CC PACKET 12011998 - Laserfiche WebLink

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INVESTMENT POLICY securities, which are direct obligations or are guaranteed or insured issues of the United States, its agencies, its instrumentalities, or organizations created by an act of Congress. B. State and local securities. Funds may be invested in the following: 1 . Any security which is a general obligation of any state or local government with taxing powers which is rated A or better by a national bond rating service. 2 . Any security, which is a revenue obligation of any state or local government with taxing, powers which is rated AA or better by a national bond rating service. 3 . General obligations of the Minnesota housing finance agency, which is a moral obligation of the state of Minnesota and is rated A or better by a national bond-rating agency. C. Commercial papers. Funds may be invested in commercial paper issued by United States corporation or their Canadian subsidiaries that is rated in the highest quality category by at least two nationally recognized rating agencies and mature in 270 days or less. D. Time deposits . Fund may be invested in time deposits that are fully insured by the Federal Deposit Insurance Corporation or bankers acceptances of United States banks. Any change to the stature will be deemed to be incorporated into this policy. VIII.Insurance Coverage Full insurance coverage will be required on investment accounts at a minimum of $10, 000, 000 total per account . The insurance coverage may be a combination of FDIC and SIPC insurance. The level of insurance coverage will be adjusted upward to cover the full value of the account, if the account exceeds $10, 000, 000 . IX. Safekeeping Securities purchased shall be retained at the institution where the securities are purchased. 4