Laserfiche WebLink
INVESTMENT POLICY <br /> IV. Ethics and Conflicts of Interest <br /> Officers and employees involved in the investment process shall refrain from personal <br /> business activity that could conflict with the proper execution and management of the <br /> investment program, or that could impair their ability to make impartial decisions. <br /> Employees and investment officials shall disclose any material interests in financial <br /> institutions with which they conduct business. They shall further disclose any personal <br /> financial/investment positions that could be related to the performance of the investment <br /> portfolio. Employees and officers shall refrain from undertaking personal investment <br /> transactions with the same individual with which business is conducted on behalf of the <br /> City. <br /> V. Delegation of Authority <br /> Authority to manage the investment program is granted to the Finance Director who shall <br /> be designated as the investment officer. The Finance Director shall develop and maintain <br /> administrative procedures for the operation of the investment program. When410 <br /> appropriate, the procedures will include a bidding process for commercial paper, <br /> monitoring diversification and risk as well as a system of controls to regulate the <br /> activities of subordinate officials. The Finance Director is authorized, as allowed under <br /> Minnesota Statute, to make transactions with designed depositories and designate broker- <br /> dealers for City funds. In the Finance Directors absence, the City Manager shall be <br /> authorized to complete transactions as the investment official. <br /> VI. Authorized Financial Dealers and Institutions <br /> The Finance Director will maintain a list of financial institutions to provide investment <br /> services to the City. All broker-dealers who desire to become qualified bidders for <br /> investment transactions must supply the Finance Director with audited financial <br /> statements,proof of National Association of Securities Dealers certification,proof of <br /> Minnesota registrations and completion of broker notification and certification form as <br /> required by the Minnesota Statue#118A prior to any investment transactions with the <br /> City. <br /> • <br /> 3 <br />