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2004-06-23 City Executive Session, WS & CC Meeting
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2004-06-23 City Executive Session, WS & CC Meeting
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<br />- <br /> <br />C. Yield <br />The investment portfolio ofthe City of Centerville shall be designed to attain <br />a market-average rate of return through budgetary and economic cycles, <br />taking into consideration the city's investment risk constraints, cash flow <br />characteristics of the portfolio and prudent investment principles. <br /> <br />e <br /> <br />Subject to requirements of the above objectives, it is the policy of the City of Centerville <br />to offer financial institutions and companies within the City of Centerville the <br />opportunity to bid on investments; however, the City of Centerville will seek the best <br />investment yields. <br /> <br />DELEGATION OF AUTHORITY <br /> <br />Management responsibility for the investment program is hereby delegated from the City <br />Council to the Finance Director and/or City Administrator, who shall establish <br />procedures for the operation of the investment program consistent with this investment <br />policy. Such procedures shall include delegation of authority to persons responsible for <br />investment transactions. The Finance Director and/or City Administrator shall be <br />responsible for all transactions undertaken and shall establish a system of internal <br />controls designed to prevent losses from fraud and employee error. <br /> <br />CONFLICT OF INTEREST <br /> <br />Any city official (elected or appointed) involved in the investment process shall refrain <br />from personal business activity that could conflict with proper execution of the <br />investment program or which could impair hislher ability to make impartial investment <br />decisions. <br /> <br />AUTHORIZED FINANCIAL INSTITUTE AND DEALER <br /> <br />In accordance with MN Statute 118.002, the responsibility for conducting investment <br />transactions resides with the city council of the City of Centerville. Also, the council <br />shall be responsible for designating the depositories of the funds. In selecting <br />depositories, the credit worthiness of the institutions under consideration shall be <br />examined. <br /> <br />Only approved security broker/dealers selected by creditworthiness shall be utilized <br />(minimmn capital requirement $10,000,000 and at least five years of operation.) These <br />may include "primary" dealers or regional dealers that qualify under Securities and <br />Exchange Commission Rule 15c3-l (uniform net capital rule.) <br /> <br />All financial institutions and broker/dealers must supply the following as appropriate: <br /> <br />. audited financial statements, <br />. proof of National Association of Securities Dealers (NASD) certification, <br /> <br />- 2- <br />
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