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MINUTES OF THE WORKSHOP MEETING <br />CITY COUNCIL <br />LITTLE CANADA, MINNESOTA <br />MARCH 14, 1990 <br />Pursuant to due call and notice thereof a workshop <br />meeting of the Council of the City of Little Canada, <br />Minnesota was held on the 14th day of March, 1990 in <br />the Council Chambers of the City Center located at 515 <br />Little Canada Road in said City. <br />Mayor Fahey chaired the meeting and called it to order <br />at 6:00 P.M. and the following members of the Council <br />were present at roll call: <br />MEMBERS PRESENT <br />Mayor <br />Councilperson <br />Councilperson <br />Councilperson <br />Councilperson <br />Mr. Michael Fahey <br />Mr. Bill Blesener <br />Mr. Rick Collova <br />Mr. Jim LaValle <br />Mrs. Beverly Scalze <br />ALSO PRESENT: <br />City Admin. <br />Rec. Secretary <br />Mr. Joel Hanson <br />Mrs. Kathy Glanzer <br />Fahey noted that the purpose of tonight's workshop <br />meeting is to review City administrative issues as <br />outlined in the City Administrator's letter dated March <br />9th. <br />The first issue raised by the Administrator is the <br />investment of City funds, with the Administrator asking <br />if the Council desires to maximize yields regardless of <br />the institution. <br />It was the concensus of the Council that the City <br />should attempt to maximize investment yields to the <br />extent possible while giving first priority to the <br />local financial institution. Council felt that a <br />difference of 1/8th of a percent on long-term <br />investments and 1/4th of a percent on short-term was a <br />guideline to be used by the Administrator in deciding <br />whether to place an investment with the local financial <br />institution or another institution. <br />It was also the concensus of the Council to allow the <br />Administrator the flexibility in the type of investment <br />instruments used and maturities as outlined in his <br />memo. <br />Page 1 <br />