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• <br /> investable monies for the fiscal year as disclosed in the most recently available audited <br /> financial report.Excluded from this limit are: <br /> (i)securities with maturities of one year or less;and <br /> (ii) securities that have been reversed to maturity.There shall be no limit on the term <br /> of a reverse repurchase agreement. Reverse repurchase agreements shall not be <br /> included in computing the net debt of the governmental entity, and may be made <br /> without an election or public sale, and the interest payable thereon shall not be <br /> subject to the limitation in section 475.55. The interest shall not be deducted or <br /> excluded from gross income of the recipient for the purpose of state income,corporate <br /> franchise, or bank excise taxes, or if so provided by federal law, for the purpose of <br /> federal income tax. <br /> Subd. 6. Options and futures. A government entity may enter into futures contracts, <br /> options on futures contracts,and option agreements to buy or sell securities authorized <br /> under law as legal investments for counties,but only with respect to securities owned by <br /> the governmental entity, including securities that are the subject of reverse repurchase <br /> agreements under this section that expire at or before the due date of the option <br /> agreement. <br /> HIST: 1996 c 399 art 1 s 8 <br /> Section 118A.08 No superseding effect. • <br /> Except as provided in Laws 1996, chapter 399, article 1, section 11, sections l 18A.01 to <br /> 1 18A.06 shall not supersede any general or special law relating to the deposit and investment <br /> of public funds. <br /> HIST: 1996 c 399 art 1 s 9 <br /> 8 <br /> . <br />