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VLAWMO Annual Financial Report 2006
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VLAWMO Annual Financial Report 2006
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Finance Dept
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Audit
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VLAWMO Annual Financial Report 2006
Date
12/31/2006
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VADNAIS LAKE AREA WATER MANAGEMENT ORGANIZATION <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2006 <br />c) General obligation securities of any state or local government with taxing powers which is rated <br />"A" or better by a national bond rating service, or revenue obligation securities of any state or <br />local government with taxing powers which is rated "AA" or better by a national bond rating <br />service; <br />d) Unrated general obligation securities of a local government with taxing powers may be pledged as <br />collateral against funds deposited by that same local government entity: <br />e) Irrevocable standby letters of credit issued by Federal Home Loan Banks to a municipality <br />accompanied by written evidence that the bank's public debt is rated "AA" or better by Moody's <br />Investors Service, Inc. or Standard & Poor's Corporation; and <br />f) Time deposits that are fully insured by any federal agency. <br />At year end the carrying amount of the Organization's deposits was $158,810 and the bank balance <br />was $159,201. The entire bank balance was covered by federal depository insurance or collateral held <br />by the Organization's agent in the Organization's name. <br />B. 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, general obligation tax-exempt <br />securities, or repurchase or reverse repurchase agreements. <br />c) Obligations of the State of Minnesota or any of its municipalities as follows: <br />1) any security which is a general obligation of any state or local government with taxing <br />powers which is rated "A" or better by a national bond rating service; <br />2) any security which is a revenue obligation of any state or local government with taxing <br />powers which is rated "AA" or better by a national bond rating service; and <br />3) a general obligation of the Minnesota housing finance agency which is a moral obligation of <br />the State of Minnesota and is rated "A" or better by a national bond rating agency. <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 />21 <br />
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