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<br />systematic handling found commonly with book entry securities. <br /> <br />The Custodian(s) for the City's two defined benefits pension plans may be <br />selected for the safekeeping of the City's securities where applicable. <br /> <br />MASTER REPURCHASE AGREEMENT <br /> <br />All approved institutions and dealers transacting repurchase agreements <br />shall execute and perform as stated in the Master Repurchase Agreement. <br />All repurchase agreement transaction shall adhere to requirements of the <br />Master Repurchase Agreement. <br /> <br />INTERNAL CONTROLS <br /> <br />The Finance Depmiment staff will establish and monitor a system of written <br />internal control procedures. The controls are designed to prevent losses of <br />public funds arising from fraud, employee error, and misrepresentation by <br />third parties. Unanticipated changes in financial markets, or imprudent <br />actions by employees and officers of the entity. The controls will ensure <br />proper accounting and repOliing of the securities transactions. <br /> <br />This policy will allow for review of such controls by independent auditors as <br />part of the independent annual financial audit of the City. <br /> <br />CONTINUING EDUCATION <br /> <br />The Finance Department staff are encouraged and expected to attend <br />continuing education seminars concerning matters related to investment. <br />Such staff members must annually complete 8 hours of continuing education <br />subiects of courses of study related to investment practices and products. <br /> <br />REPORTING <br /> <br />Reports of the City's investment activity shall be prepared on a qualierly (3 <br />months) basis. The reports will include investment securities by class or <br />type, book value, income earned/accrued, and market value as of report date. <br />The Finance Director or designee will submit quarterly (3 months) repOlis to <br />the City Commission. The City's Comprehensive Annual Financial RepOli <br />(CAFR) will include similar investment disclosures as part of the footnotes. <br /> <br />Page 11 of 12 <br />