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b) they are rated "A" or better by a national bond rating service, <br /> E) general revenue obligation of any agency or authority of the State of <br /> Minnesota other than those found in C or D above (Housing Finance <br /> Agency)that are rated "AA"or better by a national bond rating service. <br /> 4. Certificates of deposit at state and federally chartered banks and savings and loan <br /> associations. All investments made under this subsection shall be limited to the <br /> amount of Federal Deposit Insurance Corporation or the manner set forth in <br /> Minnesota statute 118.005. The certificate of deposit should be in the form of a <br /> discounted security maturing in the amount not to exceed the insurance coverage <br /> or in the amount so that at any time the face amount together with any accrued <br /> interest does not exceed the insurance coverage. <br /> 5. Banker's Acceptances of United States Corporation or their Canadian subsidiaries <br /> that are rated"Al"by Moody's Investors Service and/or P1 by Standard and <br /> Poor's Corporation and matures in 270 days or less. Banker's Acceptances can <br /> only be purchased if the yield is greater than the United States Treasury <br /> obligations or Federal Agency issues. <br /> 6. Commercial Paper issued by United States corporations or their Canadian <br /> subsidiaries that are rated "Al" by Moody's Investors Service and/or"P1" by <br /> Standard and Poor's Corporation and matures in 270 days or less. • <br /> 7. Money Market Funds consisting of United States Treasury Obligations and/or <br /> Federal Agency Issues. <br /> 8. The Town will not purchase securities that are considered highly sensitive. A <br /> highly sensitive investment is a debt instrument with contract terms that make the <br /> investment's fair value highly sensitive to interest rate changes. Examples <br /> include range notes and index amortizing notes, step-up notes and bonds, <br /> variable-rate investments with coupon multipliers, and coupons that vary <br /> inversely with a benchmark index. <br /> 9. The Town will not purchase securities that could expose the Town to foreign <br /> currency risk. <br /> 6. Safekeeping and Custody <br /> Investments 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 /> 4 <br />