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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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06-20-07 Minutes
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Minutes
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6/20/2007
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The City, consistent with legal requirements as presented in Exhibit A, may invest its <br /> • funds in the following: <br /> 1. U.S. Treasury Obligations - which have the full faith and credit of the U.S. <br /> Government pledged for repayment. <br /> 2. Federal Agencies-these agencies are created and supervised by the federal <br /> government so that, for all practical purposes, there is an absence of credit <br /> risk. <br /> 3. General Obligation of the State of Minnesota or any of its subsidiaries that is <br /> rated by at least one national rating agency with a rating level of at least the <br /> following rating: <br /> - general obligation rated "A" or better <br /> - revenue obligation rated "AA" or better <br /> - general obligations of the Minnesota Housing Finance Agency rated "A" or <br /> better <br /> 4. Certificates of Deposits-collaterized by FDIC or FSLIC insurance. Deposits <br /> exceeding $100,000 insurance shall be covered by a surety bond or <br /> collaterized with U.S. Treasury or agency securities computed at its market <br /> value which shall be at least ten percent more than the amount of each <br /> deposit in excess of the insured portions. Collateral consisting of first <br /> mortgages shall be at least forty percent more than the amount of deposit in <br /> excess of the insured portion. All collateral shall be assigned to the City from <br /> the depository. <br /> 5. Commercial paper issued by the U.S. Corporations or their Canadian <br /> subsidiaries that is of the highest quality(Al, P1)and matures in 270 days or <br /> less. <br /> 6. Bankers Accceptances shall be restricted to those of U.S. banks eligible for <br /> purchases by the Federal Reserve System. <br /> 7. Repurchase agreements - must be from a national or state bank in the U.S. <br /> that is a member of the Federal Reserve system and whose capital and <br /> surplus is at least $10,000,000 or is primary reporting dealer in U.S. <br /> government securities to the Federal Reserve Bank of New York. <br /> 8. Mutual Funds - The City may purchase shares in mutual fund holding <br /> pursuant to M.S. 118A.04. The City will monitor the market value of the <br /> fund(s) to ensure against potential losses. <br /> The City will not invest in the following instruments: <br /> • 1. Reverse Repurchase agreements <br />
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