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I <br /> 6.0 Ethics and Conflict of Interest <br /> 16 Officers and employees involved in the investment process shall refrain from personal business <br /> I activity that could conflict with the investment program, or which could reasonably cause others to <br /> question or doubt their ability to make impartial investment decisions. Employees and investment <br /> Iofficials shall disclose to the Finance Director any material financial interests in financial <br /> institutions that conduct business within this jurisdiction, and they shall further disclose any <br /> personal financiallinvestment positions that could be related to the performance of the Elk River <br /> IMunicipal Utilities' portfolio. <br /> 7.0 Authorized Financial Dealers and Institutions <br /> IThe Finance Director will maintain a list of financial institutions authorized to provide investment <br /> services. In addition, a list will be maintained of approved security broker/dealers selected by <br /> credit worthiness, who maintain an office in the State of Minnesota. These may include "primary <br /> Idealers" or regional dealers that qualify under Securities & Exchange Commission Rule 15c3-1 <br /> (uniform net capital rule). All brokers doing business with the Utilities shall have a Broker <br /> ICertification form on file with the Finance Director in accordance with Minnesota Statutes <br /> §118A.04, Subd 9. All investments must be placed with brokers whose office is in the State of <br /> IIIMinnesota. No investments may be made with out of state brokers. <br /> I8.0 Authorized and Suitable Investments <br /> Investment instruments authorized and permitted by this policy are as follows: <br /> I <br /> A. Repurchase Agreements <br /> IRepurchase agreements consisting of collateral allowable in Section 118A.04. <br /> IB. United States Securities <br /> Governmental bonds, notes, bills, mortgages (excluding high-risk mortgage-backed <br /> Isecurities), and other securities, which are direct obligations or are guaranteed or insured <br /> issues of the United States, its agencies, its instrumentalities, or organizations created by <br /> Ian act of Congress. <br /> 1110 High risk mortgage-backed securities (which are excluded from investment options for the <br /> utility) are defined as follows: <br /> I1.) interest-only or principal-only mortgage-backed securities; and, <br /> I3 <br />