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<br />~ <br />~HILLS <br /> <br /> <br />FPAC group is interested in the future plans for the Briarknoll neighborhood. <br /> <br />V. INVESTMENT POLICY DISCUSSION <br /> <br />A. Review suggested revisions and comments from the City Attorney <br /> <br />B. Refine Policy and Discussion <br /> <br />Concerns on 2.C. Delegation of Authority. Cannot delegate to someone eise; no one has that authority. <br /> <br />Remove the word Armroved and replace with Acknowledaed. Remove FPAC chair and Council Liaison. <br /> <br /> <br />Johnson asked if there were a sufficient number of officials to authorize investments. Group decided to <br /> <br /> <br />add Act/no Mavor after the Mayor; if the Mayor is unavailabie, the Acting Mayor is authorized to <br /> <br /> <br />acknowledge the investment. Bronson asked if the acknowledgement should be in writing and if that <br /> <br /> <br />specification should be written in the policy. Johnson wanted to know why in 5.3.E. "AA" is a required <br /> <br /> <br />rating and not required in 5.3.A-D. It is not required due to State Statutes. Johnson thought that the <br /> <br /> <br />Section 7 was vague. What is the counter party risk? Any guarantees behind it? Look at further defining <br /> <br /> <br />external investment pool. Change to: No more than 5% of the overall portfolio mav be invested in the <br /> <br /> <br />securities of a sinale issuer. except for the securities of the U.S. Government. or a maximum of 25% with <br /> <br /> <br />anv individual counter partv in an external investment pool. <br /> <br />RBC Dain Rauscher is the trustee, while PMA manages it. Minimize risk with a ten day window. <br /> <br />Make formatting uniform throughout policy. <br /> <br />C. Adopt recommended policy for presentation to City Council <br /> <br />Motioned: Jeff Johnson <br />Seconded: Maurice Gieske <br /> <br />VI. 2006 Financial Statement review <br /> <br />City Council selects the City's auditors. <br /> <br />Group reviewed the Special Purpose Audit Report (pg 4). Johnson wanted to know of anything specific <br />with the 2006-1 Segregation of Duties finding. Cash receipting and accounts payable (issuing and <br />cutting checks) are two main concerns. Currently working on improving cash receipting procedures; <br />accomplished segregating account payable duties. Currently the City does not have a formal credit card <br />policy. <br /> <br />City of Arden Hills <br />