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CITY OF RAMSEY <br />Notes to Financial Statements (continued) <br />December 31, 1998 <br />NOTE 2 -DEPOSITS AND INVESTMENTS (CONTINUED) <br />The City's investments are categorized below to give an indication of the level of custodial credit risk <br />assumed at year-end. Category 1 includes investments that are insured or registered or for which the <br />securities are held by the City or its agent in the City's name. Category 2 includes uninsured and <br />unregistered investments for which the securities are held by the counterparty's trust department or agent <br />in the City's name. Category 3 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 City's name. <br />The certificates of deposit included in investments are negotiable and can be traded in a secondary market. <br />Cash and investment balances at December 31, 1998 are as follows: <br /> Custodial Credit Risk CategorY_ Carrying Fair <br /> 1 2 3 Value Value <br /> <br />U.S. government securities $ 9,432,936 $ - $ - $ 9,432,936 $ 9,414,643 <br />Commercial paper 5,000,000 - - 5,000,000 4,982,800 <br />Certificates of deposit 1,560,000 - - 1,560,000 1,560,000 <br /> <br />$ 15,992,936 $ - $ - 15,992,936 15,957,443 <br />Investment pools <br />Unclassified <br />4M Liquid Asset Fund 247,255 247,255 <br />Total investments <br />Deposits <br />Cash on hand <br />16,240,191 $ 16,204,698 <br />5,124,626 <br />125 <br />Total cash and investments <br />$ 21,364,942 <br />-20- <br />