City Council Agenda and Packet 1986 02 04

Home Browse Search

development. A letter of intent is the first step in the application process and Must be submitted by January 31, 1986. Ssymanski coved that Council authorise the Mayor to sign a letter of intent. Sackett seconded. Unanimous. RESOLUTION 114 - INVSBTIONT POLICY Bundley outlined for Council Resolution #14 - Series 1986 which revises the City's Financial Policy by expanding Policy 138 and replacing Policy #40. The City'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. Bundley stated that copies of these revised investment policies have been distributed to all of the local financing institutions for their information. Handley stated that this say restrict some banks from bidding on all occasions because of their particular constraints as they may not be able to back everything with government securities. This in essence could take they out of the market. Bundley stated however that large suss 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 Handley asked that Council set a Work Session for January 28th at 7:00 p.a. and re-schedule a van tour of the City for Council and staff on February 9th from 1-4 p.s. PUBLIC COMMENTS None. COUNCIL COMMITS AND COMMITTEE REPORTS Carnival commented on the CNL Workshop he and Anderson attended Saturday and felt it was very beneficial. Anderson stated that the workshop was very useful. Be also gave a summary of the last Boulder County Consortium meeting he attended. 5