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2002-09-25 CC Packet
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2002-09-25 CC Packet
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<br />Minnesota Statutes 2001, lISA.05 <br /> <br />Page 1 of2 <br /> <br />MirmesQt~..s(atutes20QLI1!!:>le of C!:I@ter~ <br /> <br />I_abkpf ~9ntentsJoLCh@~IJ lSA <br /> <br />118A.OS Contracts and agreements. <br /> <br />Subdivision 1. In addition to other authority granted in <br />sections J_18~:.....Q.! to _;\:_1.~_~_"-.9_.E?J government entities may enter into <br />contracts and agreements as follows. <br /> <br />Subd. 2. Repurchase agreements_ Repurchase <br />agreements consisting of collateral allowable in section <br />1}~B:-.~_ 04., and reverse repurchase agreements may be entered into <br />with any of the following entities: <br /> <br />(1} a financial institution qualifi~d as a "depository!r of <br />public funds of the government entity; <br /> <br />(2) any other financial institution which is a member of <br />the Federal Reserve System and whose combined capital and <br />surplus equals or exceeds $10,0001000; <br /> <br />(3) a primary reporting dealer in United states government <br />securities to the Federal Reserve Bank of New York; or <br /> <br />(4) a securities broker-dealer licensed pursuant to chapter <br />BOA, or an affiliate of it, regulated by the securities and <br />exchange commission and maintaining a combined capital and <br />surplus of $40,000,000 or more, exclusive of subordinated debt. <br /> <br />Reverse agreements may only be entered into for a period of <br />90 days or less and only to meet short-term cash flow needs. In <br />no event may reverse repurchase agreements be entered into for <br />the purpose of generating cash for investments, except as stated <br />in subdivision 3. <br /> <br />Subd. 3. Securities landing agreements. Securities <br />lending agreements, including custody agreements, may be entered <br />into with a financjal institution meeting the qualifications of <br />subdivision 2, clause (1) or (2), and having its principal <br />executive office in Minnesota. Securities lending transactions <br />may be entered into with entities meeting the qualifications of <br />subdivision 2 and the collateral for such transactions shall be <br />restricted to the securities described in this section and <br />section 118A.04. <br />____m__'__. <br /> <br />Subd. 4. Minnesota joint powers investment trust. <br />Government entities may enter into agreements or contracts for: <br /> <br />(I) shares of a Minnesota joint powers investment trust <br />whose investments are restricted to securities described in this <br />section and section 118A.04; <br /> <br />(2) units of a short-term investment fund established and <br />administered pursuant to regulation 9 of the Office of the <br />Comptroller of the Currency, in which investments are restricted <br />to securities described in this section and section .~~_~~1; <br /> <br />http://www.revisor.Jeg.state.mn.us/stats/l18A/05.html <br /> <br />9/1312002 <br />
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