10/13/1997 Council Minutes - Laserfiche WebLink

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COUNCIL MINUTES OCTOBER 13, 1997 September 9, 1997 ($398,261.92,.Check Nos. 45395 - 45489)' Approved Centennial Fire District (September 6, 1997) Approved Exemption from Lawful Gambling License for St. Joseph Catholic Church for a Raffle, November 23, 1997 and for a Bingo and Raffle, November 25, 1997 Approved Resolution No. 97 -139 Reconveying Lot 4, Block 3, Lexington Park Lakeview to Anoka County Community Action Programs Approved Resolution No. 97 - 140 Transferring Funds from Tax Increment Financing District (TIF) 1-1 to Town Center and Closing TIF 1-1 Effective December 31, 1997 Approved Resolution No. 97 - 141 Transferring Funds from TIF 1-2 to Town Center and Closing TIF 1-1 Effective December 31, 1997 Approved Resolution No. 97 - 148 Accepting a Community Policing Grant, $16,000 Approved OPEN MIKE There were no appearances under Open Mike. FINANCE DEPARTMENT REPORT, MARY VASKE Consideration of Resolution No. 97 - 149 Amending the City Investment Policy - Ms. Vaske explained that in early 1991 the first City investment policy was adopted in the form of Resolution No. 29 - 91. The policy has never been updated. The current policy gives the Accountant and City Clerk authority to invest funds, but not the Finance Director. Ms. Vaske stated that at the time the first policy was adopted the Minnesota State Statute governing investment of funds was Subsection 475; it is now Subsection 118. She indicated that Subsection 118 was employed in the update of the City's policy through adaptation of the Government Finance Officer's Association template for investment policies. Additionally, Ms. Vaske solicited input from an investor for clarification of the updated policy. Council Member Neal moved to adopt Resolution No. 97 - 149, as presented. Council Member Bergeson seconded the motion. Motion carried unanimously. Resolution No. 97 - 149 can be found at the end of these minutes. 2