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. INVESTMENT POLICY 3 <br /> IV. Ethics and Conflicts of Interest <br /> Officers and employees involved in the investment process <br /> shall refrain from personal business activity- that could <br /> conflict with the proper execution and management of the <br /> investment program, or that could impair their ability to <br /> make impartial decisions . Employees and investment <br /> officials shall disclose any material interests in financial <br /> institutions with which they conduct business . They shall <br /> further disclose any personal financial/investment positions <br /> that could be related to the performance of the investment <br /> portfolio. Employees and officers shall refrain from <br /> undertaking personal investment transactions with the same <br /> individual with whom business is conducted on behalf of the <br /> City. <br /> V. Delegation of Authority <br /> Authority to manage the investment program is granted to the <br /> Finance Director who shall be designated as the investment <br /> officer. The Finance Director shall develop and maintain <br /> administrative procedures for the operation of the <br /> investment program. The procedures shall include a bidding <br /> process, monitoring diversification and risk as well as a <br /> system of controls to regulate the activities of subordinate <br /> officials . The Finance Director is authorized, as allowed <br /> . under Minnesota Statute, to designed depositories and <br /> broker-dealers for City funds. In the Finance Directors <br /> absence, the City Manager shall be authorized to complete <br /> transactions as the investment official . <br /> VI. Authorized Financial Dealers and Institutions <br /> The Finance Director will maintain a list of financial <br /> institutions to provide investment services to the City. <br /> All broker-dealers who desire to become qualified bidders <br /> for investment transactions must supply the Finance Director <br /> with audited financial statements, proof of National <br /> Association of Securities Dealers certification, proof of <br /> Minnesota registrations and completion of broker <br /> notification and certification form as required by the <br /> Minnesota Statue #118A prior to any investment transactions <br /> with the City. <br /> VII. Authorized Investments <br /> The city is authorized under Minnesota Statute #118A to <br /> invest in the following securities : <br /> A. United States securities. Public funds may be <br /> invested in governmental bonds, notes, bills, <br /> (excluding mortgage backed securities) and other <br /> 3 <br />