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• <br /> 1111 <br /> (4)shares of an investment company which is registered under the Federal Investment <br /> Company Act of 1940,and whose shares are registered under the Federal Securities Act <br /> of 1933,as long as the investment company's fund receives the highest credit rating and <br /> is rated in one of the two highest risk rating categories by at least one nationally <br /> recognized statistical rating organization and is invested in financial instruments with a <br /> final maturity no longer than 13 months. <br /> Subd. 5. Guaranteed investment contracts. Agreements or contracts for guaranteed <br /> investment contracts may be entered into if they are issued or guaranteed by United States <br /> commercial banks, domestic branches of foreign banks, United States insurance <br /> companies,or their Canadian subsidiaries.The credit quality of the issuer's or guarantor's <br /> short- and long-term unsecured debt must be rated in one of the two highest categories <br /> by a nationally recognized rating agency. Should the issuer's or guarantor's credit quality <br /> be downgraded below"A",the government entity must have withdrawal rights. <br /> HIST: 1996 c 399 art I s 6; I997 c 219 s I <br /> Section 118A.06 Safekeeping;acknowledgements. <br /> Investments,contracts,and agreements may be held in safekeeping with: <br /> (1)any Federal Reserve Bank; <br /> (2) any bank authorized under the laws of the United States or any state to exercise • <br /> corporate trust powers, including, but not limited to, the bank from which the <br /> investment is purchased; <br /> (3) a primary reporting dealer in United States government securities to the Federal <br /> Reserve Bank of New York;or <br /> (4)a securities broker-dealer having its principal executive office in Minnesota,licensed <br /> under chapter 80A,or an affiliate of it, and regulated by the Securities and Exchange <br /> Commission; provided that the government entity's ownership of all securities is <br /> evidenced by written acknowledgments identifying the securities by the names of the <br /> issuers,maturity dates,interest rates, CUSIP number,or other distinguishing marks. <br /> HIST: 1996 c 399 art 1 s 7 <br /> Section 118A.07 Additional investment authority. <br /> Subdivision 1.Authority provided.As used in this section,"governmental entity"means <br /> a city with a population in excess of 200,000 or a county that contains a city of that size. <br /> If a governmental entity meets the requirements of subdivisions 2 and 3,it may exercise <br /> additional investment authority under subdivisions 4,5,and 6. <br /> Subd. 2.Written policies and procedures. Prior to exercising any additional authority <br /> under subdivisions 4, 5, and 6, the governmental entity must have written investment <br /> policies and procedures governing the following: <br /> 6 <br /> • <br />