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ORONO CITY COUNCIL MEETING <br />MINUTES FOR JANUARY 25, 1999 <br />(#12 North Long Lake Sanitary Sewer, continued) <br />Kellogg stated a retaining wall was needed, which added some costs to the project, and there <br />was an alternate bid to serve the Matesh property that was added to the project. <br />Gappa stated in his opinion City Staff does have good control over the projects and that some <br />of the additional costs were due to the acquisition of easements. The City is now managing <br />the timir j of projects much better so that easements can be acquired earlier in the process. <br />Motion by Flint, second by Jabbour, to approve Final Request for Payment, North <br />Long Lake Sanitary Sewer Project to Barbarossa & Sons in the amount of <br />$64,540.94. VOTE: Ayes 4, Nays 0. <br />(#13) FINAL PAY REQUEST - OLD CRYSTAL BAY ROAD TRAIL PROJECT <br />Motion by Sansevere, second by Kelley, to approve Request for Final Payment, Old <br />Crystal Bay Road Trail Project to Biiffalo Bituminous in the amount of $13,347.06. <br />VOTE: Ayes 4, Nays 0. <br />*(#14) PAY REQUEST #3 - NAVARRE WATER TREATMENT REHABILITATION <br />PROJECT <br />Motion by Sansevere, second by Kelley, to approve Request for Payment #3, to <br />Shank Constructors, Brooklyn Park, Minnesota, in the amount of $86,430.00. <br />VOTE: Ayes 4, Nays 0. <br />CITY ADMINISTRATOR’S REPORT <br />(#15) OUTLINE OF CITY'S INVESTMENT POLICY <br />Ron Moorse stated that Tom Kuehn, Finance Director, is present to address the City Council <br />regarding the City’s investment policy. <br />Flint noted that the City utilizes a number of banks for their accounts, and questioned whether <br />the $100,000 limit is being abided by. <br />Kuehn stated it is his policy to stay under the F.D.I.C. limit of $100,000. <br />Kelley noted that the investment policy has not been reviewed since 1988, and that perhap: <br />this would be a good time to look at the policy. <br />J <br />1