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MINUTES OF THE <br />ORONO CITY COUNCIL MEETING <br />Monday, October 26, 2015 <br />7:00 o'clock p.m. <br />19. THIRD QUARTER FINANCIAL REPORT (continued) <br />Olson stated the third quarter investment listing is also doing fine. The purchase price of the City's <br />current investments total $17,976,045.88. Total interest earned through September is $132,424.90. The <br />current market value of investments is $17,980,709.66, which is $4,663.78 greater than the City's cost. <br />Olson stated overall the General Fund budget is in good shape through the end of June and that revenues <br />are expected to exceed budget while expenditures should finish the year at or below budgeted levels. <br />McMillan stated she would like to thank Staff and all the volunteers for making the golf course a huge <br />success this year. <br />The City Council took no formal action on this item. <br />*20. NON -WAIVER OF TORT LIMITS — RESOLUTION NO. 6560 <br />Levang moved, Cornick seconded, to adopt RESOLUTION NO. 6560, a Resolution Making a <br />Selection Not to Waive the Statutory Tort Limits for Liability Insurance Purposes. VOTE: Ayes 4, <br />Nays 0. <br />*21. UNIVERSITY OF MINNESOTA — MN RESUSCITATION CONSORTIUM GRANT <br />Levang moved, Cornick seconded, to accept the $2,000 grant from the University of Minnesota — <br />Resuscitation Consortium. VOTE: Ayes 4, Nays 0. <br />*22. CLAIMS/BELLS <br />Levang moved, Cornick seconded, to approve payment of the All Funds Account. VOTE: Ayes 4, <br />Nays 0. <br />CITY ATTORNEY'S REPORT <br />Mattick stated he had nothing to report. <br />CLOSED MEETING <br />23. CITY OF ORONO AND THE NYGARDS <br />This item was removed from the agenda. <br />Levang moved, Cornick seconded, to adjourn the Orono City Council meeting at 9:24 p.m. VOTE: <br />Ayes 4, Nays 0. <br />Page 22 of 23 <br />