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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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Objectives <br /> • <br /> The City's primary investment objectives, in order of priority, are as <br /> follows: <br /> Safety: Safety of principal is the foremost objective. Investments shall be <br /> undertaken so as to insure the preservation of capital in the overall <br /> portfolio. Diversification of investments is required to limit potential <br /> losses. <br /> Liquidity: The City's portfolio will be structured to be sufficiently liquid to <br /> meet all operating requirements that might be reasonably <br /> anticipated. It is essential that funds are available when needed. <br /> Return on investment: The City's investment portfolio shall be designed <br /> to attain a market-average rate of return during budgetary and <br /> economic cycles, taking into account the City's investment risk <br /> constraint and the cash flow characteristics of the portfolio. <br /> All City staff participating in the investment process shall seek to act <br /> responsibly as custodians of the public trust. Investment officials shall avoid any <br /> transaction that might impair public confidence in the City's ability to govern <br /> effectively. <br /> • <br /> Authorized Investments <br /> The City will invest only in instruments permitted by Minnesota Statutes <br /> 118A.04-.05, which are categorized as follows: <br /> (1) United States securities—governmental bonds, notes, bills, <br /> mortgages (excluding high-risk mortgage-backed securities), and other <br /> securities, which are direct obligations or are guaranteed or insured <br /> issues of the United States, its agencies, its instrumentalities, or <br /> organizations created by an act of Congress. <br /> (2) State and Local securities—general obligation securities of any state <br /> or local government rated "A" or better; revenue obligation securities of <br /> any state or local government rated "AA" or better; and a general <br /> obligation of the Minnesota housing finance agency which is a moral <br /> obligation of the State and is rated "A" or better. <br /> (3) Commercial paper—unsecured promissory notes issued by United <br /> States corporations or their Canadian subsidiaries having maturities of <br /> 270 days or less, and rated A-1 (Moody's), P-1 (Standard & Poors), or <br /> F-1 (Fitch) by at least two of these three rating services. <br /> (4) Time deposits—certificates of deposit fully insured by the Federal <br /> Deposit Insurance Corporation or bankers acceptances of United <br /> States banks. <br /> 40 <br />
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