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Mounds View City Council Apri125, 2005 <br />Regular Meeting Page 15 <br />• <br />the City is looking at no loans by the end of 2005. <br />MOTION/SECOND. Thomas/Flaherty. To approve Resolution 6500 Authorizing Inter-fund <br />Loans for the Year 2004 and Setting an Interest Rate on Inter-fund Loans for the Year 2005. <br />Ayes-4 <br />Nays-0 <br />Motion carried. <br />H. Resolution 6506 Adopting an Investment Policy. <br />• <br />Finance Director Hansen stated that the City Council reviewed the Investment Policy at their <br />March 1, 2005 work session. He stated that he worked to incorporate the improvements and <br />added a new paragraph to the introduction. He noted that Council wanted to place a couple of <br />limits, one for no more than 20-percent of the portfolio invested and the other for 10-percent <br />invested in readily available funds. He stated that both items were incorporated along with other <br />minor terminology changes that were necessary in order to be consistent in the terminology <br />throughout the document. He stated that the terms `Finance Director' and `Treasurer' are used <br />interchangeably and agreed that this should be more consistent. He noted that the annual <br />resolution authorizing personnel to perform banking transactions does not refer to the three <br />people actually authorized. He stated that he would work out the particulars for these two issues <br />and bring the policy back to Council for consideration in two weeks. <br />MOTION/SECOND. Gunn/Thomas. To postpone a motion for two weeks on Resolution 6506 <br />Adopting an Investment Policy. <br />Ayes-4 <br />Nays-0 <br />Motion carried. <br />I. Police Supervisor Contract <br />• <br />City Clerk/Administrator Ulrich reviewed the Police Supervisor Contract with Council stating <br />that it is being recommended for adoption by City Council. <br />Mayor Marty stated that Staff has been working on the contracts for some time now. He stated <br />that these are the last two and cover 2004 and 2005. <br />MOTION/SECOND. Thomas/Flaherty To waive the reading and approve resolution 6510. <br />Ayes-4 <br />Nays-0 <br />Motion carried. <br />MOTION/SECOND. Flaherty/Gunn To ratify contract 6510 of Law enforcers 203. <br />Ayes-4 <br />Nays-0 <br />Motion carried. <br />10. APPROVAL OF MINUTES. <br />A. City Council Minutes, March 14, 2005 <br />