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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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11/9/2007 2:19:12 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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AUTHORIZED INVESTMENTS: <br /> • <br /> The City Treasurer shall serve as the investment officer of the City and shall invest City <br /> funds in those investments authorized for Minnesota public sector entities under state <br /> statutes, chapters 118A.04, 118A.05, and 118A.06. <br /> 1. U.S. Government obligations (Bills, Notes, and Bonds). <br /> 2. U.S. Government Agency Securities and Instrumentalities of Government <br /> sponsored corporations. <br /> 3. Municipal bonds which are rated by a national bond rating service: <br /> - General Obligation of any state or local government with taxing powers <br /> which is rated A or better. <br /> - Revenue Bond rated "AA" or better. <br /> - Minnesota Housing Finance Bonds rated A or better. <br /> 4. Commercial Paper issued by U.S. Corporations or their Canadian <br /> subsidiaries that is rated in the highest quality category by at least two. <br /> nationally recognized rating agencies and matures 270 days or less. <br /> 5. Bankers Acceptances of US Banks eligible for purchase by the Federal. <br /> Reserve System. <br /> 6. Certificates of Deposits that are fully insured by the Federal Deposit <br /> Insurance Corporation or collateralized as required by law. <br /> 7. Repurchase Agreements. <br /> 8. Local Government Investment Pool (4m Fund). <br /> 9. Money Market funds rated by at least one nationally recognized agency. • <br /> In the absence of the City Treasurer, the City Manager or the City Clerk will serve as the <br /> investment officer. <br /> CERTIFICATES OF DEPOSIT: <br /> Bids for certificates of deposit may be solicited orally, in writing, electronically, or in any <br /> combination of those methods. <br /> OTHER INVESTMENTS: <br /> All other investments selected for purchase will only be those allowed under public <br /> sector entities statutes. <br /> SAFETY AND INVESTMENT MANAGEMENT: <br /> The City Treasurer shall exhibit prudence and discretion in the selection and <br /> management of City investments. Safety of principal is the first priority in investing City <br /> • <br />
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