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<br />CITY OF ELK RIVER <br />INVESTMENT POLICY <br /> <br />Goal <br /> <br />It is the intent of the City to provide maximum interest earnings <br />on the investment of idle funds while still maintaining safety <br />and liquidity. <br /> <br />Investment Strategy <br /> <br />In order to accomplish this goal, several procedures will be <br />completed before funds are investea: <br /> <br />1. Both current and longterm cash flow projections will be <br />completed to ensure adequate cash is available to meet <br />ongoing operating expenditures without having excess <br />idle cash on hand. <br /> <br />2. Quotes will be obtained from at least three investing <br />sources. <br /> <br />3. Careful consideration will be exercised in evaluating <br />investment yield and safety. <br /> <br />Investment Guidelines <br /> <br />1. At the first meeting of each year, the City Council <br />shall, as required by Minnesota Statute 118.005, <br />designate Official Depositories. <br /> <br />2. Collateral on investments shall be <br />required by Minnesota Statute 118.01. <br /> <br />maintained <br /> <br />as <br /> <br />3. Pursuant to Minnesota Statute 471.56, Subdivision 1, any <br />idle City funds may be invested as authorized by <br />Minnesota Statute 475.66. This includes the following <br />investments: <br /> <br />Certificates of Deposit <br />U.S. Government Securities <br />Federal Agency Securities <br />Repurchase Agreements <br />Commercial Paper (AlPl) <br />Bankers' Acceptances <br /> <br />4. Safety will be the main consideration when investing <br />public funds. <br /> <br />5. A diversified investment portfolio will be maintained. <br />