Laserfiche WebLink
City of Orono, Minnesota <br />Notes to the Financial Statements <br />December 31, 2024 <br /> <br />Note 3: Detailed Notes on All Funds (Continued) <br />Authorized collateral in lieu of a corporate surety bond includes: <br /> <br />United States government Treasury bills, Treasury notes, Treasury bonds; <br /> <br />Issues of United States government agencies and instrumentalities as quoted by a recognized industry quotation <br />service available to the government entity; <br /> <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 /> <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 /> <br />Irrevocable standby letters of credit issued by Federal Home Loan Banks to a municipality accompanied by <br /> <br /> <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 /> $791,949 and the bank balance was $897,528. The bank balance <br />was covered by federal depository insurance . <br /> <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 unique <br />investment alternative designed to address the daily and long-term investment needs of Minnesota cities and other <br />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 value <br />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 /> <br />63 90