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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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6/24/2024 4:07:07 PM
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06-20-07 Minutes
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Minutes
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6/20/2007
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Subject to requirements of the above objectives, it is the policy of the City of Sauk Rapids to . <br /> offer local financial institutions and companies within the City of Sauk Rapids the <br /> opportunity to bid on investments; however, the City of Sauk Rapids will seek the best <br /> investment yields in the United States. <br /> Delegation of Authority <br /> The City Council has authority over the investment portfolio and the Finance Director will <br /> process all investment transactions undertaken and establish a system of internal controls <br /> approved by the City Council designed to prevent losses from fraud and employee error. <br /> Conflict of Interest <br /> Any City official (elected or appointed) involved in the investment process shall refrain from <br /> personal business activity that could conflict with proper execution of the investment <br /> program or which could impair his/her ability to make impartial investment decisions. <br /> Authorized Financial Institutions and Dealers <br /> In accordance with Minnesota Statute 118A.005, the responsibility for conducting investment <br /> transactions resides with the City Council of the City of Sauk Rapids. A list of <br /> depositories will be submitted annually to the City Council for approval. In selecting <br /> depositories, the credit worthiness of the institutions under consideration shall be <br /> examined by the Finance Director. <br /> Only approved security broker/dealers selected by creditworthiness shall be utilized (minimum <br /> capital requirement $10,000,000 and at least five years of operation). These may include <br /> "primary" dealers or regional dealers that qualify under Securities and Exchange <br /> Commission Rule 15c3-1 (uniform net capital rule). <br /> All financial institutions and broker/dealers must supply the minimum information: <br /> audited financial statements <br /> proof of National Association of Securities Dealers (NASD)certification <br /> proof of state registration <br /> certification of having read the City's investment policy <br /> The finance director will strive to place the City's investments with a variety of broker/dealers <br /> and local banks with no more than 50%being placed with any particular broker or bank at one <br /> time. <br /> Broker Representations <br /> Municipalities must obtain from their brokers certain representations regarding future <br /> investments. Minnesota Statutes, Section 118A, Subdivision 6, requires municipalities to <br /> provide each broker with information regarding the municipality's investment restrictions. <br /> Before engaging in investment transactions with the City of Sauk Rapids the supervising officer <br /> at the securities broker/dealer shall submit a Broker Acknowledgement Certification annually <br /> according to MNSS 118A.05. The document will state that the officer has reviewed the <br /> investment policies and objectives, as well as applicable state law, and agrees to disclose <br /> potential conflicts of interest or risk to public funds that might arise out of business transactions <br />
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