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B. Liquidity - The investment portfolio shall remain sufficiently liquid to meet all <br /> operating requirements that may be reasonably anticipated. This is <br /> Accomplished by structuring the portfolio so that securities mature <br /> concurrent with cash needs to meet anticipated demands. <br /> C. Yield - The investment portfolio of the City of Centerville shall be designed to <br /> attain a market- average rate of return through budgetary and economic <br /> cycles, taking into consideration the city's investment risk constraints, <br /> cash flow characteristics of the portfolio and prudent investment principles. <br /> Subject to requirements of the above objectives, it is the policy of the City of Centerville to offer <br /> financial institutions and companies within the City of Centerville the opportunity to bid on <br /> investments; however, the City of Centerville will seek the best investment yields. <br /> DELEGATION OF AUTHORITY <br /> Management responsibility for the investment program is hereby delegated from the City Council <br /> to the Deputy Clerk/Treasurer and/or City Administrator, who shall establish procedures for the <br /> operation of the investment program, consistent with this investment policy. Such procedures <br /> shall include delegation of authority to persons responsible for investment transactions. The <br /> Deputy Clerk/Treasurer and/or City Administrator shall be responsible for all transactions <br /> undertaken and shall establish a system of internal controls designed to prevent losses from fraud <br /> and employee error. <br /> CON)~LICT 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 program or <br /> which could impair his/her ability to make impartial investment decisions. <br /> AUTHORIZED FINANCIAL INSTITUTE AND DEALER <br /> In accordance with Minnesota Statute 118.005, the responsibility for conducting investment <br /> transactions resides with the City Council of the City of Centerville. Also, the Council shall be <br /> responsible for designating the depositories of the Funds. In selecting depositories, the credit <br /> worthiness of the institutions under consideration shall be examined- <br /> 2 <br />