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Minutes of the Arden Hills Regular Council Meeting, June 27, 1988. Page 4 REPORT OF TREASURER RES. #88-18; DESIG. ADD'L DEPOSITORIES Council was referred to the proposed resolution which would designate two additional depositories for investment purposes. . Treasurer Green explained additional depositories offer investment alternatives that are flexible, secure and make good investment vehicles for cities the size of Arden Hills. Hansen moved, seconded by Peck, that Council approve Resolution No. 88-18, Designation Of Additional Depositories For Investment Purposes, the League of Minnesota Cities 4M Fund and Norwest Prime Value Fund. Motion carried unanimously. (3-0) SUB. POLICE CaAPLAINCY PROG. Council was referred to a letter from the Suburban Police Chaplaincy Corps, 6-11-88, requesting Arden Hills support of the Chaplaincy Program outlined in the letter. Hansen moved, seconded by Peck, that Council support the Suburban Police Chaplaincy Program, aa requested in the letter from the Suburban Police Chaplaincy Corps dated 6-11-88. Motion carried unanimously'. (3-0) POLLUTION & INVERSE CONDEMATION COVERAGE Council was referred to a memorandum from the League of Minnesota Cities dated 5-6-88 regarding the option to add inverse condemnation and pollution liabiilty coverages to the City insurance policy. . McNiesh explained the Finance Committee had reviewed the coverages and recommended adding both to our current policy. She stated the cost of coverage would be $1,533.00 per year, would be pro-rated for 1988 and that monies were available in the 1988 Insurance and Bonda fund to cover the coats for 1988. McNiesh further advised that the Finance Committee and Mr. Hite had recommended both endorsements be added to the policy. She atated that Hite explained the pollution coverage was part of most of the policies in prior years, then it was removed and is now available again. McNiesh stated she was not aware of the City having coverage for inverse condemnation in prior years. Council questioned the coverage under the pollution liability endorsement. McNiesh advised that the City would be covered for property damage or bodily injury caused by a release or discharge of pollutants where the release is accidential, Occurs entirely above ground and begins and ends within 72 hours of the accident. She stated landfills and underground storage tanks are exposures that would not be covered, however, manfunctioning ventilation systems in city buildings or an accidental spill of herbicides by park maintenance workers would be covered. . Council discussed whether or not the pollution coverage WaS worth the costs involved. Mayor Woodburn did not favor either endorsement. Treasurer Green stated the initial presentation of the pollution coverage seemed to make sense and it was his impression the coverage was greater. He did not favor the pollutiOn endorsement. Councilmember Peck questioned if Attorney Lynden should review the inverse condemnation coverage and make a recommendation to Council its value. Paul Malone, Planning Commission Member, stated that as Arden Hills will become more involved with development of marginal properties in the City; it was his opinion Council should consider the inverse condemnation endorsement. Council concurred to request the City Attorney review the inverse condemnation and pollution liability coverages, as outlined in the memorandum from the League of Minnesota Cities Insurance Trust, and report back to Council at their Regular Meeting of July 11, 1988. ... Councilmember Hansen requested the Attorney be advised she would favor inverse condemnation insurance and not pollution coverage as it does not appear to be inclusive enough to provide sufficient coverage for the costs.