07-10-07 FPAC Agenda - Laserfiche WebLink

Home Browse Search

11111) The City will consolidate (pool) cash and reserves balances from all funds, except for those legally restricted by statutes,to maximize investment earnings and to increase efficiencies with regard to investment pricing, safekeeping and administration. 5. Authorized Investments The City of Arden Hills will invest only in securities authorized by Minnesota Statute 475.66. 1. Governmental bonds,notes,bills, mortgages anckOlbgr securities,which are direct obligations or are guaranteed or insured issues nAlth.090t,States, its agencies, its instrumentalities, or organizations created Py arrgot:§fpongress, excluding mortgage-backed securities defined as•bigkrisk".:(0011,fino!':.119.19w) or in certificates of deposit secured by letters of WiE040#111127*4.pan Banks. High risk mortgage-backed securities are.:i4V!If4110-$0;1111mi,::,„:.. A) interest—only or principal-. only rfiOrtgag00) ,securities, B) any mortgage derivative security that: a) has an expept§014*§tage life greater than ten years, b) has an expected i0000ilife that: i) 74.til•rttencli',01ixogomp four years as the result of on.::40-iniectigoAaigiiiiiiiaparallel shift in the curve of pluaNi:baSis points: or • ii)•i .h shcirten by mcroili#ian six years as the result of • . an irriniOiate...anctgti§tained parallel shift in the lip yield ciirOpfniirins.300 basis points: or c)11111'011 have an estiiiiitMthange in price of more than 17 pg.rgprit as the result of an immediate and sustained parallel a0$iiiithe yield curve of plus or minus 300 basis points. 2. „:11:,1.0)14400#01i:of tiwkInited Statt$.ibiitkagencies under a repurchase agreement if AIIII:g**Inargiff'gg#00004nder the tOpArchase agreement is 101 percent and with any of the following institutions: .,,iggnifY. A) a bank qualified as depository of public funds, 01111nomighB) any national or state bank in the United States which is a member of the Federal Rese.MiSystem and whose combined capital and surplus equals or ..."'qingig:14gxceeds $1.04Vii000, ggrjrnarytopOfing dealer in the United States government securities to FiViONdifgritiSerye Bank of New York, D) having its principal executive office in licensed pursuant to Chapter 80A, or an affiliate of it, regulated by the Securities and Exchange Commission and maintaining a combined capital and surplus of$40,000,000 or more, exclusive of subordinated debt. 3. State and local government obligation as follows: • A) an obligation of the State of Minnesota or any of its municipalities: 3