HomeMy WebLinkAboutResolution 2105 ; ���:J c�tv o� oR,oNo
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- � ` RESOLUTION OF THE CITY COUNCIL
. �... NO. 210�
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A RESOLUTION TO AMEND THE BASIS OF
CREDITING INVESTMENT INTEREST EARNED BY FUND
�1HEREAS , the Orono City Council did establish by �
Resolution #1464 adopted on Febraury 28, 1983 the Pooled
Investment Trust Fund for the purpose of investing idle monies of
the various City funds, and
WHEREAS, the interest earned on the invested monies has
been credited based on the ending monthly cash balances of those
funds having positive cash balances, and
WAEREAS , the City has been using a computerized
financial investment management system for the past year but has
found the current basis of crediting interest income requires
recording that interest in the next following month's financial
• records, and
WHEREAS , it is advantageous that the interest be
recorded in the month in which it is earned.
� NOW, THERSFO1tE B$ IT RESOLVED, that effective January 1,
1987 the interest earned on invested monies of the City shall be
credited based on the beginning monthly cash balance of those
funds having positive cash balances.
Adopted by � the City Council of the City of Orono,
Minnesota, at a regualr meeting held December 8, 1986. �
V
Mary C. B er, Mayor
ATT b�I': •
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D othy M Halli , City Clerk
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