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Item 5: URA - Resolution Acknowledging Receipt of FY07 Financial Report
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Item 5: URA - Resolution Acknowledging Receipt of FY07 Financial Report
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1/17/2008 10:35:32 AM
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Agenda Item Summary
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1/14/2008
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URBAN RENEWAL AGENCY OF THE CITY OF EUGENE, OREGON <br />Notes to Basic Financial Statements <br /> (4) Detailed Notes on All Funds, continued <br /> (A)Equity in Pooled Cash and Investments, continued <br />Investments <br />As of June 30, 2007, the Agency’s proportionate share of the City’s investments and maturities were as <br />follows: <br />Weighted average % of investment <br />Investment typeCarrying valuematurity (years)**portfolio <br />Corporate securities$2,225,6450.42824.2% <br />LGIP372,2570.0034.1% <br />Municipal bonds 481,3670.4805.3% <br />U.S. agency securities5,857,1980.70064.0% <br />U.S. treasury securities222,2942.1612.4% <br />Total $9,158,7610.630100.0% <br />**The “weighted average maturity in years” calculation assumes that all investments <br />are held until maturity. <br />Interest Rate Risk <br />As a means of limiting its exposure to losses arising from rising interest rates, the City’s investment policy <br />limits investment as follows: <br />Maximum % Maximum length to <br />Investment typeof portfoliomaturity <br />Bankers’ acceptances 50%6 months <br />Corporate securities 35%18 months <br />Local government investment pool 100%1 day <br />State and local government obligations 50%2 years <br />U.S. agency securities 100%2 years <br />U.S. treasury securities 100%3 years <br />With the exception of pass-through funds, the maximum amount of pooled investments to be placed in <br />the Local Government Investment Pool is limited by Oregon Statute to $39,836,066, which will increase <br />proportionately to the Portland Consumer Price Index. The limit can be temporarily exceeded for ten <br />business days and does not apply either to pass-through funds or to funds invested on behalf of another <br />governmental unit. <br />Credit Risk <br />The City’s policy, which adheres to State of Oregon law, is to limit its Corporate and Municipal <br />investments to the following: Issuers within Oregon must be rated “A” (bonds) or A-2 / P-2 (commercial <br />paper) or better by Standard and Poor’s, Moody’s Investors Service or any other nationally recognized <br />statistical rating organization. Issuers not in Oregon must be rated AA / Aa (bonds) or A-1 / P-1 <br />(commercial paper) or better. <br />continued <br />îê <br />
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