City Council Minutes 1986 01 21 - Laserfiche WebLink

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development. A letter of intent is the first step in the application process and must be submitted by January 31, 1986. Szymanski moved that Council authorize the Mayor to sign a letter of intent. Sackett seconded. Unanimous. RESOLUTION #14 - INVESTMENT POLICY Hundley outlined for Council Resolution #14 - Series 1986 which revises the City's Financial Policy by expanding Policy #38 and replacing Policy #40. The C'ity's financial advisor, Russ Caldwell of Kirchner Moore, suggested that more emphasis needed to be placed in the City's current investment policies on yield and safety and that the City's investments be backed either by FDIC coverage or Government Securities as opposed to being secured by mortgages. Hundley stated that copies of these revised investment policies have been distributed to all of the local financing institutions for their information. Hundley stated that this may restrict some banks from bidding on al.l occasions because of their particular constraints as they may not be able to back everything with government securities. This in essence could take them out of the market. Hundley stated however that large sums of money will not often be available for investment. A member of the financial community, Carlyle Rowland, First Federal Savings, commented on the proposed changes in the City's policy. Mayor Fauson moved that Resolution #14, Series 1986, be adopted. Anderson seconded. Unanimous. COUNCIL WORK SESSIONS Hundley asked that Council set a Work Session for January 28th at 7:00 p.m. and re-schedule a van tour of the City for Council and staff on February 9th from 1-4 p.m. PUBLIC COMMENTS None. COUNCIL COMMENTS AND COMMITTEE REPORTS Carnival commentec~ on the CML Workshop he and Anderson attended Saturday and felt it was very beneficial. Anderson stated that the workshop was very useful. He also gave a summary of the last Boulder County Consortium meeting he attended. 5