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Wr <br /> INVESTMENT POLICY <br /> PURPOSE:The investment policy is a guide for the City Council and officials of the City in the conduct <br /> of the investment program so as to obtain a reasonable rate of return on the investments while <br /> minimizing risk and maintaining the public's trust. The Treasurer shall seek to act responsibly as a <br /> custodian of the public trust and shall avoid any transaction that might impair public confidence in the <br /> City, the City Council, or the Administration. <br /> I. GOVERNING AUTHORITY <br /> Legality <br /> The investment program shall be operated in conformance with federal, state, and other legal <br /> requirements,including Minnesota Statutes Chapter 118A. <br /> II. SCOPE <br /> This policy applies to the investment of all funds. <br /> 1. Pooling of Funds <br /> Except for cash in certain restricted and special funds, the City will consolidate cash and <br /> reserve balances from all funds to maximize investment earnings and to increase efficiencies <br /> with regard to investment pricing,safekeeping and administration.Investment income will be11111 <br /> allocated to the various funds based on their respective participation and in accordance with <br /> generally accepted accounting principles. <br /> 2. Personnel <br /> The personnel authorized to conduct banking and investment transactions on behalf of the <br /> City shall be named in the Annual Resolution Appointing Official Newspaper,Acting Mayor, <br /> Official Depository,and Treasurer. Within this policy,use of the title Finance Director shall <br /> mean the person hired in that position by the City Council. The use of the title Treasurer shall <br /> mean any of the persons named in the Annual Resolution Appointing Official Newspaper, <br /> Acting Mayor,Official Depository,and Treasurer as being authorized to conduct banking and <br /> investment transactions on behalf of the City.Duties of the Treasurer will predominantly be <br /> carried out by the Finance Director, but may be carried out by any of the other named <br /> persons in the Finance Director's absence.Treasurer shall mean any person carrying out the <br /> duties of the Treasurer. <br /> • <br /> Page 1 of 8 <br />