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Mounds View City Council June 11, 2001 <br />Regular Meeting Page 15 <br />MOTION/SECOND: Marty/Thomas. To Authorize the Substitution of the Lake Geneva, <br />Wisconsin G.O. Municipal Bond for the Oskaloosa, Iowa G.O. Bond. <br />Council Member Stigney noted the agenda and the letter from Western Bank were not consistent <br />and asked which bond was being substituted. <br />City Administrator Miller indicated that the correct substitution was listed in the letter from <br />Western Bank. <br />Council Member Stigney stated he felt the City could go to any bank and get $100,000 FDIC <br />insurance. <br />City Attorney Riggs indicated he did not have much information on the matter but stated he <br />would look into it. <br />Council Member Stigney inquired as to whether this was the maximum interest rate and what the <br />term was. <br />City Administrator Miller indicated she was not sure of the interest rate or term. She then noted <br />that the matter needed to be acknowledged as it had already occurred on June 1, 2001. <br />Council Member Stigney asked whether Western Bank had the authorization to invest City funds <br />to another place. <br />City Administrator Miller indicated that the bank does have the authorization to invest City funds <br />to another place. <br />Council Member Stigney indicated the City might want to consider using any bank for FDIC <br />insured deposits. <br />City Administrator Miller noted that this matter is beyond the $100,000 FDIC limit. <br />Economic Development Coordinator Parrish indicated that, at any given time, the City has <br />significant money invested and noted the City could use different banks but stated from a <br />management standpoint working with so many different accounts would be difficult. <br />Council Member Stigney indicated this ties up the money unti12005 and questioned whether the <br />City would have other options. <br />City Administrator Miller indicated she did not have all of the answers but noted she would look <br />into it and provide information at the next Council Meeting. <br />Council Member Marty asked if waiting would put the funds in jeopardy. <br />City Administrator Miller noted it was past the deadline and so should not make a difference. <br />