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City of ORONO <br />RESOLUTION OF THE CITY COUNCIL <br />NO. <br />A RESOLUTION TO AMEND THE BASIS OF <br />CREDITING INVESTMENT INTEREST EARNED BY FUND <br />WHEREAS, the Orono City Council did establish by <br />Resolution #1464 adopted on Febraury 28, 1983 the Pooled <br />Investment Trust Fund for the purpose of investing idle monies of <br />the various City funds, and <br />WHEREAS, the interest earned on the invested monies has <br />been credited based on the ending monthly cash balances of those <br />funds having positive cash balances, and <br />WHEREAS, the City has been using a computerized <br />financial investment management system for the past year but has <br />found the current basis of crediting interest income requires <br />recording that interest in the next following month's financial <br />records, and <br />WHEREAS, it is advantageous that the interest be <br />recorded in the month in which it is earned. <br />NOW, THEREFORE BE IT RESOLVED, that effective January 1, <br />1987 the interest earned on invested mori.es of the City shall be <br />credited based on the beginning monthly cash balance of those <br />funds having positive cash balances. <br />Adopted by the City Council of the City of Orono, <br />Minnesota, at a regualr meeting held December 8, 1986. <br />Mary C. Butler, Mayor <br />ATTEST: <br />Dorothy M. Hallin, City Clerk <br />