2002-09-25 CC Packet - Laserfiche WebLink

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, 1 structuring the portfolio so that securities mature concurrent with cash needs to meet anticipated demands. C. Yield The investment portfolio of the City of Centerville shall be designed to attain a market-average rate of return through budgetary and economic cycles, taking into consideration the city's investment ri constraints, cash flow characteristics ofthe portfolio and prudent inves les. Ina conduc Centerville. funds. In sele consideration shal Subject to requirements of the above objectives, it i to offer financial institutions and companies withi opportunity to bid on investments; however, the investment yields. Management responsibility for the investment pro Council to the Deputy Clerk/Treasurer Financ shall establish procedures for the operation investment policy. Such procedures shal responsible for investment transactions. and/or City Administrator shall be respo establish a system of internal con de employee error. Any city offici from pers inves decis' olved in the investment process shall refrain ict with proper execution of the r ability to make impartial investment NCIAL INSTITUTE AND DEALER MN Statute 118.002, the responsibility for esides with the city council of the City of I be responsible for designating the depositories of the , the credit worthiness ofthe institutions under ed. Only approved security broker/dealers selected by creditworthiness shall be utilized (minimum capital requirement $10,000,000 and at least five years of operation.) These may include "primary" dealers or regional dealers that qualify under Securities and Exchange Commission Rule 15c3-1 (uniform net capital rule.) All financial institutions and broker/dealers must supply the following as appropriate: . -2 -