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<br />3. State and local government obligation as follows: <br />A) an obligation of the State of Minnesota or any of its municipalities: <br />a) that have taxing power, and <br />b) are rated "A" or better by a national bond rating service. <br />B) obligation of other state and local governments: <br />a) that have taxing power, and <br />b) are rated "A" or better by a national bond rating service. <br />C) general obligations of the Minnesota Housing Finance Agency that are <br />rated "A" or better by a national bond rating service. <br />D) general obligations of housing fmance agencies of other states, provided: <br />a) they include a moral obligation of the state, and <br />b) they are rated "A" or better by a national bond rating service, <br /> <br />E) general revenue obligation of any agency or authority of the State of <br />Minnesota other than those found in C or D above (Housing Finance <br />Agency) that are rated "AA" or better by a national bond rating service. <br /> <br />4. Certificates of deposit at state and federally chartered banks and savings and loan <br />associations. All investments made under this subsection shall be limited to the <br />amount of Federal Deposit Insurance Corporation or the manner set forth in <br />Minnesota statute gI18A.05. The certificate of deposit should be in the form of a <br />discounted security maturing in the amount not to exceed the insurance coverage <br />or in the amount so that at any time the face amount together with any accrued <br />interest does not exceed the insurance coverage. <br /> <br />5. Banker's Acceptances of United States Corporation or their Canadian subsidiaries <br />that are rated "AI" by Moody's Investors Service and/or PI by Standard and <br />Poor's Corporation and matures in 270 days or less. Banker's Acceptances can <br />only be purchased ifthe yield is greater than the United States Treasury <br />obligations or Federal Agency issues. <br /> <br />6. Commercial Paper issued by United States corporations or their Canadian <br />subsidiaries that are rated "AI" by Moody's Investors Service and/or "PI" by <br />Standard and Poor's Corporation and matures in 270 days or less. <br /> <br />7. Money Market Funds consisting of United States Treasury Obligations and/or <br />Federal Agency Issues. <br /> <br />8. The City will not purchase securities that are considered highly sensitive. A <br />highly sensitive investment is a debt instrument with contract terms that make the <br />investment's fair value highly sensitive to interest rate changes. Examples <br />include range notes and index amortizing notes, step-up notes and bonds, <br />variable-rate investments with coupon multipliers, and coupons that vary <br />inversely with a benchmark index. <br /> <br />4 <br />