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ORONO CITY COUNCIL MEETING <br />MINUTES FOR FEBRUARY 22, 1999 <br />( #19) Investment Policy Update, Continued) i <br />review the City's investment policy at the previous City Council meeting and Kuehn is present <br />tonight to answer any questions the City Council may have regarding the revisions to <br />the City's investment policy. <br />Flint inquired whether the intent to limit investments to $100,000.00 has been included in the <br />revised investment policy. <br />Kuehn noted this item is included under the Instruments Section in Item No. 5. <br />Kelley inquired why the banks and dealers need to be located in the State of Minnesota. <br />Kuehn stated he presently only works with those financial institutions located in Minnesota, <br />although the home office may not be located here. Kuehn indicated he limits these to <br />Minnesota because the City's portfolio is not large enough to deal with those located in other <br />states. Kuehn noted the City's main checking account is located at the First National Bank of <br />the Lake in Navarre. <br />Kelley inquired how much capital can be put in an individual institution. <br />Kuehn stated that he limits it to 40 percent. • <br />Kelley indicated in his opinion that percentage is too high and should be reduced. <br />Flint indicated he was in agreement with Kelley. <br />Kuehn stated that this percentage applies to commercial paper and perhaps does not need to be <br />reduced, but he will revisit this issue if the City Council so desires. <br />Flint commented in his view the City should look at reducing the amount to perhaps 25 percent. <br />Kuehn indicated he would be more comfortable with 30 percent. <br />Motion by Flint, second by Kelley, to approve and adopt RESOLUTION NO. 4246 <br />a Resolution to Revise the City of Orono Investment Policy incorporating 30 percent <br />as the maximum to be invested with a specific dealer. VOTE: Ayes 5, Nays 0. <br />*( #20) REQUEST TO PURCHASE TELEVISION SET FOR ORONO GOLF COURSE <br />Motion by Sansevere, second by Kelley, to approve purchase of a television set for <br />the Orono Golf Course from Best Buy for $329.50 to be paid from the Golf Course • <br />Fund. VOTE: Ayes 5, Nays 0. <br />18 <br />