Laserfiche WebLink
due. A-ny surplus from the sale of collateral shall be payable to the financial <br />institution, its assigns, or both. <br />IO4 4 ,~~ekeep~n aid ~`us~oy <br />10,1 Investments shall be held in safekeeping with <br />.A. Any Federal Reserve Bank; <br />B, Any bank authorized under the laws of the United States or any state to <br />exercise corporate trust powers, including, but not limited to, the bank from <br />which the investment is purchased; <br />C. A primary reporting dealer in United States government securities to the <br />Federal Reserve Bank of New York; or <br />D. A securities brokerldealer having its principal executive office in Minnesota, <br />licensed pursuant to chapter ~oA, or an affiliate of it, regulated by the <br />Securities and Exchange Commission; provided that the government entity's <br />ownership of all securities is evidenced by written acknowledgments <br />identifying the securities by the names of the issuers, maturity dates, interest <br />rates, CUSIP number, or other distinguishing marks. <br />l o.~ Custodial Credit Risk -The Utility will minimize the investment Custodial Risk by <br />permitting brokers that obtained investment for the Utility to hold them only to the <br />extent there is SIPC and excess SIPC coverage available. Securities purchased that <br />exceed available SIPC coverages shall be transferred to the Utility's custodian. <br />l.~0 0 .i~e~sicati®n ~~u~r~~'e~ <br />Elk .River Municipal Utilities will diversify its investments by security type and institution. ~n <br />establishing specif c diversification strategies, the following general policies and constraints <br />shall apply: <br />Portfolio maturities shall be staggered to avoid undue concentration of assets at a specific <br />maturity sector, with one brokermdealer or financial institution, or any one type of <br />instrument. The maturities selected shall provide for stability of income and reasonable <br />liquidity. <br />1 Za 0 I~te~~~1 C"o~t~o~ <br />The Finance Director shall establish an annual process of independent review by an external <br />auditor. This review will provide internal control by assuring compliance with policies and <br />procedures. <br />5 <br />