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• <br /> (2)has an expected average life that: <br /> (i) will extend by more than four years as the result of an immediate and sustained <br /> parallel shift in the yield curve of plus 300 basis points;or <br /> (ii) will shorten by more than six years as the result of an immediate and sustained <br /> parallel shift in the yield curve of minus 300 basis points;or <br /> (3) will have an estimated change in price of more than 17 percent as the result of <br /> an immediate and sustained parallel shift in the yield curve of plus or minus 300 <br /> basis points. <br /> Subd.7.Temporary general obligation bonds.Funds may be invested in general obligation <br /> temporary bonds of the same governmental entity issued under section 429.091, <br /> subdivision 7,469.178,subdivision 5,or 475.61,subdivision 6. <br /> Subd.8. Debt service funds.Funds held in a debt service fund may be used to purchase <br /> any obligation,whether general or special,of an issue which is payable from the fund,at <br /> such price,which may include a premium,as shall be agreed to by the holder,or may be <br /> used to redeem any obligation of such an issue prior to maturity in accordance with its <br /> terms.The securities representing any such investment may be sold by the governmental <br /> entity at any time,but the money so received remains part of the fund until used for the <br /> purpose for which the fund was created.Any obligation held in a debt service fund from <br /> which it is payable may be canceled at any time unless otherwise provided in a resolution • <br /> or other instrument securing obligations payable from the fund. <br /> Subd.9.Broker;statement and receipt. <br /> (a) For the purpose of this section and section 118A.05, the term"broker"means a <br /> broker-dealer,broker,or agent of a government entity,who transfers,purchases,sells, <br /> or obtains securities for,or on behalf of,a government entity. <br /> (b) Prior to completing an initial transaction with a broker, a government entity shall <br /> provide annually to the broker a written statement of investment restrictions which shall <br /> include a provision that all future investments are to be made in accordance with <br /> Minnesota Statutes governing the investment of public funds. <br /> (c) A broker must acknowledge annually receipt of the statement of investment <br /> restrictions in writing and agree to handle the government entity's account in <br /> accordance with these restrictions. A government entity may not enter into a <br /> transaction with a broker until the broker has provided this written agreement to the <br /> government entity. <br /> (d)The state auditor shall prepare uniform notification forms which shall be used by the <br /> government entities and the brokers to meet the requirements of this subdivision. <br /> HIST: 1996 c 399 art 1 s 5 <br /> 4 <br />