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5. ORGANIZATIONAL MEETING: <br />A. Election of Acting Mayor <br />M/S/ Siedow/Hunt - to appoint Council Member Dunn as Acting Mayor for 2003. <br />Motion Withdrawn <br />Council member Dunn thanked the members for the appointment, but made a motion to <br />appoint Council member Johnston based on his leadership on the Environmental <br />Committee. <br />M/S/P Dunn/Siedow — to appoint Council Member Johnston as Acting Mayor for 2003. <br />(Motion passed 5-0). <br />B. Designation of Legal Newspaper <br />M/S/P DeLapp/Johnston - to designate the Stillwater Gazette as the City's legal <br />newspaper for 2003. (Motion passed 5-0). <br />C. Designation of Official Depositories for 2003 <br />The City Planner reported there are only three depositories now, but he wants the latitude <br />to add additional firms in the future. <br />M/S/P Dunn/Siedow - to designate Lake Elmo Bank, Paine Webber, Prudential <br />Securities, Solomon Smith Barney, and Juran and Moody as official depositories for the <br />City of Lake Elmo. (Motion passed 5-0.) <br />Council member DeLapp noted the City had over a million dollars in our checking <br />account at one point. This may be an opportunity for staff to be authorized to look into <br />financial options. <br />M/S/P DeLapp/Dunn - to authorize the staff to look into other depositories for <br />opportunities for interest rates, as time permits. (Motion passed 5-0.) <br />D. Resolution 2003-001 Designating signatures for payment of City Funds at <br />Lake Elmo Bank <br />M/S/P DeLapp/Johnston — to adopt Resolution No. 2003-001 authorizing signatures for <br />payment of funds from the Lake Elmo Bank. (Motion passed. 5-0.) <br />E. Appointment of City Engineer <br />M/S/P DeLapp/Siedow — to appoint Tom Prew/TKDA as the City Engineer for 2003. <br />(Motion passed 5-0.) <br />LAKE ELMO CITY COUNCIL MINUTES JANUARY 7, 2003 <br />