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on a parity with the senior unsecured debt obligations of the issuer or guarantor. <br /> And <br /> 1) if it is a long-term gic, either: <br /> a) the long-term senior unsecured debt of the issuer or guarantor is <br /> rated, or obligations backed by letters of credit of the issuer or <br /> guarantor if forming the primary basis of a rating of such obligations <br /> would be rated, in the highest or next highest rating category of <br /> Standard & Poor's Corporation, Moody's Investors Service, Inc., or a <br /> similar nationally recognized rating agency, or <br /> b) if the issuer is a bank with headquarters in Minnesota, the long-term <br /> senior unsecured debt of the issuer is rated, or obligations backed by <br /> Ietters of credit of the issuer if forming the primary basis of a rating of <br /> such obligations would be rated in one of the three highest rating <br /> categories of Standard & Poor's Corporation, Moody's Investor <br /> Service, Inc., or a similar nationally recognized rating agency. <br /> 2) if it is a short-term gic, the short-term unsecured debt of the issuer or guarantor <br /> is rated, or obligations backed by letters of credit of the issuer or guarantor if <br /> forming the primary basis of a rating of such obligations would be rated, in the <br /> highest two rating categories of Standard & Poor's corporation, Moody's <br /> Investors Service, Inc., or similar nationally recognized rating agency. <br /> H. 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 Federal Savings and Loan <br /> Insurance Corporation or shall be secured in the manner set forth in Minnesota <br /> statute 118.005. The certificate of deposit should be in the form of a discounted <br /> security maturing in the amount not to exceed the insurance coverage or in the <br /> amount so that at any time the face amount together with any accrued interest does <br /> not exceed the insurance coverage. <br /> The Finance Director will not purchase securities that are considered highly <br /> sensitive. A highly sensitive investment is a debt instrument with contract terms <br /> that make the investment's fair value highly sensitive to interest rate changes. <br /> Examples include range notes and index amortizing notes, step-up notes and <br /> bonds, variable-rate investments with coupon multipliers, and coupons that vary <br /> inversely with a benchmark index. <br /> J. The Finance Director will not purchase securities that could expose the City to <br /> foreign currency risk. <br /> 5. SAFEKEEPING AND CUSTODY <br /> Investments may be held in safekeeping with: <br /> 4 <br />