My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
2002-09-25 CC Packet
Centerville
>
City Council
>
Agenda Packets
>
1996-2022
>
2002
>
2002-09-25 CC Packet
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
5/13/2009 10:41:58 AM
Creation date
5/13/2009 10:38:41 AM
Metadata
Fields
Template:
General
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
324
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
<br />Minnesota Statutes 2001, 118A.07 <br /> <br />governmental entity must annually report to the governing body <br />on the findings of the oversight process required under this <br />subdivision. If the governing body intends to continue to <br />exercise the authority provided in this section for the <br />following calendar year, it must adopt a resolution affirming <br />that intention by December 1. <br /> <br />Subd. 4. Repurchase agreements. A government entity <br />may enter into repurchase agreements as authorized under section <br />_11&.!:\c.'Y2J provided that the exclusion of mortgage-backed <br />securities defined as "high-risk mortgage-backed securities" <br />under section 11&..!:\c~().4J subdivision 6, shall not apply to <br />repurchase agreements under this authority if the margin <br />requirement is 101 percent or more. <br /> <br />Subd. 5. Reverse repurchase agreements. <br />Notwithstanding the limitations contaiped in section _1._l.~~~._Q_?, <br />subdivision 2, the county may enter into reverse repurchase <br />agreements to; <br /> <br />(1) meet cash flow needs; or <br /> <br />(2) generate cash for investments, provided that the total <br />securities owned shall be limited to an amount not to exceed 130 <br />percent of the annual daily average of general investable monies <br />for the fiscal year as disclosed in the most recently available <br />audited financial report. Excluded from this limit are: <br /> <br />(i) securities with maturities of one year or less; and <br /> <br />(ii) securities that have been reversed to maturity. <br /> <br />There shall be no limit on the term of a reverse repurchase <br />agreement. Reverse repurchase agreements shall not be included <br />in computing the net debt of the governmental entity, and may be <br />made without an election or public sale, and the interest <br />payable thereon shall not be subject to the limitation in <br />section :l";'S..c.'i.'i.. The interest shall not be deducted or excluded <br />from gross income of the recipient for the purpose of state <br />income, corporate franchise, or bank excise taxes, or if so <br />provided by federal law, for the purpose of federal income tax. <br /> <br />Subd. 6. Options and futures. A government entity <br />may enter into futures contracts, options on futures contracts, <br />and option agreements to buy or sell securities authorized under <br />law as legal investments for counties, but only with respect to <br />securities owned by the governmental entity, including <br />securities that are the subject of reverse repurchase agreements <br />under this section that expire at or before the due date of the <br />option agreement. <br /> <br />RIST: 1996 c 399 art 1 s 8 <br /> <br />Copyright 2001 by the Office of Revisor of Statutes, State of Minnesota. <br /> <br />. <br /> <br /> <br />evisor.leg.state.mn. us/stats/l18N07 .html <br /> <br />-- ----i <br />, <br /> <br />Page 2 of2 <br /> <br />9/13/2002 <br />
The URL can be used to link to this page
Your browser does not support the video tag.