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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2003
<br />Note 2 DEPOSITS AND INVESTMENTS (CONTINUED)
<br />INVESTMENTS
<br />Minnesota Statutes authorize the City to invest in the following:
<br />a) Direct obligations or obligations guaranteed by the United States or its agencies, its instrumentalities,
<br />or organizations created by an act of congress, excluding mortgage- backed securities defined as high
<br />risk.
<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 />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 highest
<br />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; or, a
<br />bank qualified as a depositor.
<br />Cash and Investment balances as of December 31, 2003 are as follows:
<br />Carrying
<br />Custodial Credit Risk Category and Fair
<br />1 2 3 Value
<br />Negotiable Certificates of Deposit $ 6,519,996 $ $ $ 6,519,996
<br />Commercial Paper 4,014,293 - 4,014,293
<br />Municipal Bonds 530,000 530,000
<br />U.S. Government & Agency Securities 4,707,829 - 4,707,829
<br />$ 15,772,118 $ $ - 15,772,118
<br />Investments not subject to categorization:
<br />Mutual Funds 1,454,033
<br />Money Market Funds 425,505
<br />Total Investments 17,651,656
<br />Deposits 738,813
<br />Cash on Hand 820
<br />Total Cash and Investments $ 18,391,289
<br />Reconciliation of Cash and Investments to the Balance Sheet:
<br />Cash and Investments - Governmental Balance Sheet $ 13,119,420
<br />Cash and Investments with Escrow Agent - Governmental Balance Sheet 490,739
<br />Cash and Investments - Statement of Fiduciary Net Assets 1,380,409
<br />Cash and Investments - Statement of Proprietary Fund Net Assets 3,400,721
<br />Total Cash and Investments $ 18,391,289
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