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Annual_Report_1998_001
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. :. � <br />. . i . .r�y <br />. ,,: .� <br />.. � , ,,, ��... :. . , , <br />�y �piusys are poo�ed et�d invested in certifica[es of deposit ancl short-tertn govemmen[ securi[ies. Inveshnent eamings are alloca[ed <br />[o funds on the basis of average cash balences or specifically in the cese of restrictecl yieW furvls. (nvestments are not identifiecl wit6 <br />specific fiuds with exce{�tion of certain clebt service funcis w{tich are subject to restrictacl yiekl. In ttwse instmces, specific investments are <br />securecl et or below arbitrage rates. <br />Cash ancl temporary investments a� yexr encl consists of the following: <br />Negotiable Cetificates of Depusit <br />U.S. Govemment securities <br />ToW IuvestmenLs <br />Bank DeposiLs <br />Petty Cas6 and change funds <br />Totel Cash and DeposiLs <br />Total Cash and Investments <br />Carrying Value <br />and Fair Vslue <br />S Y0,$06�(i(i6 <br />�,SR2.150 <br />S 4; 3R2 150 <br />S 950,908 <br />R.7fi0 <br />S 959.666 <br />�4 91 <br />In eccorclsnce wi[h eppliceble Minnesota statu[es, the City maintxins deposits at depository banlcs au[krorizecl by the City Council. <br />Mit�uesofa ste[utes require tha[ aIl deposits be protectecl by insu�ance, surety boncl, or colla[eral. The market value of the colleteral <br />pledged must equal 110°% of the deposits not coveracl by insurance or lwncls. All funcls ou deposit at the depositories were fully ensurecl <br />mcUor collateralized by collateral held in safekeeping by the City's agent in the City's neme. <br />The City mey also invest idle fiineis as authorizecl by Minnesota Swtutes, es follows: direct oblige[ions or obligations g�arentead by the <br />Unites States or its agencies; shares of investment companies registerecl uncler the Facleral Investment Company Act of 1940 anl <br />recaives the highast creclit rating, is reted in one of the two highest rating categories by a atxtisticel reting agancy, ani a11 of the <br />inveatments have a final nw[urity of Uurteen montivs or less; general obligations retecl "A" or better, reve/u�e obligetians re[ed "AA" or <br />better, ganeral obligations of the Minnesots Housing Fuwnce Ageacy retecl "A" or better; i�ankers' acceptences of Unitecl Stetes' banks <br />eligble for purchese by the Faclerai Reserve System; eommercial peper issuecl by United Stetes; eorpowtioos or the'u Ceneclien <br />subsidiaries, of tha highesl quality category by e[ least two nationaliy recognized rating agencies, and meturiug i6 270 days or lese; <br />G��sran[eecl Investmeot Con[racts guarautead by e United States commercial bank, domestic brenc6 of a foreign bedc, or a Unitetl Stetes <br />iasurxnce cowpeny, encl w�th a craclit quality in one af the top iwo highest categories; repurchase or reverse purchase agreemen[s a.'ul <br />securities leoding agreaments with financial instiNtiotvs qualifies as a"depository" by the govemmeM entity, with benks thet are <br />m=,mbers of the Feeleral Rese�ve System with capitali:ation ezceecling Si0,000,000, a p��imary reporting �lealer in U.S. govemmeut <br />securities to the Fecierat Reserve Bank of New York, or certain Minnesota securities brokerdealers. <br />i5 <br />
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