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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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6/24/2024 4:07:07 PM
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06-20-07 Minutes
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Minutes
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6/20/2007
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INVESTMENT POLICY <br /> VII. Authorized Investments <br /> The city is authorized under Minnesota Statute#118A to invest in the following <br /> securities: <br /> A. United States securities. Public funds may be invested in governmental bonds, <br /> notes,bills, (excluding mortgage backed securities) and other <br /> securities, which are direct obligations or are guaranteed or insured issues <br /> of the United States, its agencies, its instrumentalities, or organizations <br /> created by an act of Congress. <br /> B. State and local securities. Funds may be invested in the following: <br /> 1. Any security which is a general obligation of any state or local <br /> government with taxing powers which is rated "A"or better by a <br /> national bond rating service. <br /> 2. Any security, which is a revenue obligation of any state or local <br /> government with taxing,powers which is rated"AA"or better by a <br /> • national bond rating service. <br /> 3. General obligations of the Minnesota housing finance agency,which is <br /> a moral obligation of the state of Minnesota and is rated "A" or better <br /> by a national bond-rating agency. <br /> C. Commercial papers. Funds may be invested in commercial paper issued by <br /> United States corporation or their Canadian subsidiaries that is rated in the <br /> highest quality category by at least two nationally recognized rating agencies <br /> and mature in 270 days or less. <br /> D. Certificates of Deposits. Funds may be invested in certificate of deposits that <br /> are fully insured by the Federal Deposit Insurance Corporation or bankers <br /> acceptances of United States banks (not to exceed $100,000 in any one <br /> institution). <br /> Any change to the State Stature will be incorporated into this policy. <br /> VIII. Insurance Coverage <br /> Full insurance coverage will be required on investment accounts at a minimum of <br /> $10,000,000 total per account. The insurance coverage may be a combination of FDIC <br /> and SIPC insurance. The level of insurance coverage will be adjusted upward to cover <br /> • the full value of the account, if the account exceeds$10,000,000. <br /> 4 <br />
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