06-20-07 FPAC Minutes - Laserfiche WebLink

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