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Council member Elliott introduced the <br />following resolution and moved its adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO 91-18 <br />RESOLUTION AMENDING THE CURRENT INVESTMENT POLICY TO <br />INCLUDE A MANAGEMENT FEE CHARGE . <br />Whereas, the management fee charge will provide new revenues <br />to the General Fund on a year by year basis as a <br />reimbursement for investment management services performed <br />by the Finance Department. <br />Whereas, the revenues will come from all other City funds on <br />a pro -rata basis that will be based on the amount of <br />investment interest allocated. <br />Whereas, the management fee will be calculated at a rate not <br />to exceed 0.6% of the investment portfolio and will be <br />determined at the time of budget approval. <br />NOW THEREFORE BE IT RESOLVED, that the attached policy <br />entitled "Investment Policy for the City of Lino Lakes" be <br />amended to include the management fee charge. <br />Adopted by the City Council of Lino Lakes this 27th day of <br />January, 1992. <br />Vernon F. Reinert - Mayor <br />Marilyn(Anderson, Clerk -Treasurer <br />The motion for the adoption of the foregoing resolution was <br />duly seconded by Council Member Neal and upon vote being <br />taken theron, the following voted in favor thereof: Neal, <br />Reinert, Elliott. <br />The following voted against same: None, Council Member Kuether was absent. <br />Where upon said resolution was declared duly passed and <br />adopted: <br />Page 3 <br />