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securities offered and to attend to the drawing and execution of necessary papers. The <br />• Board shall order an audit of the books and accounts of the Secretary and the Treasurer <br />annually, according to law, and shall submit a written report of the condition of the <br />Association to the members at the annual meeting. The investment of the funds of the <br />Association shall be in the exclusive control of the Board of Trustees, in conformance <br />with state statutes, the bylaws, and the investment policy attached hereto. The Board of <br />Trustees shall meet with the Investment Committee. The members of the Board shall act <br />as Trustees with a fiduciary obligation to the State of Minnesota, to the City of Falcon <br />Heights and the members of the Association. <br />Section 7.3. Investment Committee. The Board of Trustees may designate two or more <br />Association members to sit on an investment committee. The treasurer, the president and <br />an ex-officio member shall sit on the committee. The investment committee shall <br />investigate and make recommendations to the Board of suitable investments for <br />Association funds among those permitted by Statute, the bylaws and the investment <br />policy attached hereto. <br />Section 7.4. Broker's Certification. The board of trustees shall comply with Minn. Stat. <br />§356A.06, Subd. 8b that requires the relief association to provide annually to any <br />brokers, a written statement of investment restrictions pursuant to statute or the <br />investment policy that applies to the special fund. Upon receipt of the written statement <br />of investment restrictions, each broker handling investments of the Association shall <br />acknowledge, in writing annually the receipt of the investment restrictions. The <br />• acknowledgment shall contain a statement of the broker's agreement to handle the <br />Association's investments pursuant to the written restrictions. <br />Section 7.5. Consultant Certificate of Insurance. Before hiring or contracting with a <br />consultant, the Board of Trustees of the relief association must obtain a copy of the <br />consultant's certificate of insurance. A consultant is an individual or firm providing legal <br />or financial advice, including an actuary; attorney; accountant; investment advisor, <br />manager, counselor, or investment manager selection consultant; pension benefit design <br />advisor or consultant; or any other financial consultant. <br />Section 7.6. Continuing Education Plan. The board of trustees shall develop and <br />periodically revise a plan for continuing education for all members and officers of the <br />board of trustees in order to ensure that trustees keep abreast of their fiduciary <br />responsibilities as required by Minn. Stat. §356A.13. <br />Article VIII - Funds <br />Section 8.1. Funds. All monies received from the Association shall be kept in two <br />separate funds as follows: <br />~~ 4y <br />