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Council Member Neal introduced the following resolution and <br />moved its adoption: <br />CITY OF LINO LAKES <br />RESOLUTION NO. 97-149 <br />RESOLUTION AMENDING THE CITY OF LINO LAKES <br />INVESTMENT POLICY <br />WHEREAS, the original policy was adopted per Resolution No. 29-91, and <br />WHEREAS, that policy does not allow investments by the Finance Director, and <br />WHEREAS, the State Statute referenced in the current policy is 475, which has been <br />repealed, and <br />WHEREAS, the current State Statute that covers the investing of municipal funds is 118, <br />and <br />WHEREAS, the regulations for investing have changed since 1991. <br />NOW THEREFORE BE IT RESOLVED, by the City Council of Lino Lakes that the City <br />Investment Policy be amended to reflect these changes effective immediately. <br />Adopted by the City Council of Lino Lakes this 13th day of October, 1997. <br />JohLanders - Mayor <br />64'iL4 <br />Marilyn G. Anderson - Clerk Treasurer <br />The motion for the adoption of the foregoing resolution was duly seconded by Bergeson <br />and upon vote being taken thereon, the following voted in favor thereof: Bergeson, Kuether, <br />Neal, Landers. <br />The following voted against same: None, Council Member Lyden was absent. <br />Where upon said resolution was declared duly passed and adopted. <br />