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CITY OF LINO LAKES, MINNESOTA
<br />NOTES TO FINANCIAL STATEMENTS
<br />December 31, 1999
<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 in 270 days or less.
<br />f) Repurchase or reverse repurchase agreements with banks that are members of the Federal
<br />Reserve System with capitalization exceeding $10,000,000; a primary reporting dealer in U.S.
<br />government securities to the Federal Reserve Bank of New York; certain Minnesota securities
<br />broker - dealers; or, a bank qualified as a depositor.
<br />Cash and Investment balances as of December 31, 1999 are as follows:
<br />Custodial Credit Risk Category
<br />Security Type 1 2 3 Fair Value
<br />U.S. Government & Agency Securities $ 9,550,523 $ - $ - $ 9,550,523
<br />Repurchase Agreement 300,179 300,179
<br />Treasury Bonds 302,376 - 302,376
<br />Municipal Bonds 574,570 574,570
<br />Negotiable Certificates of Deposit 756,000 756,000
<br />Totals $ 11,183,469 $ - $ 300,179 11,483,648
<br />Investment not subject to categorization:
<br />Mutual Funds 1,046,274
<br />U.S. Government Securities Pooled Investment 1,814,004
<br />(pool value is Fair Value)
<br />Money Market Funds 34,382
<br />Total Investments 14,378,967
<br />Deposits (93,113)
<br />Cash on Hand 772
<br />Total Depsits, Investments and cash on hand $ 14,285,967
<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 />29
<br />11,441,581
<br />2,844,386
<br />14,285,967
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