Resolution 7056 - Laserfiche WebLink

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7056 years and the longer term securities may be sold if it is advantageous to do so in the opinion of the Treasurer. Generally the allowable portfolio maximum for a specific maturity is 5% and 35% for a specific dealer. 5-8. RISK, PRUDENCE AND ETHICS The standard of prudence to be used by investment officials involved in the investment process shall be the "prudent investor" and shall be applied in the context of managing the overall portfolio. Investment officers acting in accordance with this policy and with MN Statute 118A and exercising due diligence shall be relieved of personal responsibility for an individual security's credit risk or market price changes, as provided in MN Statute 118A.02 Subd 2. 5-9. DELEGATION OF AUTHORITY The City Council hereby delegates the management of the investment program and the designation of depositories to the city treasurer, as authorized in Minnesota Statute 118A.02. In his absence the deputy treasurer or the city administrator shall exercise the same authority. The treasurer shall have full authority, as stated in Resolution No. 2089, to initiate such wire transfers or interbank transfers as may be necessary to accomplish the investment objectives as stated within this policy. The treasurer shall provide the Council with a detailed list of electronic wire transfers at the next available council meeting. The treasurer shall be authorized to designate depositories on behalf of the City Council at times other than the beginning of the year, as provided in Resolution No. 2563, and will provide to the Council the identity of each new depository and the investment purchased as part of the quarterly investment report. 5-10. ADDITIONAL RESOURCES Original Adoption —December 12, 1988 Amended Policy—Resolution 4246, adopted February 22, 1999 Amended Policy—Resolution 5952, adopted July 26, 2010 Amended Policy— Resolution 6399, adopted April 28, 2014 5-4