|
CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 2000
<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 Stages 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 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 depositor.
<br />Cash and Investment balances as of December 31, 2000 are as follows:
<br />Custodial Credit Risk Category
<br />Security Type 1 2 3 Fair Value
<br />U.S. Government & Agency Securities $ 8,622,000 $ $ $ 8,622,000
<br />Commercial Paper 2,581,261 2,581,261
<br />Municipal Bonds 626,450 626,450
<br />Negotiable Certificates of Deposit 1,221,247 1,221,247
<br />Totals $ 13,050,958 $ $ 13,050,958
<br />Investment not subject to categorization:
<br />Mutual Funds 1,1 10,980
<br />U.S. Government Securities Pooled Investment 729,331
<br />(pool value is Fair Value)
<br />Money Market Funds 196,454
<br />Total Investments 15,087,723
<br />Deposits 519,081
<br />Cash on Hand 820
<br />Total Deposits, Investments and cash on hand $ 15,607,624
<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 />12,773,242
<br />2,834,382
<br />15,607,624
<br />
|