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TOWN OF MASHPEE, MASSACHUSETTS <br /> NOTES TO FINANCIAL STATEMENTS <br /> JUNE Sty, 1989 <br /> 8. Deposits with Financial Institutions <br /> State and local statutes place certain lirnitatiOns on the nature of <br /> deposits and investments available to towns. Deposits (including <br /> demand deposits, term deposits and certificates Of deposit) in any one <br /> financial institution may not exceed certain levels within col- <br /> lateralization by the financial institutions involved. Investments <br /> can also be made in securities issued by Or unconditionally guaranteed <br /> by the U.S. Government Or Agencies that have a maturity of less than <br /> one year from the date of purchase, repurchase agreements guaranteed <br /> by such securities with maturity dates Of no more than Sty days from <br /> the date of purchase and units in the Massachusetts Municipal <br /> Depository Trust. <br /> Deposits <br /> The Town maintains deposits in several financial institutions. Of the <br /> total amount of bank recorded deposits at year end of <br /> $12, 134,001, $1, -368, 003 was covered by Federal Depository insurance <br /> and the remainder was uninsured and uncollateralized. <br /> The composition of the Town' s bank recorded deposits and investments <br /> fluctuates depending primarily or, the timing of real estate tax <br /> . receipts, proceeds from borrowings, collection of state and federal <br /> aid and capital Outlays throughout the year. <br /> i <br /> 21 <br />