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Winter Park Water and Sanitation District <br /> ' NOTES TO FINANCIAL STATEMENTS <br /> (continued) <br /> December 31, 2010 and 2009 <br /> ' CSAFE <br /> During 2010 and 2009, the District invested in the Colorado Surplus Asset Fund Trust <br /> ' (CSAFE), which is an investment vehicle established by state statute for local <br /> government entities to pool surplus assets. The State Securities Commissioner <br /> administers and enforces all State statutes governing the Trust. The trust is similar to <br /> ' a money market fund, with each share valued at $1.00. CSAFE may invest in U.S. <br /> Treasury securities, repurchase agreements collateralized by U.S. Treasury securities <br /> and highest rated commercial paper. A designated custodial bank serves as custodian <br /> ' for CSAFE's portfolio.pursuant to a custodian agreement. The custodian acts as <br /> safekeeping agent for CSAFE's investment portfolio and provides services as the <br /> depository in connection with direct investments and withdrawals. The custodian's <br /> internal records segregate investments owned by CSAFE <br /> COLOTRUST <br /> ' During 2010 and 2009, the District invested in the Colorado Local Government Liquid <br /> Asset Trust (the Trust), an investment vehicle established for local government entities <br /> ' in Colorado to pool surplus funds. The State Securities Commissioner administers <br /> and enforces all State statutes governing the Trust. The Trust operates similarly to a <br /> money market fund and each share is equal in value to $1.00. The Trust offers shares <br /> ' in two portfolios, COLOTRUST PRIME and COLOTRUST PLUS+. Both portfolios may <br /> invest in U.S. Treasury securities and repurchase agreements collateralized by U.S. <br /> Treasury securities. COLOTRUST PLUS+ may also invest in certain obligations of <br /> 1 U.S. government agencies, highest rated commercial paper and repurchase <br /> agreements collateralized by certain obligations of U.S. government agencies. A <br /> designated custodial bank serves as custodian for the Trust's portfolios pursuant to a <br /> ' custodian agreement. The custodian acts as safekeeping agent for the Trust's <br /> investment portfolios and provides services as the depository in connection with direct <br /> investments and withdrawals. The custodian's internal records segregate investments <br /> owned by the Trust. <br /> 1 Restricted cash and investments <br /> ' In accordance with the terms of the Colorado Water Resource and Power <br /> Development Authority Loan (see Note 5) the District is required to maintain an <br /> operating reserve equal to 25% of operation and maintenance expenses budgeted for <br /> ' the then-current fiscal year but in no event greater than $1,250,000. As of December <br /> 31, 2010 and 2009, the required operating reserve was $272,300 and $280,000, <br /> respectively. <br /> ' 17 <br />