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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 /> G. Money Market Accounts <br /> Money market funds may be held with next day withdrawal capacity to for daily <br /> liquidity requirements. These money market funds must be rated one of the two highest <br /> rating categories by at least one nationally recognized statistical rating organization. <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. The maximum maturity will <br /> be 10 years with a total weighted average maturity of total investments not to exceed 5 years. This <br /> section shall not be construed to restrict the sale of investments prior to maturity which may be in <br /> the best interest of the city. <br /> Financial Management Policies Page 5 <br />