HomeMy WebLinkAbout1992-018 Council ResolutionCouncil member Elliott introduced the
following resolution and moved its adoption:
CITY OF LINO LAKES
RESOLUTION NO 91-18
RESOLUTION AMENDING THE CURRENT INVESTMENT POLICY TO
INCLUDE A MANAGEMENT FEE CHARGE .
Whereas, the management fee charge will provide new revenues
to the General Fund on a year by year basis as a
reimbursement for investment management services performed
by the Finance Department.
Whereas, the revenues will come from all other City funds on
a pro -rata basis that will be based on the amount of
investment interest allocated.
Whereas, the management fee will be calculated at a rate not
to exceed 0.6% of the investment portfolio and will be
determined at the time of budget approval.
NOW THEREFORE BE IT RESOLVED, that the attached policy
entitled "Investment Policy for the City of Lino Lakes" be
amended to include the management fee charge.
Adopted by the City Council of Lino Lakes this 27th day of
January, 1992.
Vernon F. Reinert - Mayor
Marilyn(Anderson, Clerk -Treasurer
The motion for the adoption of the foregoing resolution was
duly seconded by Council Member Neal and upon vote being
taken theron, the following voted in favor thereof: Neal,
Reinert, Elliott.
The following voted against same: None, Council Member Kuether was absent.
Where upon said resolution was declared duly passed and
adopted:
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