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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 200 I, 1I8A. 05 <br /> <br />(3) shares of an investment company which is registered <br />under the Federal Investment Company Act of 1940 and which holds <br />itself out as a money market fund meeting the conditions of rule <br />2a-7 of the Securities and Exchange Commission and is rated in <br />one of the two highest rating categories for money mar~et funds <br />by at least one nationally recognized statistical rating <br />organization; or <br /> <br />(4) shares of an investment company which is registered <br />under the Federal Investment Company Act of 194Q, and whose <br />shares are registered under the Federal Securities Act of 1933, <br />as long as the investment company1s fund receives the highest <br />credit rating and is rated in one of the two highest risk rating <br />categories by at least one nationally recognized statistical <br />rating organization and is invested in financial instruments <br />with a final maturity no longer than 13 months. <br /> <br />Subd. 5. Guaranteed investment contracts. Agreements <br />or contracts for guaranteed investment contracts may be entered <br />into if they are issued or guaranteed by United States <br />commercial banks, domestic branches of foreign banks, United <br />States insurance companies, or their Canadian subsidiaries. The <br />credit quality of the issuer's or guarantor's short- and <br />long-term unsecured debt must be rated in one of the two highest <br />categories by a nationally recognized rating agency. Should the <br />issuer I s or guarantor t S credit quality be downgraded below "All, <br />the government entity must have withdrawal rights. <br /> <br />HIST: 1996 c 399 art 1 s 6; 1997 c 219 s 1; 2000 c 493 s 1 <br /> <br />Copyright 2001 by the Office of Revisor of Statutes, State of Minnesota. <br /> <br />http://www.revisor.leg.state.mn.us/stats/lI8A105.html <br /> <br />Page 2 of2 <br /> <br />9/13/2002 <br />
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