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MINUTES <br />CITY COUNCIL <br />MARCH 12, 2014 <br />APPOINTMENT <br />OF <br />INVESTMENT <br />DEPOSITORY <br />McGraw asked if VFW and other groups were being approached. <br />Montour stated that the Committee Chair is approaching some of these <br />groups. The Committee will be doing more outreach to groups such as the <br />VFW as well as the business community. Keis was concerned that if the <br />project started when a certain portion of funds are raised, what will happen <br />if the remainder of the funds cannot be obtained. Montour noted that since <br />the budget was increased, project funding is no longer at the hall -way <br />point. He suggested that the Council could decide not to proceed until all <br />funding was in hand. <br />McGraw stated that he wanted to see a budget that included all Veterans <br />Memorial costs so that there is a clear understanding on the project scope <br />and cost. Montour again noted that the project may have to proceed in <br />phases as funding is available for each phase. <br />McGraw introduced the following resolution and moved its adoption: <br />RESOLUTION NO. 2014 -3 -51— AUTHORIZING SUBMISSION OF A <br />GRANT APPLICATION TO THE CULTURAL HERITAGE FUND <br />FOR THE VETERANS MEMORIAL <br />The foregoing resolution was duly seconded by Keis. <br />Ayes (4). <br />Nays (0). Resolution declared adopted. <br />The City Administrator requested that the Council authorize Zion Direct <br />as an investment depository for the City for the bond proceeds for the <br />Public Works /Parks Garage. The Administrator indicated that the City <br />received a proposal from an entity to provide investment services for these <br />funds at a fee. The Administrator felt, however, that utilizing Zion Direct, <br />an investment auction site, the City would achieve a higher rate of return <br />on these funds. The funds would be invested in compliance with statutory <br />requirements. The Administrator also requested that City staff by <br />authorized to invest the funds with other depositories as needed, also <br />subject to statutory requirements. <br />McGraw introduced the following resolution and moved its adoption: <br />RESOL UTIONNO. 2014 -3 -51— AUTHORIZING ZION DIRECT AS <br />AN INVESTMENT DEPOSITORY FOR THE PUBLIC <br />WORKS /PARKS BOND PROCEEDS FOR THE CITY OF LITTLE <br />CANADA AS REQUESTED BY CITY STAFF SUBJECT TO <br />COMPLIANCE WITH STATUTORY REQUIREMENTS <br />8 <br />