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06-04-2018 Council Work Session Packet
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06-04-2018 Council Work Session Packet
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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2017 <br /> <br /> <br /> <br /> <br />B. INVESTMENTS <br /> <br />Minnesota Statutes authorize the City to invest in the following: <br /> <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 /> <br />b) Shares of investment companies registered under the Federal Investment Company Act of 1940 and <br />whose only investments are in securities described in (a) above, general obligation tax-exempt <br />securities, or repurchase or reverse repurchase agreements. <br /> <br />c) State and local securities as follows: <br />1) any security which is a general obligation of any state or local government with taxing powers <br />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 powers <br />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 /> <br />d) Bankers acceptance of United States banks. <br /> <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 /> <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 depositor. <br /> <br />g) General obligation temporary bonds of the same governmental entity issued under section 429.091, <br />subdivision 7; 469.178, subdivision 5; or 475.61, subdivision 6. <br /> <br />54
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