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St. Paul MEM0RA1 D'UM TO: MR. STEVE SARROZY � � 1 L� � v FROM: wI DEA D L a CONVERSE RE: ROSEVILLE FIREMEN'S RELIEF ASSOCIATION INVESTMENTS Our File No. 1011 -19 Steve, Since I did the previous work on the Firefighters' Relief Association investment question, I am following up on your December 22 request for "a legal opinion as to whether the pur- chase of the American Continental Bond was legal and appropriate. 0 In my December 10 memorandum, I stated that without much question, the purchase of that urn secured bond, not within the four tap ratings of the recognized rating organizations, was a purchase which was then prohibited by state statute, After receiving your request of December 22, we again checked the law, and also reviewed whether there was any special legislation deal- ing only with the Roseville Relief Association which would bear upon this matter, Our interoffice January 11 memorandum is attached, which discloses that a) reaffirms my December 10 memorandum that the purchase of the bond in question was prohi- bited by statutes; and b) that there was no special legislation which would affect that prohibition. In your December 22 memorandum, you ask whether recovery could be had from American Continental. Obviously, American LAND OFFICES OF PETERSON, BEI.J... C JENSEN ERWIN A PETERSON & ROBERT C BELL 1LLARD L CONVERSE ST. PAUL OFFICE .aGER A. JENSEN 2100 AMERICAN NATIONAL BAT BUILDING KURT F. WALTHER 101 EAST FIFTH STREET JAMES C ERICKSON * Qu4VlD S. ANDERSON ST. PAUL MINNESOTA 55101 THOMAS D. �+14F��A� TELEPHONE (6 1 � 224-4703 CAROL A BALDWIN FAX (612) 22343070 S`r B. CRCSSMAN CAROLINE BELL BECKMAN ROSEVILLE OFFICE CINDY L. DAVIS 2780 NORTH SNELLING AVE., SUITE W ROSEVILLE, MINNESOTA 55113 TELEPHONE (612) 831 -Mg • A= *XWrrrM IN VASCMSM FAX (512) 631 2475 REPLY TO: St. Paul MEM0RA1 D'UM TO: MR. STEVE SARROZY � � 1 L� � v FROM: wI DEA D L a CONVERSE RE: ROSEVILLE FIREMEN'S RELIEF ASSOCIATION INVESTMENTS Our File No. 1011 -19 Steve, Since I did the previous work on the Firefighters' Relief Association investment question, I am following up on your December 22 request for "a legal opinion as to whether the pur- chase of the American Continental Bond was legal and appropriate. 0 In my December 10 memorandum, I stated that without much question, the purchase of that urn secured bond, not within the four tap ratings of the recognized rating organizations, was a purchase which was then prohibited by state statute, After receiving your request of December 22, we again checked the law, and also reviewed whether there was any special legislation deal- ing only with the Roseville Relief Association which would bear upon this matter, Our interoffice January 11 memorandum is attached, which discloses that a) reaffirms my December 10 memorandum that the purchase of the bond in question was prohi- bited by statutes; and b) that there was no special legislation which would affect that prohibition. In your December 22 memorandum, you ask whether recovery could be had from American Continental. Obviously, American