVES <br /> The preservation of principal shall be the paramount objective of the investment <br /> program of the City of Apple Valley. Investments shall be selected in a manner that will <br /> attempt to ensure the safety of the City's capital. This will be accomplished through a <br /> • <br /> program of diversification and maturity limitations for each individual pool or fund of <br /> 6 <br />