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CITY OF RAMSEY, MINNESOTA <br />NOTES TO FINANCIAL STATEMENTS (Continued) <br />December 31, 1989 <br />Note 2. CASH AND INVESTMENTS (continued) <br />A. penosits (continued) <br />Authorized collateral includes the legal investments described below, as well <br />as certain first mortgage notes and certain other State or local government <br />obligations. Minnesota. Statutes require that securities pledged as collateral be <br />held in safekeeping by the City or in a financial institution other than that <br />furnishing the collateral. {, !~ <br />Deposit balances at December 31, 1989, are as follows: ~ y%\`~~, <br />Bank ~',~~~~ Carrying ~, i~,~~~"~ <br />Balance Amount ~ °"'' "~ ~ <br />:,.~ <br />;~ <br />Bank deposits (checking and savings accounts) $280,548 $78,454 ;~``~ <br />At December 31, 1989, all deposits were insured or collateralized by <br />securities held by the City's agent in the City's name. <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 its <br />agencies. <br />Shares of investment companies registered under the Federal <br />Investment Company Act of 1940 and whose only investments are in <br />securities 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 />-,~ <br />-~u- <br />