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10 <br /> <br />5. Certificates of Deposit (CD). City funds may be invested in transferable CDs that are <br />fully insured by the FDIC. <br /> <br />5. Money Market Mutual Funds. City funds may be invested in money market mutual <br />funds that meet the criteria of this policy. <br /> <br />6. Minnesota Joint Powers Investment Trust. City funds may be invested in agreements or <br />contracts for shares of a Minnesota joint powers investment trust whose investments are <br />restricted to comply with Minnesota Statutes. <br /> <br />Safekeeping and Custody <br /> <br />Investments will be held in safekeeping pursuant to Minnesota Statutes 118A.06. Specifically, <br />investments may be held in safekeeping with: <br /> <br />1. Any Federal Reserve Bank, <br />2. Any bank authorized under the laws of the United States or any state to exercise <br />corporate trust powers, including but not limited to the bank from which the investment <br />is purchased, <br />3. A primary reporting dealer in the United States government securities to the Federal <br />Reserve Bank of New York, or <br />4. A securities broker-dealer who is: <br />-registered as a broker-dealer pursuant to Minnesota Statutes Chapter 80A or is exempt <br />from the registration requirements, <br />-regulated by the Securities and Exchange Commission; and <br />-maintains insurance through the Securities Investment Protection Corporation or <br />excess insurance coverage in an amount equal to or greater than the value of the <br />securities held. <br /> <br />The City’s ownership of all securities in which the fund is invested should be evidenced by written <br />acknowledgments identifying the securities by: <br />1. The names of issuers, <br />2. The maturity dates, <br />3. The interest rates, <br />4. Any serial numbers or cusips. <br /> <br />The Finance Director shall establish a system of internal controls, which shall be reviewed with the <br />independent auditor of the City. The controls shall be designed to prevent the loss of public funds <br />arising from fraud, employee error, and misrepresentation by third parties, unanticipated changes <br />in financial markets, or imprudent actions by employees and officers of the City. <br />