2008 10-21 CCP - Laserfiche WebLink

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3. A primary reporting dealer in the United States government securities to the. Federal Reserve Bank of New York, or 4. A securities broker -dealer- having its principal executive office. in Minnesota, Licensed pursuant to Chapter 80A, or an affiliate of it, regulated by the securities. and exchange commission andmaintaining a combined capital and surplus of $40,000,000 or more, exclusive of subordinated debt. The City's ownership of all securities in which the fund is invested should be evidenced by written acknowledgments identifying the securities by: A. The names of issuers, B. The maturity dates, C. The interest rates, D. Any serial numbers or other distinguishing marks. The City shall not invest in securities that are both uninsured and not registered in the name of: the City and are held by either: A. The counterparty or. B. The counterparty's trust department or .agent, but notin the name of the City. The Finance Officer shall establish a system of internal controls, which shall be reviewed with the independent auditor of the City: The controls shall be designed to prevent the loss of public funds arising . from fraud, employee error, and misrepresentation by third parties, unanticipated changes in financial markets, or imprudent actions by employees and officers of the City. 7. Concentration of Credit Risk No more than 5% of the overall portfolio may be invested in the securities of a single issuer, except for the securities of the U.S. Government or an external investment pool. 8. Investment Depositories and. Authorized Dealers Annually, the City Council: willdesignate depositories, security dealers andfinancial institutions authorized to provide banking and investment services to the City. Prior to completing an initial .transactioneach year wit a broker/dealer, the City shall provide to the broker/dealer.a copy of the City's Investment Policy and a copy of the Notification to Broker and. Certification by Broker as required by Minnesota Statute 118A.04. The broker/dealer must sign. and return the Notification to Broker and Certification by Broker and agree to handle the. City's account in accordance with the City's Investment Policy and provide a copy of their broker's insurance coverage for their firm.