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INVESTMENTS <br /> The City's current investments are in accordance with Minnesota State Statutes compliance • <br /> requirements sections 118.01, 471.56 and 475.66. In addition, the City has an investment <br /> policy for Mortgage Backed Securities which does not permit the City to invest in the following <br /> high risk securities (as defined in Minnesota Statutes, Chapter 475.66, Subdivision 5): <br /> 1. Interest-only or Principal-only backed securities. <br /> 2. Any mortgage derivative security that: <br /> a. has an expected average life greater than ten years; <br /> b. has an expected average life which will extend more than four years as the result of <br /> an immediate and parallel shift in-the yield curve of plus 300 basis; <br /> c. has an expected average life which will shorten by more than six years as the result <br /> of an immediate.and sustained parallel shift in the yield curve of minus 300 basis <br /> points; <br /> d. will have an estimated change in price of more than 17 percent, as the result of an <br /> immediate and sustained parallel shift in the yield curve of plus or minus 300 basis <br /> points. <br /> Investment firms are required to repurchase any and all securities which do not comply with <br /> Minnesota State Statutes, Sections 118.01, 471.56 and 475.66, or the City's investment policy <br /> with regard to high risk, at full face value of the purchase price. <br /> Current Value of City Investments at December 31, 1998 <br /> Total Booked at Cost $9,094,312.51 <br /> Change in Valuation 30,011.45 <br /> Current Valuation $9,124,323.96` <br /> The amount listed is the value of the assets as of December 31, 1998. The increase in valuation of <br /> 0.33% represents a capital gain that would occur if the investments were liquidated on <br /> December 31, 1998. It is a policy of the City of St. Anthony to hold all its investments until maturity <br /> unless capital gains can be realized by the sale of the investment. <br /> GENERAL INFORMATION CONCERNING THE CITY <br /> The City of St. Anthony is located in Hennepin and Ramsey Counties, immediately north of the t <br /> City of Minneapolis. The City encompasses an area of 1,600 acres or approximately 3 square <br /> miles. Historical population figures for the City are shown below. <br /> Percent <br /> U.S. Census Population Increase/(Decrease) <br /> 1970 9,239 82%(a) <br /> 1980 7,981 (14%) <br /> 1990 7,727 (3%) <br /> 1997(b) 8,425 9% <br /> (a) Represents increase in population from 1960 to 1970. <br /> (b) State Demographer Estimate. <br /> - 14 - <br />