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Jaraxt=8t M„ady <br /> • <br /> Section VI <br /> Investment Program, <br /> Arbitrage, Rebate and <br /> Continuing Disclosure <br /> Services: <br /> Investment Program <br /> Juran & Moody is proud of its ability to assist its clients with proper and <br /> prudent administration of its investment resources. As a broker - dealer, <br /> Juran & Moody can eliminate the "middle man" and purchase <br /> investments direct for a customer's account. In addition to eliminating <br /> some potential investment expenses, Juran & Moody can offer <br /> proprietary offerings not offered on market as a whole. Typically, for <br /> municipal accounts, this means direct access to taxable general obligation <br /> bonds with suitable bond ratings. <br /> In addition to following the City's investment policy, it is our goal to <br /> maximize investment earnings without compromising security and cash <br /> flow. For bond proceeds, we work with the City engineer to develop a <br /> construction draw schedule and combine that with any other expenditure <br /> the City may be realizing during construction. Based on that schedule, we <br /> advise the City on the term, investment type and interest r that wou ld <br /> be most appropriate. All investments are made at the direction of the City <br /> and followed by confirmation statements and monthly account statements. <br /> Similarly, we can develop a program to maximize other idle funds the City <br /> may wish to invest. Following the City's investment policy, Juran & <br /> Moody can offer a wide variety of institutional investments including but <br /> not limited to certificates of deposit, treasury securities, high grade <br /> commercial paper, taxable general obligation bonds and federal agency <br /> securities. <br /> Arbitrage and Rebate <br /> Juran & Moody's arbitrage rebate compliance services are available at <br /> the option of the City. Compliance with the federal arbitrage rebate <br /> restrictions impacts municipal issuers in two basic ways. One, municipal <br /> issuers must rebate arbitrage profits to the federal government. Two, <br /> municipal issuers generally must either pay outside consultants to <br /> supplement their own compliance efforts or allocate their own staff to <br /> handle this responsibility. While this impact has a very real financial <br /> effect, we believe that there are steps an issuer can take to minimize this <br /> impact. <br /> Juran & Moody's approach to arbitrage rebate compliance is to <br /> proactively provide advice and guidance to our clients so that arbitrage <br /> considerations are taken into account as part of an issuer's overall <br /> City of Centerville. Minnesota - 11 - <br />