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City of Orono, Minnesota <br />Notes to the Financial Statements <br />December 31, 2023 <br />Note 3: Detailed Notes on All Funds (Continued) <br />Authorized collateral in lieu of a corporate surety bond includes: <br />United States government Treasury bills, Treasury notes, Treasury bonds; <br />Issues of United States government agencies and instrumentalities as quoted by a recognized industry quotation <br />service available to the government entity; <br />national bond rating service, or revenue obligation securities of any state or local government with taxing powers <br />tter by a national bond rating service; <br />General obligation securities of a local government with taxing powers may be pledged as collateral against funds <br />deposited by that same local government entity; <br />Irrevocable standby letters of credit issued by Federal Home Loan Banks to a municipality accompanied by <br />Time deposits that are fully insured by any federal agency. <br />Minnesota statutes require that all collateral shall be placed in safekeeping in a restricted account at a Federal Reserve <br />Bank, or in an account at a trust department of a commercial bank or other financial institution that is not owned or <br />controlled by the financial institution furnishing the collateral. The selection should be approved by the government entity. <br />$795,468 and the bank balance was $867,872. The bank balance <br />was covered by federal depository insurance . <br />Investments <br />The Minnesota Municipal Money Market Fund (the 4M Fund) is regulated by Minnesota statutes and the Board of <br />Directors of the League of Minnesota Cities and is a customized cash management and investment program for <br />Minnesota public funds. Sponsored and governed by the League of Minnesota Cities since 1987, the 4M Fund is a <br />unique investment alternative designed to address the daily and long-term investment needs of Minnesota cities and <br />other municipal entities. Allowable under Minnesota statutes, the 4M Fund is comprised of top quality, rated investments. <br />The Minnesota Municipal Money Market Fund and broker money market investment pools operate in accordance with <br />appropriate State laws and regulations. The 4M Fund is an external investment pool not registered with the Securities and <br />Exchange Commission (SEC); however, it follows the same regulatory rules of the SEC under rule 2a7. The reported <br />value of the pool is the same as the fair value of the pool share. Financial statements of the 4M Fund can be obtained by <br />contacting RBC Global Asset Management at 100 South Fifth Street, Suite 2300, Minneapolis, MN 55402-1240. <br />61 <br />Time deposits that are fully insured by any federal agency.Time deposits that are fully insured by any federal agency. <br />Minnesota statutes require that all collateral shall be placed in safekeeping in a restricted account at a Federal Reserve Minnesota statutes require that all collateral shall be placed in safekeeping in a restricted account at a Federal Reserve <br />Bank, or in an account at a trust department of a commercial bank or other financial institution that is not owned or Bank, or in an account at a trust department of a commercial bank or other financial institution that is not owned or <br />controlled by tcontrolled by the financial institution furnishing the collateral. The selection should be approved by the government entity. he financial institution furnishing the collateral. The selection should be approved by the government entity. <br />$$795795,4,46868 and the bank balance was and the bank balance was $867,872. . TThe bank he bank <br />was covered by federal depository insurancewas covered by federal depository insurance . <br />96