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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 />. proof of state registration, <br />. completed broker/dealer questionnaire for fIrrns who are not major regional or <br />national fIrms, <br />. certifIcation of having read the city's investment policy. <br /> <br />BROKER REPRESENTATIONS <br /> <br />Municipalities must obtain from their brokers certain representations regarding future <br />investments. The City of Centerville will provide each broker with information regarding <br />the municipality's investment restrictions. Before engaging in investment transactions <br />with the City of Centerville the supervising officer at the securities broker/dealer shall <br />submit a certification stating that the officer has reviewed the investment policies and <br />objectives, as well as applicable state laws, and agrees to disclose potential conflicts of <br />interest or risk to public funds that might arise out of business transactions between the <br />fIrm and the City of Centerville. All financial institutions shall agree to undertake <br />reasonable efforts to preclude imprudent transactions involving the city's funds. <br /> <br />AUTHORIZED AND SUITABLE INVESTMENT <br /> <br />MN Statutes, Section lI8A.04, lists all permissible investments for municipalities. This <br />list establishes the maximum investment risk permitted for a Minnesota municipality. <br />Even though MN Statutes l18A.04 provides for more instruments to be used for <br />investing purposes; the following is a listing of investments the city will be authorized to <br />invest in: <br /> <br />1. Government Securities: Direct obligations of the federal government or its <br />agencies, with the principal fully guaranteed by the U.S. Government or its <br />agencies. <br /> <br />2. CertifIcate ofDejJosit: A negotiable or nonnegotiable instrument issued by <br />commercial banks and insured up to $100,000 by the Federal Deposit Insurance <br />Corporation (FDIC). <br /> <br />3. Repurchase Agreement: An investment which consists of two simultaneous <br />transactions, where an investor purchases securities from a bank or dealer. At the <br />same time, the selling bank or dealer agrees to repurchase the securities at the <br />same price plus interest at some agreed-upon future date. The security purchased <br />is the collateral protecting the investment. <br /> <br />4. Prime Commercial Paper: An investment used by corporations to finance <br />receivables. A short-term (matures in 270 days or less) unsecured promissory <br />note is issued for a maturity specifIed by the purchaser. Corporations market their <br />paper through dealers who in turn market the paper to investors. <br /> <br />5. Anv Securitv which is a General Obligation of the State of Minnesota or any of its <br />Municipalities. <br /> <br />- 3 - <br />
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