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Physical delivery securities must be properly safeguarded against loss or <br />destruction. The potential for fraud and loss increases with physically <br />delivered securities. <br />6. Clear delegation of authority to subordinate staff members - Subordinate staff <br />members must have a clear understanding of their authority and <br />responsibilities to avoid improper actions. <br />7. Written confirmation of telephone transactions for investments and wire <br />transactions - Due to the potential for error and improprieties arising from <br />telephone transactions, all telephone transactions should be supported by <br />written communications and approved by appropriate personnel. <br />VIII. CONTINUING EDUCATION <br />IX. <br />The Finance Director shall annually complete eight (8) hours of continuing education <br />in subjects or courses of study related to investment practices and products. <br />The Finance Director shall provide a quarterly investment report to the City Manager. <br />The report shall list investments by fund and type and include the book value, income <br />earned and market value as of the report date. <br />X. SECURITIES DISPOSITION <br />A. Every security purchased under this section on behalf of the governing body of <br />the City must be properly earmarked and: <br />1. If registered with the issuer or its agents, must be immediately placed <br />for safekeeping in a location that protects the governing body's interest in the <br />security; <br />2. If in book entry form, must be held for the credit of the governing body by a <br />depository chartered by the Federal Government, the state, or any other state <br />or territory of the United States which has a branch or principal place of <br />business in this state as defined in s. 658.12, or by a national association <br />organized and existing under the laws of the United States which is authorized <br />to accept and execute trusts and which is doing business in this state, and <br />must be kept by the depository in an account separate and apart from the <br />assets of the financial institution; or <br />3. If physically issued to the holder but not registered with the issuer or its <br />agents, must be immediately placed for safekeeping in a secured vault. <br />XI. SALE OF SECURITIES <br />When the invested funds are needed in whole or in part for the purposes originally <br />483 <br />