01-25-1999 Council Packet - Laserfiche WebLink

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restricted to: (1) A primary reporting dealer in U.S. government securities who reports to the Federal Reserve Bank of New York, or (2) National or state bank in the U.S. which is a member of the Federal Reserve system and whose combined capital and surplus equals or exceeds $10,000,000. (3) A securities broker-dealer having its primary executive office in Minnesota and licensed pursuant to Chapter 80A, or an affiliate of it, registered by the SEC and maintaining a combined capital and surplus of $40,000,000 or more, exclusive of subordinated df 't. (4) The City shall receive a confirmation/safekeeping receipt with a complete description of the collateral on the repo. D. MONEY MARKET FUNDS shall consist solely of instruments in which Minnesota municipalities are permitted to temporarily invest monies pursuant to Minnesota Statues and shall be consistent with the City's objective of preservation of principal. E. BANKERS' ACCEPTANCES of U.S. banks eligible for purchase by the Federal Reserve System. Bankers acceptances should be restricted to the top 40 banks in the U.S. (as measured by deposits) and 1st Banks of Minnespolis or St. Paul and Norwest Bank Minneapolis. (Bankers acceptances should not be purchased from the above banks if news leads to concerns over the financial condition of the bank.) The broker, dealer or bank shall verify that the bankers acceptance is eligible for purchase by the Federal Reserve System. F. COMMERCIAL PAPER OF HIGHEST QUALITY issued by U.S. corporations or their Canadian subsidiaries when the paper matures in 270 days or less. Highest quality shall mean that two of the three rating agencies (Standard & Poors, Moodys and Fitch) rate the paper of the highest quality (Al, PI and FI respectively). Commercial paper based upon a letter of credit should be restricted to the same banks listed in E. above. G. CERTIFICATES OF DEPOSIT, interest bearing checking and