07-10-07 FPAC Agenda - Laserfiche WebLink

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10. The City will not purchase derivatives. • 6. Safekeeping and Custody Investments may be held in safekeeping with: 1. Any Federal Reserve Bank, authorized under the laws of the Unite::> tatrany state to exercise 2. Any bank a < � :: :.: corporate trust powers, including but notlimited tax ; s;:;from which the � investment es tme nt is purchased,ch as ed , 3. A primary reporting dealer in the Umt�� # 'tges, vmefiVserCurWeMs to Its Federal Reserve Bank of New York, ai!. .. havingits rincipal a ve.office in Minnesota, 4. A securities broker-dealer p ,, IJ ;,,;,;,,;,,;;,,;;;;;,.,;.;;.;:.;;;; Licensed pursuant to Chapter 80A, or an'affiliateOfittippgnlated by the securities and exchange commission and maintaining a combinedcombing40apiKnnd surplus of $40,000,000 or more, exclusive of subo inated debt. The City's ownership of all securities in hich the fund is invested should be evidenced by written acknowledgments identifying the securities bAQF y: A. The names of issuers, • B. The maturity C. The interest rates, D. Any serialnumber's or other distinguishing marks. The City shall not invest in'secur`ities that are both uninsured and not registered in the name of the City and a ':h ld by either: Theeounte party or B. The coup gr 's trust department or agent, but not in the name of the City. -17.1101iFigkkp,Director shall establish a system of internal controls,which shall be reviewed with` h ndependent auditor<vf the City. The controls shall be designed to prevent the loss of public ds a s 1a from ra d employee error, and misrepresentation by third parties, g unanticipated change ii ..ancial riarkets, or imprudent actions by employees and officers of the City. 7. Concentration of Credit Risk No more than 5% of the overall portfolio may be invested in the securities of a single issuer, except for the securities of the U.S. Government or an external investment pool. • 8. Investment Depositories and Authorized Dealers 5