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3. A primary reporting dealer in the United States government securities to the <br /> • Federal Reserve Bank of New York, or <br /> 4. A securities broker-dealer having its principal executive office in Minnesota, <br /> Licensed pursuant to Chapter 80A, or an affiliate of it, regulated by the securities <br /> and exchange commission and maintaining a combined capital and surplus of <br /> $40,000,000 or more, exclusive of subordinated debt. <br /> The Town's ownership of all securities in which the fund is invested should be evidenced <br /> 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 Town shall not invest in securities that are both uninsured and not registered in the <br /> name of the Town 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 /> Town. <br /> • The Finance Officer shall establish a system of internal controls,which shall be reviewed <br /> with the independent auditor of the Township. The controls shall be designed to prevent the loss <br /> of public funds arising from fraud, employee error, and misrepresentation by third parties, <br /> unanticipated changes in financial markets, or imprudent actions by employees and officers of <br /> the Township. <br /> 7. Concentration of Credit Risk <br /> No more than 5%of the overall portfolio may be invested in the securities of a single <br /> issuer, except for the securities of the U.S. Government or an external investment pool. <br /> 8. Investment Depositories and Authorized Dealers <br /> Annually, the Town Board will designate depositories, security dealers and financial <br /> institutions authorized to provide banking and investment services to the Town. Prior to <br /> completing an initial transaction each year wit a broker/dealer, the Town shall provide to the <br /> broker/dealer a copy of the Town's Investment Policy and a copy of the Notification to Broker <br /> and Certification by Broker as required by Minnesota Statute 118A.04. The broker/dealer must <br /> sign and return the Notification to Broker and Certification by Broker and agree to handle the <br /> Town's account in accordance with the Town's Investment Policy and provide a copy of their <br /> broker's insurance coverage for their firm. <br /> • <br /> 5 <br />