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• Annually, the City Council will designate by resolution depositories, security dealers and <br /> financial institutions authorized to provide banking and investment services to the City. Prior to <br /> completing an initial transaction each year with a broker/dealer,the City shall provide to the <br /> broker/dealer a copy of the City's Investment Policy and a copy of the Notification to Broker and <br /> Certification by Broker as required by Minnesota Statute 118A.04. The broker/dealer must sign <br /> and return the Notification to Broker and Certification by Brokg:.and agree to handle the City's <br /> account in accordance with the City's Investment Policy and provide a copy.of their broker's <br /> insurance coverage for their firm. <br /> 9. Investment Earnings <br /> Interest earnings will be credited to the source of theinyested funds at the,0410bach <br /> the average dailycash balances during 00,0*A ket value adjustments <br /> month based on g ..... :;;::. :.::::.:: <br /> and interest accruals will be allocated at the end of the fis`i 'yea f n the average cash <br /> balances during the fiscal year. <br /> 10. Reporting and Review <br /> A listing of the City's investment portfolio shatt:tlo, c <br /> fin <br /> ancial <br /> cia Ire rt t 0 the <br /> City Council at the end of each fiscal quarter 'T` e list<should include;date of purchase and <br /> maturity, type of investment, firm invested at y eld, test rate,and comparison to the <br /> benchmark set forth in this policy. <br /> 11. Exemption <br /> Any investment currently he141104114oes not meet the guidelines of this policy shall be <br /> exempted from the requirement of this policy Upon maturity, if funds are re-invested the new <br /> securities must confor f : i'.this policy. <br /> 12. wow/and Approval <br /> The investment policy shall be formally approved and adopted by resolution the City <br /> Council anctany`future changes to tihei1policy must be approved by the City Council. <br /> • <br /> 6 <br />