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CITY OF ELK RIVER, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />DECEMBER 31, 2003 <br /> <br />Note 3: DETAILED NOTES ON ALL FUNDS - CONTINUED <br /> <br />Authorized collateral includes the legal investments described below, as well as certain first mortgage notes, and certain <br />other state or local government obligations. Minnesota Statutes require that securities pledged as collateral be held in <br />safekeeping by the City Treasurer or in a f'mancial institution other than that furnishing the collateral. <br /> <br />At year end, the City's carrying amount of deposits was $8,586,118 and the bank balance was $9,778,133. The bank <br />balance was covered by federal depository insurance totaling $400,000 and securities held by the pledging financial <br />institution's agent in the City's name totaling $9,178,133. The remaining $200,000 was not collateralized. <br /> <br />The carrying amount of deposits for the HRA, a discretely presented component unit, was $91,450 and the bank balance <br />was $93,666. The bank balance was covered by federal depository insurance. <br /> <br />Investments <br /> <br />Minnesota Statutes authorize the City to invest in the following: <br /> <br />a. Direct obligations or obligations guaranteed by the United States or its agencies. <br /> <br />b. Shares of investment companies registered under the Federal Investment Company Act of 1940 and whose only <br /> investments are in securities described in (a) above. <br /> <br />c. General obligations of the State of Minnesota or any of its municipalities. <br /> <br />d. Bankers acceptances of United States Banks eligible for purchase by the Federal Reserve System. <br /> <br />e. Commercial paper of the highest quality issued by United States corporations or their Canadian subsidiaries and <br /> maturing in 270 days or less. <br /> <br />Repurchase or reverse repurchase agreements with banks that are members of the Federal Reserve System with <br />capitalization exceeding $10,000,000, a primary reporting dealer in U.S. government securities to the Federal <br />Reserve Bank of New York or certain Minnesota securities broker-dealers. <br /> <br />The City's investment in the Minnesota Municipal Money Market Fund is valued at fair value and is the same as the <br />value of the pool shares. <br /> <br />At year end, the City's investment balances were as follows: <br /> <br /> Reported <br /> Category Amount/ <br />1 2 3 Fair Value <br /> <br />U.S. Government securities <br />Negotiable CD's <br />Commercial paper <br /> <br />$ 10,235,265 $ $ $ 10,235,265 <br />1,084,079 1,084,079 <br />12,843,683 12,843,683 <br /> <br />Total <br /> <br />$ 24. t63.02~7 $ $__ 24,163,027 <br /> <br />Investments not subject to categorization: <br /> Minnesota municipal investment pool <br /> <br />2,715,619 <br /> <br />Total investments <br /> <br />26,878,646 <br /> <br />Deposits <br /> <br /> Total cash and investments <br /> <br /> 8,586,118 <br />$ 35.464.76~4 <br /> <br /> <br />