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whose office is in the State of Minnesota. No investments may be made <br />with out of state brokers. <br /> <br />4.8 <br /> <br />Authorized and Suitable Investments: Investment instruments authorized <br />and permitted by this policy are as follows: <br /> <br />4.8.1 Repurchase Agreements consisting of collateral allowable in <br /> Section 118A.04. <br /> <br />4.8.2 <br /> <br />United States Securities: Governmental bonds, notes, bills, <br />mortgages (excluding high-risk mortgage-backed securities), and <br />other securities, which are direct obligations or are guaranteed or <br />insured issues of the United States, its agencies, its <br />instrumentalities, or organizations created by an act of Congress. <br /> <br />4.8.3 <br /> <br />High risk mortgage-backed securities are as follows: (1) interest- <br />only or principal-only mortgage-backed securities; or, (2.) any <br />mortgage derivative security that: (a) has an expected average life <br />greater than ten years; (b) has an expected average life that: (i) will <br />extend by more than four years as the result of an immediate and <br />sustained parallel shift in the yield curve of plus 300 basis points; <br />or (ii) will shorten by more than six years as the result of an <br />immediate and sustained parallel shift in the yield curve of minus <br />300 basis points; or (c) will have an estimated change in price of <br />more than 17 percent as the result of an immediate and sustained <br />parallel shift in the yield curve of plus or minus 300 basis points. <br /> <br />4.8.4 <br /> <br />Minnesota Joint Powers Investment Trust: Agreements or <br />Contracts for shares of a Minnesota joint powers investment trust <br />whose investments are restricted to securities authorized for <br />investment by the government entity and shares of an investment <br />company registered under the Federal Investment Company Act of <br />1940, whose shares are registered under the Federal Securities Act <br />of 1933, as long as the investment company's fund receives the <br />highest credit rating and is rated in one of the two highest risk <br />rating categories by at least one nationally recognized statistical <br />rating organization and is invested in financial instruments with a <br />final maturity of no longer than 13 months. <br /> <br />4.8.5 <br /> <br />State and Local Securities: State and local government obligations <br />as follows: (1) any security which is a general obligation of any <br />state or local government with taxing powers which is rated "A" or <br />better by a national bond rating service; (2) any security which is a <br />revenue obligation of any state or local government with taxing <br />powers which is rated "AA" or better by a national bond rating <br />service; and, (3) a general obligation of the Minnesota Housing <br />Finance Agency which is a moral obligation of the State of <br />Minnesota and is rated "A" or better by a national bond rating <br /> <br /> <br />