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CITY OF RAMSEY Notes to Financial Statements (continued) December 31, 2002 NOTE 2 — DEPOSITS AND INVESTMENTS (CONTINUED) The City's investments are categorized to give an indication of the level of custodial credit risk assumed at year -end. Category 1 includes investments that are insured or registered or for which the securities are held by the City or its agent in the City's name. Category 2 includes uninsured and unregistered investments for which the securities are held by the counterparty's trust department or agent in the City's name. Category 3 includes uninsured and unregistered investments for which the securities are held by the counterparty or by its trust depa, tuient or agent but not in the City's name. The certificates of deposit included in investments are negotiable and can be traded in a secondary market. Cash and investment balances at December 31, 2002 are as follows: Custodial Credit Risk Category Carrying Fair 1 2 3 Value Value U.S. government securities $ 16,915,310 $ — $ — $ 16,915,310 $ 16,915,310 Certificates of deposit 3,267,303 — — 3,267,303 3,267,303 $ 20,182,613 $ — $ — 20,182,613 20,182,613 Investment pools Unclassified 4M Liquid Asset Fund 530,847 530,847 Total investments 20,713,460 $ 20,713,460 Deposits 9,708,179 Cash on hand 225 Total cash and investments $ 30,421,864 Cash is comprised of the following Cash and temporary investments $ 30,257,948 Cash and investments held by trustee 163,916 The 4M Liquid Asset Fund is an external investment pool not registered with the Securities Exchange Commission (SEC) that follows the same regulatory rules of the SEC under rule 2a7. The fair value of the position in the pool is the same as the value of the pool shares. -20- $ 30,421,864