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CITY OF ROSEVILLE <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2013 <br />NOTE 4- DETAII.ED NOTES ON ALL FUNDS (Continued) <br />A. Deposits and investments (Continued) <br />3. Investments <br />The City has the following investments at year end: <br />Interest Risk - Maturity Duration in Years <br />Investment Type Rating Agency 1 to 5 5 to 10 10 to 15 15 to 20 <br />U.S. Treasuries n/a n/a <br />U.S. Agencies AA+ S&P <br />Repurchase Agreement <br />Total Investments <br />$4,113,220 $ <br />0 <br />0 <br />0 $ <br />2,345,930 <br />0 <br />Total <br />0 $ 0 $ 4,113,220 <br />923,220 23,350,173 26,619,323 <br />0 0 17,406,790 <br />$4,113,220 $2,345,930 $923,220 $23,3_50,173 $48,139,333 <br />Investments are subject to various risks, the following of which are considered the most significant: <br />Credit risk — This is the risk that an issuer or other counterparty to an investment will not fulfill its <br />obligations. Minnesota Statutes limit the City's investments to direct obligations or obligations <br />guaranteed by the United States or its agencies; shares of investment companies registered under the <br />Federal Investment Company Act of 1940 that receive the highest credit rating, are rated in one of the <br />two highest rating categories by a statistical rating agency, and all of the investments have a final <br />maturity of thirteen months or less; general obligations rated "A" or better; revenue obligations rated <br />"AA" or better; general obligations of the Minnesota Housing Finance Agency rated "A" or better; <br />bankers' acceptances of United States banks eligible for purchase by the Federal Reserve System; <br />commercial paper issued by Unite States corporations or their Canadian subsidiaries, rated of the <br />highest quality category by at least two nationally recognized rating agencies, and maturing in 270 <br />days or less; Guaranteed Investment Contracts guaranteed by a United States commercial bank, <br />domestic branch of a foreign bank, or a United States insurance company, and with a credit quality in <br />one of the top two highest categories; repurchase or reverse purchase agreements and securities <br />lending agreements with financial institutions qualified as a"depository" by the government entity, <br />with banks that are members of the Federal Reserve System with capitalization exceeding <br />$10,000,000 that are a primary reporting dealer in U.S. government securities to the Federal Reserve <br />Bank of New York, or certain Minnesota securities broker-dealers. The City's investment policy <br />addresses credit risk beyond what is prescribed by State Statute. The City's investment policy <br />restricts investments to only Repurchase Agreements with national or state charted banks, U.S. <br />Treasury and U.S. Government Agencies. <br />55 <br />