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<br />!! <br /> <br />-, <br /> <br />(c) Investment banks and dealers - Investment <br />procedures include controlling the level of <br />bank balances and selecting depository <br />institutions. <br /> <br />(1) At the beginning of each year, the City <br />Council approves depositories and invest- <br />ment firms. <br /> <br />a. Banks and Savings Banks outside of <br />the Twin Cities seven-county metro- <br />politan area shall be restricted to <br />those having a minimum capital and <br />surplus of $10,000,000. <br /> <br />b. Investment firms shall be restricted <br />to those regulated by the SEC and <br />having a minimum capital of $10,000,000. <br /> <br />c. A current annual statement shall be <br />kept on file for each bank, broker or <br />dealer with whom business is done. <br /> <br />(d) Instruments for investment - <br /> <br />(1) It is the policy of the City of New Brighton <br />that available funds be invested to the <br />maximum extent possible, at the highest <br />rates obtainable at the time of investment <br />in conformance with the legal and adminis- <br />trative guidelines outlined herein. <br />u.S. Treasury Obligations and Federal <br />Agency Issue will be given preference. <br /> <br />(2) The investments of the city of New Brighton <br />will be in accordance with Minnesota <br />Statutes and be further restricted to the <br />following: <br /> <br />a. United States Treasury Obligations <br /> <br />b. Federal Agency Issues <br /> <br />c. Repurchase Agreements (Repo's) - <br />Repo transactions are restricted to: <br /> <br />(1) A primary reporting dealer in <br />u.s. government securities who <br />reports to the Federal Reserve <br />Bank of New York, or <br /> <br />(2) National or state bank in the <br />U.S. which is a member of the <br />Federal Reserve system and whose <br />combined capital and surplus <br />equals or exceeds $10,000,000. <br /> <br />(3) A securities broker-dealer having <br />its primary executive office in <br />Minnesota and licensed pursuant to <br />Chapter BOA, or an affiliate of it, <br />registered by the SEC and maintain- <br />ing a combined capital and surplus <br />of $40,000,000 or more, exclusive <br />of subordinated debt. <br /> <br />4 <br />