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; ���:J c�tv o� oR,oNo <br /> �. .� , r • d <br /> �:. <br /> � �' ' `; <br /> - � ` RESOLUTION OF THE CITY COUNCIL <br /> . �... NO. 210� <br /> � Y�'- <br /> � � � . � <br /> +��.T'.K�..�a <br /> Sl..,,� <br /> A RESOLUTION TO AMEND THE BASIS OF <br /> CREDITING INVESTMENT INTEREST EARNED BY FUND <br /> �1HEREAS , 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 /> WAEREAS , 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, THERSFO1tE B$ IT RESOLVED, that effective January 1, <br /> 1987 the interest earned on invested monies 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 /> V <br /> Mary C. B er, Mayor <br /> ATT b�I': • <br /> , , <br /> D othy M Halli , City Clerk <br /> • . � <br /> . .... . . - ' . .. . . . . . . . ..... .` . , CI � �T�P I. . ..._. . <br />