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COUNTY OF HAWAII <br /> Notes to the Basic Financial Statements <br /> June 30,2006 <br /> The County's investments and maturities at June 30,2006 are as follows: <br /> Maturity(in years) <br /> Fair Value Less than 1 1 —5 <br /> Investments—Primary Government: <br /> Certificates of deposit $ 83,067,420 $62,095,093 $20,972,327 <br /> U.S.government securities 41,808,827 25,597,904 16,210,923 <br /> Repurchase agreements 2.753,528 2,753,528 <br /> $127.629.775 44 <br /> Investments—Fiduciary Funds: <br /> Certificates of deposits S2,6�4- <br /> Equity securities S967.50 . <br /> Interest Rate Risk: As a means of limiting its exposure to fair value losses arising from rising <br /> interest rates,the County's investment policy generally limits maturities on investments to not <br /> more than five years from the date of investment. <br /> Credit Risk: The County's investment policy limits investments in state and U.S.Treasury <br /> securities,time certificates of deposit,U.S.government or agency obligations,repurchase <br /> agreements,commercial paper,bankers'acceptances,and money market funds,or other <br /> securities maintaining a Triple-A rating. <br /> Custodial Risk: For an investment,custodial risk is the risk that,in the event of failure of the <br /> counterparty,the County will not be able to recover the value of its investments or collateral <br /> securities that are in the possession of an outside party. The County's investments are held by <br /> its fiscal agent and the securities held by the fiduciary fund are held by the County. In <br /> addition,the County requires the institutions to set aside in safekeeping,certain types of <br /> securities to collateralize repurchase agreements. <br /> Concentration of Credit Risk: The County's investment policy contains no limitations on the <br /> amount that can be invested in any one issuer beyond that stipulated by the Hawaii Revised <br /> Statutes. <br /> -57- <br />