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2002-09-25 CC Packet
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2002-09-25 CC Packet
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<br />Minnesota Statutes 2001, 118A.07 <br /> <br />Page 1 of2 <br /> <br />l <br /> <br />MirmesQJilSilltut!2s_2J2QJ~J-,1li~ of c.b;wiers <br /> <br />Thbl~Q.fJ;QntelltlifuLc.h<!0s;LlLSA <br /> <br />11SA.O? Additional investment authority. <br /> <br />Subdivision 1. Authority provided. As used in this <br />section, "governmental entity" means a city with a population in <br />excess of 200,000 or a county that contains a city of that <br />size. IE a governmental entity meets the requirements of <br />subdivisions 2 and 3, it may exercise additional investment <br />authority under subdivisions 4/ 5/ and 6. <br /> <br />Subd. 2. Written policies and procedures. Prior to <br />exercising any additional authority under subdivisions 4, 5, and <br />6, the governmental entity must have w~itten investment policies <br />and procedures governing the following: <br /> <br />(1) the use of or limitation on mutual bond funds or other <br />securities authorized or permitted investments under law; <br /> <br />(2) specifications for and limitations on the use of <br />derivatives; <br /> <br />(3) the final maturity of any individual security; <br /> <br />(4) the maximum average weighted life of the portfolio; <br /> <br />(5) the use of and limitations on reverse repurchase <br />agreements; <br /> <br />(6) credit standards for financial institutions with which <br />the government entity deals; and <br /> <br />(7) credit standards for investments made by the government <br />entity. <br /> <br />Subd. 3. Oversight process~ Prior to exercising any <br />authority under subdivisions 4, 5, and 6, the governmental <br />entity must establish an oversight process that provides for <br />review of the government entity1s investment strategy and the <br />composition of the financial portfolio. This process shall <br />include one or more of the following: <br /> <br />(1) audit reviews; <br /> <br />(2) internal or external investment committee reviews; and <br /> <br />.(3) internal management control_ <br /> <br />Additionally, the governing body of the governmental entity <br />must, by resolution, authorize its treasurer to utilize the <br />additional authorities under this section within their <br />prescribed limits, and in conformance with the written <br />limitations, policies, and procedures of the governmental entity. <br /> <br />. <br /> <br />If the governing body of a governmental entity exercises <br />the authority provided in this section, the treasurer of the <br /> <br />l___ __ _ http://www.revisor.leg.state.mn.us/stats/118N07.htm1 <br /> <br />9/13/2002 <br />
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