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06-20-07 FPAC Minutes
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06-20-07 FPAC Minutes
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06-20-07 Minutes
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Minutes
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6/20/2007
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8.0 Authorized and Suitable Investments. <br /> City officials are allowed to invest its funds in those obligations permitted by <br /> • Minnesota Statute Chapter 118A.04. Permissible investments are outlined as <br /> follows: <br /> 1. Direct U.S. government obligations. <br /> a. Treasury Bills <br /> b. Certificates of Indebtedness <br /> c. Treasury Notes <br /> d. Treasury Bonds <br /> 2. Federal agency issues (not directly guaranteed by U.S. <br /> government). <br /> a. Federal Home Loan Banks <br /> b. Federal National Mortgage Association <br /> c. Federal Land Banks <br /> d. Federal Intermediate Credit Banks <br /> e. Banks for Cooperatives <br /> f. Other Federal agency issues allowed by <br /> State Statute <br /> 3. Shares in mutual funds investing exclusively in U.S. government <br /> and agency issues. <br /> 4. High quality obligations of the State of Minnesota or Minnesota <br /> municipalities. <br /> • 5. Bankers' acceptances of United States banks eligible for <br /> purchase by the Federal Reserve System. <br /> 6. Highest quality commercial paper having a rating of either A-1, <br /> P-1 or F-1 issued by United States corporations or their <br /> Canadian subsidiaries when the paper matures in 270 days or <br /> less. <br /> 7. Insured, interest-bearing deposits. <br /> 8. Repurchase agreements or reverse repurchase agreements. If a <br /> repurchase agreement is used, a master repurchase agreement <br /> must be signed with the bank or dealer. <br /> 9.0 Collateralization. <br /> If the amount deposited by the City in an authorized depository exceeds the <br /> amount protected by federal insurance ($100,000), the excess must be <br /> protected by a pledged collateral furnished by the depository. Pledged <br /> collateral shall be set to follow the guidelines outlined in the City investment <br /> procedures titled, "Deposits". <br /> All security transactions, including collateral for repo agreements, entered <br /> into by the City shall be conducted on a delivery versus payment basis. <br /> Securities will be held by a third-party custodian designated by the Finance <br /> 111 Director and evidenced by safekeeping receipts. <br /> 4 <br />
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