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CITY OF RAMSEY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS <br />December 31, 1993 <br />Note 2. DEPOSITS AND INVESTMENTS (Continued) <br />B. Investments <br />The City may also invest idle funds as authorized by Minnesota Statutes, as <br />follows: <br />* Direct obligations or obligations guaranteed by the United States or <br />its agencies. <br />* Shares of investment companies registered under the Federal Investment <br />Company Act of 1940 and whose only investments are in securities <br />described above. <br />* General obligations of the State of Minnesota or any of its <br />municipalities. <br />* Bankers' acceptances of United States' banks eligible for purchase by <br />the Federal Reserve System. <br />* Commercial paper issued by United States' corporations or their <br />Canadian subsidiaries, of the highest quality, and maturing in 270 <br />days or less. <br />* Repurchase or reverse purchase agreements with banks that are members <br />of the Federal Reserve System with capitalization exceeding <br />$10,000,000, a primary reporting dealer in U.S. government securities <br />to the Federal Reserve Bank of New York, or certain Minnesota <br />securities broker - dealers. <br />* Futures contracts sold under authority of Minnesota Statutes Section <br />471.56, Subdivision 5. <br />The City's investments are categorized below to give an indication of the <br />level of custodial credit risk assumed at year -end. Category 1 includes <br />investments that are insured or registered or for which the securities are <br />held by the City or its agent in the City's name. Category 2 includes <br />uninsured and unregistered investments for which the securities are held by <br />the counterparty's trust department or agent in the City's name. Category 3 <br />includes uninsured and unregistered investments for which the securities are <br />held by the counterparty or by its trust department or agent but not in the <br />City's name. <br />-19-- <br />