Laserfiche WebLink
ii. will shorten by more than six years as the result of an immediate and <br /> sustained parallel shift in the yield curve of minus 300 basis points; <br /> or <br /> iii. will have an estimated change in price of more than 17 percent as the <br /> result of an immediate and sustained parallel shift in the yield curve <br /> of plus or minus 300 basis points. <br /> C. Minnesota Joint Powers Investment Trust <br /> Agreements or contracts for shares of a Minnesota joint powers investment trust whose <br /> investments are restricted to securities authorized for investment by the government entity <br /> and shares of an investment company registered under the Federal Investment Company <br /> Act of 1940,whose shares are registered under the Federal Securities Act of 1933, as long <br /> as the investment company's fund receives the highest credit rating and is rated in one of <br /> the two highest risk rating categories by at least one nationally recognized statistical rating <br /> organization and is invested in financial instruments with a final maturity of no longer than <br /> 13 months. <br /> D. State and Local Securities <br /> State and local government obligations as follows: <br /> 1. any security which is a general obligation of any state or local government with <br /> taxing powers which is rated"A" or better by a national bond rating service; <br /> 2. any security which is a revenue obligation of any state or local government with <br /> taxing powers which is rated"AA" or better by a national bond rating service; <br /> and, <br /> 3. a general obligation of the Minnesota Housing Finance Agency which is a moral <br /> obligation of the State of Minnesota and is rated"A" or better by a national <br /> bond rating service. <br /> E. Commercial Paper <br /> Commercial paper issued by United States corporations or their Canadian subsidiaries that <br /> is rated in the highest quality category (e.g.,A-1,P-1, F-1,or D-1 or higher) by at least two <br /> nationally recognized rating agencies and matures in 270 days or less. <br /> F. Time Deposits <br /> Time deposits that are fully insured by the Federal Deposit Insurance Corporation. <br /> Bankers acceptances of United States banks. <br /> The city shall not purchase investments that, at the time of purchase, cannot be held to maturity. All <br /> investments shall be purchased with the intent to hold until maturity. This section shall not be <br /> construed to restrict the sale of investments prior to maturity which may be in the best interest of <br /> the city. <br /> The city shall not invest in GICs or Reverse Repurchase Agreements. <br /> The City of Elk River will follow Minnesota statutes regarding the use of collateral requirements. In <br /> order to anticipate market changes and provide a level of security for all funds, the collateralization <br /> level will be at least ten percent more than the amount on deposit plus accrued interest at the close <br /> Financial Management Policies Page 5 <br />