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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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6/20/2007
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between the firm and the City of Sauk Rapids. All financial institutions shall agree to undertake <br /> • reasonable efforts to stop imprudent transactions involving the City's funds. <br /> Authorized and Suitable Investment <br /> Minnesota Statutes, Section 118A, Subdivision 3, lists all permissible investments for <br /> municipalities. This list establishes the maximum investment risk permitted for a Minnesota <br /> municipality. Even though MN Statutes 118A provides for more instruments to be used for <br /> investing purposes; the following is a listing of investments the City will be authorized to invest <br /> in: <br /> Government Securities <br /> Instruments such as bonds,notes,bills, mortgages and other securities which are direct <br /> obligations of the federal government or its agencies,with the principal fully guaranteed <br /> by the U.S. Government or its agencies. <br /> Certificate of Deposit(CD) <br /> A negotiable or nonnegotiable instrument issued by commercial banks and insured up to <br /> $100,000 by the Federal Deposit Insurance Corporation (FDIC). Brokered CD's will be <br /> purchased at a discount or less than $100,000 to insure safety of interest income as well <br /> as principal. <br /> Repurchase Agreements <br /> An investment which consists of two simultaneous transactions, where an investor <br /> purchases securities from a bank or dealer. At the same time, the selling bank or dealer <br /> agrees to repurchase the securities at the same price plus interest at some agreed-upon <br /> future date. The security purchased is the collateral protecting the investment. <br /> Prime Commercial Paper <br /> An investment used by corporations to finance receivables. A short-term (matures in <br /> 270 days or less)unsecured promissory note is issued for a maturity specified by the <br /> purchaser. Corporations market their paper through dealers who in turn market the paper <br /> to investors. <br /> Any security which is a general obligation of the State of Minnesota or any of its <br /> municipalities. <br /> Statewide investment pools which invest in authorized instruments according to MN <br /> Statutes 118A <br /> Money market mutual funds which invest in authorized instruments according to MN <br /> Statutes 118A. <br /> Interest bearing deposits in authorized depositories must be fully insured or collateralized. <br /> • <br />
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