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Office of: <br />JOEL R. HANSON, Administrator <br />515 Little Canada Road <br />Little Canada, MN 55117 <br />612.484.2177 <br />FAX: 612 - 484 -4538 <br />CITY OF LITTLE CANADA <br />RAMSEY COUNTY, MINNESOTA <br />MEMORANDUM <br />TO: Mayor Fahey and Members of the City Council <br />FROM: Joel Hanson, City Administrator <br />DATE: March 9, 1990 <br />RE: Issues Workshop of 3 -14 -90 <br />Here is a quick summary of some of the items I would like <br />to discuss with you at our workshop scheduled for next <br />Wednesday: <br />Investment of Funds: <br />The majority of our money is now invested with First Bank - <br />Little Canada. (We do have some placed with the Franklin <br />Fund from prior years and the recent Fire Station bond <br />issue is invested through Juran and Moody and our trustee <br />due to higher yields, collateralization requirements and <br />convenience.) The direction I would like is to know if <br />want me to maximize our yield irrespective of institution, <br />invest in the local bank irrespective of yield, or keep <br />money locally while still attempting to maximize yield with <br />the understanding that the local bank is the favored <br />institution if they are reasonably close to other yields <br />available. (It should be stated that First Bank Little <br />Canada is a very competitive institution and some <br />convenience factors obviously exist.) <br />The other policy area regarding investments is the <br />discretion given me in deciding upon investment instruments <br />and maturities. I have placed investments in CD's, <br />t- bills, GNMA's, FNMA's, and commercial paper. I feel I <br />have exercised good judgment in the past resulting in the <br />maximization of yields while maintaining security of the <br />City's money consistent with statutory requirements. I am <br />willing to do the same here if the Council is comfortable <br />allowing me the necessary latitude when making these <br />decisions. <br />MAYOR <br />Michael Fahey <br />COUNCI L <br />Beverly Scalze <br />Bill Blazoner <br />Rick Cohove <br />Jim LaValle <br />