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savings accounts, and money market savings accounts secured by <br />F.D.I.C. or F.S.L.I.C. insurance. Amounts in excess of $100,000 <br />(maximum insured) shall be secured by collateral as required by <br />Minnesota Statutes. See excerpt from Minnesota C ties Handbook, <br />page 423, included. When an institution pledges collateral it <br />shall provide to the city treasurer confirmation of the <br />collateral pledged within 3 working days and shall deposit said <br />collateral at an independent bank. <br />VI. Banks and Dealers <br />Investment procedures include controlling the level of bank <br />balances and selecting depository institutions. <br />At the beginning of each year, the City Council approves <br />depositiories and investment firms. <br />A. Banks and Savings Banks shall be restricted to those <br />having a minimum capital and surplus of $10,000,000 <br />and an asset to net worth ratio minimum of 3.0% <br />except for the main checking accounts at the First <br />National Bank of the Lakes, Navarre. <br />B. Investment firms shall be restricted to those <br />regulated by the SEC and having a minimum capital of <br />$10,000,000. <br />C. A current annual statemert shall be kept on file for <br />each bank, broker or dealer with whom business is <br />done. <br />D. Only brokers and dealers of government securities <br />that report directly to the New York Federal Reserve <br />Bank shall be utilized. <br />E. Receipts are required from any depository holding <br />securities for the City within 3 days of receipt by <br />the depository. <br />VII. Maturities and Diversification <br />This investment policy addresses both short-term funds and <br />long-term funds. <br />A. Short-term investments are made in securities which <br />will mature very close to the date on which the