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SECTION 11. COLLATERALIZATION <br /> In order to anticipate ma.rket changes and provide a level of security for all funds, the <br /> collateralization level will be 110 percent of the market value of principal and accrued interest. <br /> Collateral shall be deposited in the name of the City of Pequot Lakes subject to release by the <br /> investment officer. T'he primary agent shall issue a safe keeping receipt to the City listing the <br /> specific instrument rate maturity and other pertinent information. In addition, the prirnary agent <br /> shall issue to the City a monthly collateral report. All deposits will be insured or collateralized in <br /> accordance with Minnesota Staxutes, Section 118A.03. <br /> SECTION 12. REPORTING <br /> The investment officer will provide the Pequot Lakes City Council information upon request. <br /> - 3 - <br />