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NOTES TO FINANCIAI STATEMENTS - (CONTINUED) DECEMBER 37.1990 Note 3- Cash and TemporarY Investments (Continued) Cash and temporary imestments at year end consists of the folLouing: CarrYinq Vatue Market Value Repurchase agreements S 2,000,000 S 2,0�0,000 U.S. Governmeni securities 26,757,728 28.376,632 Total Investments Bank deposits including rertiticates of deposit uith maturities within three months Petty cash and change funds Total Cash and Deposits Total Cash and Investments 528,757,728 530,376,632 S 1,654,495 4.794 1,659,289 S30 417 017 In acwrdance uith applicabte Minnesota statutes, the City maintains deposits at depository banks authorized by the City Council. Minnesota Statutes require that all deposits be protected by insurance, surety bond or collatera L It � collateral is ptedged as protection tor the deposits, the market value of the collateral must at a minimum be 170% of the deposits not covered by insurance or bonds (140% in case of mortgage notes pledged). Alt funds on deposit at the depositories uere fulLy insured and/or collateralized 6y collateral hetd in safekeeping by the City's agent in the City's name. The City invests only in deb[ obligations which are authorized under State Statutes. Treasuries and repur- chase agreements. State Statutes permit municipal investments in direci �. S. goverrunent obtigations, feder- -�� al agency issues, shares of mutual funds investing ezclusively in U.S. goverrment and agency issues, obLiga- tions of State of Minnesota or Minnesota municipalities, bankers acceptances, highest quality comnercial paper, and interesi bearing deposits. . The carrying value, market value and credit risk of the U.S. Governmeni securities at year end is as totlows: Credit risk category 1 Credit risk category 2 Credit risk category 3 CarrYing Vatue Market Vatue 8 26,757,728 S 28,316,632 2,000,000 2,000,000 528,757,728 S30 316,632 Investmenis for Deferred Compensation Ptan - Pooled 8 814,699 5 814.699 �i�