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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 2001 <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 <br />highest quality, and maturing m 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 depositor. <br />Cash and Investment balances as of December 31, 2001 are as follows: <br />Custodial Credit Risk Category <br />Security Type 1 2 3 Fair Value <br />U.S. Government & Agency Securities $ 3,018,872 $ $ $ 3,018,872 <br />Commercial Paper 2,570,037 2,570,037 <br />Municipal Bonds 651,430 651,430 <br />Negotiable Certificates of Deposit 5,858,359 5,858,359 <br />Totals $ 12,098,698 $ $ 12,098,698 <br />Investment not subject to categorization: <br />Mutual Funds 1,176,984 <br />Money Market Funds 1,004,614 <br />Total Investments 14,280,296 <br />Deposits 148,320 <br />Cash on Hand 820 <br />Total Deposits, Investments and cash on hand $ 14,429,436 <br />A reconciliation of cash and investment as shown on the combined balance sheet is as follows: <br />Cash and investments <br />Cash and investments with escrow agent <br />28 <br />13,921,477 <br />507,959 <br />14,429,436 <br />