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Mounds View City Council April 25, 2005 <br />Regular Meeting Page 15 <br /> <br />the City is looking at no loans by the end of 2005. 1 <br /> 2 <br />MOTION/SECOND. Thomas/Flaherty. To approve Resolution 6500 Authorizing Inter-fund 3 <br />Loans for the Year 2004 and Setting an Interest Rate on Inter-fund Loans for the Year 2005. 4 <br /> 5 <br /> Ayes-4 Nays-0 Motion carried. 6 <br /> 7 <br />H. Resolution 6506 Adopting an Investment Policy. 8 <br /> 9 <br />Finance Director Hansen stated that the City Council reviewed the Investment Policy at their 10 <br />March 1, 2005 work session. He stated that he worked to incorporate the improvements and 11 <br />added a new paragraph to the introduction. He noted that Council wanted to place a couple of 12 <br />limits, one for no more than 20-percent of the portfolio invested and the other for 10-percent 13 <br />invested in readily available funds. He stated that both items were incorporated along with other 14 <br />minor terminology changes that were necessary in order to be consistent in the terminology 15 <br />throughout the document. He stated that the terms ‘Finance Director’ and ‘Treasurer’ are used 16 <br />interchangeably and agreed that this should be more consistent. He noted that the annual 17 <br />resolution authorizing personnel to perform banking transactions does not refer to the three 18 <br />people actually authorized. He stated that he would work out the particulars for these two issues 19 <br />and bring the policy back to Council for consideration in two weeks. 20 <br /> 21 <br />MOTION/SECOND. Gunn/Thomas. To postpone a motion for two weeks on Resolution 6506 22 <br />Adopting an Investment Policy. 23 <br /> 24 <br /> Ayes-4 Nays-0 Motion carried. 25 <br /> 26 <br /> I. Police Supervisor Contract 27 <br /> 28 <br />City Clerk/Administrator Ulrich reviewed the Police Supervisor Contract with Council stating 29 <br />that it is being recommended for adoption by City Council. 30 <br /> 31 <br />Mayor Marty stated that Staff has been working on the contracts for some time now. He stated 32 <br />that these are the last two and cover 2004 and 2005. 33 <br /> 34 <br />MOTION/SECOND. Thomas/Flaherty To waive the reading and approve resolution 6510. 35 <br /> 36 <br /> Ayes-4 Nays-0 Motion carried. 37 <br /> 38 <br />MOTION/SECOND. Flaherty/Gunn To ratify contract 6510 of Law enforcers 203. 39 <br /> 40 <br /> Ayes-4 Nays-0 Motion carried. 41 <br /> 42 <br />10. APPROVAL OF MINUTES. 43 <br /> 44 <br />A. City Council Minutes, March 14, 2005 45