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, . , ) <br /> -, 4,-( 4, <br /> il <br /> 0-4"*. <br /> .1 , <br /> M Investment Policy <br /> Delegation of Authority <br /> Management responsibility for the investment program is hereby delegated from the City <br /> Council to the City Finance Director/Treasurer, who shall establish procedures for the <br /> operation of the investment program, consistent with this investment policy. Such <br /> procedures shall include delegation of authority to persons responsible for investment <br /> transactions. The Finance Director shall be responsible for all transactions undertaken <br /> and shall establish a system of internal controls designed to prevent losses from fraud and <br /> employee error. <br /> Conflict of Interest <br /> Any City official (elected or appointed) involved in the investment process shall refrain <br /> from personal business activity that could conflict with proper execution of the <br /> investment program or which could impair his/her ability to make impartial investment <br /> decisions. <br /> II <br /> Authorized Financial Institute and Dealer <br /> In accordance with Minnesota Statute 118.005, the responsibility for conducting <br /> investment transactions resides with the City Council of the City of Oak Grove. Also, the <br /> Council shall authorize the City Finance Director/Treasurer to exercise the powers of <br /> the Council in designating a depository of the Funds. In selecting depositories, the credit <br /> worthiness of the institutions under consideration shall be examined by the Finance <br /> Director. <br /> Only approved security broker/dealers selected by creditworthiness shall be utilized <br /> (minimum capital requirement $10,000,000 and at least five years of operation). These <br /> may include "primary"dealers or regional dealers that qualify under Securities and <br /> Exchange Commission Rule 15c3-1 (uniform net capital rule). <br /> All financial institutions and broker/dealers must supply the following as appropriate: <br /> • Audited financial statements <br /> • Proof of National Association of Securities Dealers (NASD) certification <br /> • Proof of state registration <br /> • Completed broker/dealer questionnaire for firms who are not major regional or <br /> national firms <br /> • • Certification of having read the City's investment policy <br /> Page 3 of 6 <br />