§ 118A.03, B. If the depository assigned collateral to the county, answer the following questions: subd. 2 1. Was the collateral one of the following: a. government treasury bills, notes, or bonds; b. issues of a government agency or instrumentality that are quoted by a recognized industry quotation service available to the government entity; c. a general obligation of a state or local government, with taxing powers, or better; rated “A” d. a revenue obligation of a state or local government, with taxing powers, rated or better; “AA” e. unrated general obligation securities of a local government, with taxing powers, pledged as collateral against funds deposited by that same local government entity; f. an irrevocable standby letter of credit issued by a Federal Home Loan Bank accompanied by written evidence that the Federal Home Loan public debt is rated or better by or Standard and Bank’s “AA” Moody’s or Poor’s; g. time deposits insured by any federal agency? § 118A.03, 2. Was the collateral placed for safekeeping: subd. 7 a. In a restricted account at the Federal Reserve Bank; or b. in an account at a trust department of a commercial bank or other financial institution not owned or controlled by the depository? 3. Did the government entity approve of the selection of the safekeeping entity? § 118A.03, 4. Was the collateral assignment in writing? subd. 4 5. Did the assignment provide that, upon default, the depository shall release the collateral pledged to the government entity on demand, free of exchange or other charges? § 118A.03, C. Collateral pledged must equal at least ten percent more than the uninsured and subd. 3 unbonded amount on deposit at the close of the banking day. If irrevocable standby letters of credit from Federal Home Loan Banks are used, the amount must be equal to the amount of the excess deposit at the close of the banking day. The depository may, at its discretion, furnish both a bond and collateral aggregating the required amount. For the purpose of this has the meaning given in Federal section, “banking day” Reserve Board Regulation CC, 12 C.F.R. § 229.2(f), and incorporates a financial under Minn. Stat. § 336.4-108. institution’s cutoff hour established
§ 118A.03, subd. 2 B. If the depository assigned collateral to the county, answer the following questions: 1. Was the collateral one of the following: a. government treasury bills, notes, or bonds; b. issues of a government agency or instrumentality that are quoted by a recognized industry quotation service available to the government entity; c. a general obligation of a state or local government, with taxing powers, rated “A” or better; d. a revenue obligation of a state or local government, with taxing powers, rated “AA” or better; e. unrated general obligation securities of a local government, with taxing powers, pledged as collateral against funds deposited by that same local government entity; f. an irrevocable standby letter of credit issued by a Federal Home Loan Bank accompanied by written evidence that the Federal Home Loan Bank’s public debt is rated “AA” or better by Moody’s or Standard and Poor’s; or g. time deposits insured by any federal agency? § 118A.03, subd. 7 2. Was the collateral placed for safekeeping: a. In a restricted account at the Federal Reserve Bank; or b. in an account at a trust department of a commercial bank or other financial institution not owned or controlled by the depository? 3. Did the government entity approve of the selection of the safekeeping entity? § 118A.03, subd. 4 4. Was the collateral assignment in writing? 5. Did the assignment provide that, upon default, the depository shall release the collateral pledged to the government entity on demand, free of exchange or other charges? § 118A.03, subd. 3 C. Collateral pledged must equal at least ten percent more than the uninsured and unbonded amount on deposit at the close of the banking day. If irrevocable standby letters of credit from Federal Home Loan Banks are used, the amount must be equal to the amount of the excess deposit at the close of the banking day. The depository may, at its discretion, furnish both a bond and collateral aggregating the required amount. For the purpose of this section, “banking day” has the meaning given in Federal Reserve Board Regulation CC, 12 C.F.R. § 229.2(f), and incorporates a financial institution’s cutoff hour established under Minn. Stat. § 336.4-108.
2015section01_County.docx