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L <br />VADNAIS LAKE AREA WATER <br />MANAGEMENT ORGANIZATION <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2002 <br />INVESTMENTS <br />Minnesota Statutes authorize the Organization to invest in the following: <br />a) Direct obligations or obligations guaranteed by the United States or its agencies, its <br />instrumentalities or organizations created by an act of Congress, excluding mortgage -backed <br />securities defined as high risk. <br />b) Shares of investment companies registered under the Federal Investment Company Act of 1940 <br />and whose only investments are in securities described in (a) above. <br />c) General obligations of the State of Minnesota or any of its municipalities. <br />d) Bankers acceptance of United States banks eligible for purchase by the Federal Reserve System. <br />e) Commercial paper issued by United States corporations or their Canadian subsidiaries, of the <br />highest quality, and maturing in 270 days or less. <br />f) Repurchase or reverse repurchase agreements with banks that are members of the Federal Reserve <br />System with capitalization exceeding $10,000,000; a primary reporting dealer in U.S. government <br />securities to the Federal Reserve Bank of New York; certain Minnesota securities broker -dealers; <br />or, a bank qualified as a depository. <br />The Organization did not invest in any of the above listed investments during 2002. <br />Note 3 CHANGES IN GENERAL FIXED ASSETS <br />A statement of changes in general fixed assets is as follows: <br />Balance Balance <br />Beginning End <br />of Year Additions Deletions of Year <br />Equipment $5,915 $ - $ - $5,915 <br />