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<br /> <br />CiTY OF CIRCLE PINES <br /> <br />200 Civic Heights Circle <br />Telephone: (763) 784-5898 <br /> <br />Circle Pines, MN 55014 <br />Fox: (763) 785-2859 <br /> <br />www.ci.circle-pines.mn.us <br />TOO: (763) 784-9724 <br /> <br />Memo <br /> <br />To: Chief Joel Heckman <br />From: Peggy Bauman Pfqr <br /> <br />..1 <br /> <br />Date: 6/10/03 <br />Re: Investment of Funds <br /> <br />On May 21st the Commission had a CD redeemed for $50,000. I have <br />checked rates per your request, they are as follows: <br /> <br />4-M Money Market <br />6-month CD <br /> <br />.81% <br /> <br />1.15 - 1.25% <br /> <br />1 year CD <br />2 year CD <br /> <br />1.35% <br /> <br />1.75 <br /> <br />A consideration on making an investment for more than 6 months, if the <br />commission would need to call the 2-year CD in six months, there could be a <br />loss of principal. If there is no change in interest rates between now and <br />December you would break even. If the rates go up, there would be some loss. <br />We used a scenario interest rate of 2.50% by December, the value of the CD <br />be 98.75%, which would be a loss of $625. <br /> <br />D1e.....se 'e+ me k""ow ;f I "'........ """""vide ~dd;+'lona' ;,..,+:0.......""+:0... <br />I I a I ~ II II I I vall 1-" v I Cl I~ I I 1111 1111a~1 II. <br /> <br />1 <br /> <br />Printed on ~ecycledPaper <br /> <br />UI. ? <br />0\., <br />