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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 Statutes Chapter 80A. The broker/dealer must <br />sign and return the Notification to Broker and Certification by Broker and agree to handle the <br />City's account in accordance with the City's Investment Policy and provide a copy of their <br />broker's insurance coverage for their firm. <br />9. Investment Earnings <br />Interest earnings will be credited to the source of the invested funds at the end of each <br />month based on the average daily cash balances during the month. Market value adjustments <br />and interest accruals will be allocated at the end of the fiscal year based on the average cash <br />balances during the fiscal year. <br />10. Reporting and Review <br />A listing of the City's investment portfolio shall be included in the financial report to the <br />City Council at the end of each fiscal quarter. The list should include date of purchase and <br />maturity, type of investment, firm invested at, yield, interest rate, and comparison to the <br />benchmark set forth in this policy. <br />11. Exemption <br />Any investment currently held that does 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 conform to this policy. <br />12. Review and Approval <br />The investment policy shall be formally approved and adopted by resolution the City <br />Council and any future changes to the policy must be approved by the City Council. <br />Approval by the City Council the Day of 12009. <br />Stanley D. Harpstead, Mayor <br />Ronald J. Moorse, City Administrator <br />Date <br />Date <br />R <br />