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CITY OF LINO LAKES, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1998 <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, 1998 are as follows: <br />Custodial Credit Risk Category <br />Securities Type 1 2 3 Fair Value <br />Commercial Paper $ 400,000 $ 400,000 <br />U.S. Government & Agency Securities 14,632,870 14,632,870 <br />Municipal bonds 840,634 840,634 <br />Certificates of deposit 937,393 937,393 <br />Totals $16,810,897 16,810,897 <br />Investments not subject to categorization: <br />Mutual Funds 1,056,203 <br />U.S. Government securities pooled investments 1,868,488 <br />Money Market Funds 210,020 <br />Total Investments 19,945,608 <br />Deposits 140,306 <br />Cash on Hand 760 <br />Total Deposits, investments, and cash on hand $20,086,674 <br />A reconciliation of cash and investments as shown on the combined balance sheet is as follows: <br />Cash and investments 14,630,585 <br />Cash and investments with escrow agent 5,456,089 <br />$20,086,674 <br />42 <br />