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ORONO CITY COUNCIL MEETING <br />MINUTES FOR JANUARY 11, 1999 <br />• ( #10) ANNUAL APPOINTMENTS - RESOLUTION NO. 4221- continued <br />Kelley questioned the purpose of the Community Development Committee. <br />Gaffron stated that the PUD review process requires the Community Development Committee. <br />Kelley questioned how Thomas Kuehn, Finance Director, can make appropriate investments if he <br />can't deviate from the list of Official Depositories and Investment Vendors. <br />Flint said he does not understand why the Council is being asked to approve the institutions on the <br />list of Official Depositories and Investment Vendors when they have no knowledge of the <br />institutions. <br />Jabbour stated the City has an investment policy. <br />Kelley stated the institutions must meet the criteria of the investment policy and the Finance Director <br />has discretion to invest the City's funds. <br />Flint suggested that the Finance Director come to the next Council meeting and explain the <br />appointment/designation of the official depositors and investment vendors. <br />• Jabbour asked if the Council could approve the appointments with the exception of the Official <br />Depositories and Investment Vendors. <br />Moorse said yes, but the City probably has funds in most or all of the institutions at this time. <br />Sansevere said if the Council approves the list, the City is not mandated to keep funds in those <br />institutions. <br />Jabbour feels the list should be approved. <br />Flint said he is willing to approve the list if the Finance Director comes to the next meeting. <br />Kelley moved, Peterson seconded to adopt Resolution No. 4221 Designating Selected <br />Appointments for the Year 1999 as amended. VOTE: Ayes 5, Nays 0. <br />MAYOR AND COUNCIL REPORT - continued <br />Kelley asked if the Council would have a chance to consider the new name for Dickey Park. <br />Jabbour said yes. <br />Page 13 <br />