6.3 ERMUSR 09-13-2005 - Laserfiche WebLink

Home Browse Search

I2.) any mortgage derivative security that: lip a) has an expected average life greater than ten years; b) has an expected average life that: I i) will extend by more than four years as the result of an immediate and sustained parallel shift in the yield curve of plus 300 basis points; or I ii) will shorten by more than six years as the result of an immediate and sustained parallel shift in the yield curve of minus 300 basis points; or Ic) will have an estimated change in price of more than 17 percent as the result of an immediate and sustained parallel shift in the yield curve of plus or I minus 300 basis points. IC. Minnesota Joint Powers Investment Trust Agreements or Contracts for 1) shares of a Minnesota joint powers investment trust whose Iinvestments are restricted to securities authorized for investment by the government entity, or 2) shares of an investment company registered under the Federal Investment ICompany Act of 1940, whose shares are registered under the Federal Securities Act of 1933, as long as the investment company's fund receives the highest credit rating and is rated in IIIone of the two highest risk rating categories by at least one nationally recognized statistical rating organization and is invested in financial instruments with a final maturity of no Ilonger than 13 months. D. State and Local Securities State and local government obligations as follows: I1.) 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; I2.) 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; and, I3.) a general obligation 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 Irating agency. 16 I I4