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collateralwasreceivedbytheTrustee.ThecollateralshallbeheldinthenameoftheCity.The <br />Trustee'srecordsshallassurethenotationoftheCity'sownershipoforexplicitclaimonthe <br />securities.TheoriginalcopyofallsafekeepingreceiptsshallbedeliveredtotheCity. <br />X.MANAGEMENTANDINTERNALCONTROLS <br />TheDirectorofFinanceshallestablishasystemofinternalcontrols,whichshallbereviewedby <br />anindependentauditor.Thecontrolsshallbedesignedtopreventlossesofpublicfundsarising <br />fromfraud,employeeerror,misrepresentationbythirdparties,unanticipatedchangesinfinancial <br />markets,orimprudentactionsbyemployeesorInvestmentOfficersoftheCity. <br />Controlsandmanagerialemphasisdeemedmostimportantthatshallbeemployedwhere <br />practicalare: <br />A.Controlofcollusion <br />B.Separationofduties <br />C.Separationoftransactionauthorityfromaccountingandrecordkeeping <br />D.Custodiansafekeepingreceiptsrecordsmanagement <br />E.Avoidanceofphysicaldeliverysecurities <br />F.Cleardelegationofauthoritytosubordinatestaffmembers <br />G.Documentationoninvestmentbiddingevents <br />H.Writtenconfirmationoftransactionsforinvestmentsandwiretransfers <br />I.Reconcilementandcomparisonsofsecurityreceiptswiththeinvestmentsubsidiaryrecords <br />J.Compliancewithinvestmentpolicies <br />K.Accurateandtimelyreports <br />L.Validationofinvestmentmaturitydecisionswithsupportingcashflowdata <br />M.AdequatetraininganddevelopmentofInvestmentOfficers <br />O.Reviewoffinancialconditionofallbrokers,dealersandfinancialinstitutions <br />P.Stayinginformedaboutmarketconditions,changes,andtrendsthatrequireadjustmentsin <br />investmentstrategies <br />Q.Monitorcreditratings <br />R.MonitorFDICstatusformergersandacquisitionsforbrokered/5͸ƭ <br />COMPLIANCEAUDITTheCityshallperform,inconjunctionwithitsannualfinancialaudit,a <br />complianceauditofmanagementcontrolsoninvestmentsandadherencetotheentity's <br />establishedinvestmentpolicies.Theauditshallincludeaformalreviewofthequarterly <br />investmentreportsbyanindependentauditorandtheresultsreportedtothegoverningbodyby <br />theindependentauditor.Also,thegoverningbodyshallreviewitsinvestmentpolicyand <br />investmentstrategynotlessthanannuallyandadoptawritteninstrumentbyrule,order, <br />ordinance,orresolutionstatingthatithasreviewedtheinvestmentpolicyandstrategy,and <br />recordedanychangesmadetothem. <br /> <br /> <br />