2011 Audit Report - the Burr Ridge Park District

Burr Ridge Park DistrictNotes To The Financial Statements (Continued)For the Year Ended April 30, 2011NOTE 2 – DEPOSITS (CONTINUED)Policies for Investments (continued)The District may, upon adoption of an ordinance, elect to invest in:Its own general obligation bonds.Its own tax anticipation warrants, bearing interest at a rate not to exceed 4% per annum.Bonds or other interest -bearing obligations of the United States or State of Illinois.Savings accounts or certificates of deposit of any state or national bank that are insuredup to $250,000 by the Federal Deposit Insurance Corporation (FDIC).Treasury notes and other securities issued by agencies of the United States.Bonds, notes, certificates of indebtedness, treasury bills, or other securities guaranteedby the full faith and credit of the United States.Certificates of deposit or time deposits constituting direct obligations of any bank, asdefined in the Illinois Banking Act.Short-term obligations of corporations organized in the United States with assetsexceeding $500 million, if:1. such obligations are rated at the time of purchase within the highest standard ratingservices by at least two rating agencies’ and which mature not later than 180 daysfrom the date of purchase;2. no more than 25% of any fund is invested in such obligations at any time; and3. such purchases do not exceed 10% of the corporation’s outstanding obligations.Shares or other securities of any state or federally chartered savings and loanassociation, the shares of investment certificates of which are insured by the FederalSavings and Loan Insurance Corporation.The Illinois Park District Liquid Asset Fund Plus Money Market Account.- 23 -