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Minutes of the Regular Councl1 Meeting, October 26, 1987 Page 5 TREAS RPT (Cont'd) Sather moved, seconded by Peck, that Council. ratlfy the Treasurer's report. Motlon carried unanimously. (4-0) OTHER BUSINESS . MPC "SUPER FUNDS" Moved by Wlnieckl, seconded by Peck, that Council authorize the Clerk Administrator to wrlte a letter to the proper State officlals requestlng that the "super funds" monles in the amount of $24,046.99, owed to the City of Arden Hllls, be paid promptly, with interest, and that the matter be placed on their priorlty 11st. Motion carr led unanlmously. (4-0) PROGRAM LEADERS Councilmember Wlnieckl explained that her vote ln opposition of the .Fall Program Leaders related to the fact that she would prefer to have the Karate claes fee lncreased to cover the instructor feee, MEETING DATES Acting Mayor Hansen reported on the following meeting dates: The 10-29-87 meeting wlth Shoreview has been postponed. The Rendering Plant Subcommlttee meetlng wll1 be held 11-18-87, from 7:00-9:00 p.m.; she encouraged Councllmembers to attend. The Ramsey County Llbrary meeting will be held 10-29-87, at 7:30 p,m" at the . New Brlghton Clty Hall, The Ramsey County League of Local Government meetlng will be held on 11-18-87; Hansen will not be able to attend. MISCELLANEOUS Actlng Mayor Hansen reported that former Mayor Bob Nethercut has recelved the Donald C, Carroll Public Service Award for outstanding contributlons to the Twln Cities Metropolltan Area; Councl1 offered their congratulations to Nethercut, APPTMT TO RCW DIST. Acting Mayor Hansen recommended that Councl1 nominate Gerald A. Sande to serve as Rice Creek Waterahed District Manager; Council concurred wlth the recommendatlon. REPORT OF CLERK ADMINISTRATOR AUDIT REPORT The Clerk Administrator advised Councllmembers that upon appointment of a new Treasurer, Mlnnesota Statutes require an audlt be made. A copy of the audlt report was enclosed with the Agenda packet for Councl1 revlew. Councilmember Peck suggested the Flnance Committee recelve a copy of the audit . report. Peck also expressed concern relative to the abundance of CD's ln one lnstitutionj questloned City policy regardlng.inve~tments. Morrison advised that Council authorizes a certain number of depositoriea at the beginning of each calendar year; the Treasurer contacts each deposltory and makes investments at the best interest rates, after determlning the deairable maturity date. After discussion, Councl1 concurred that the Treasurer should consider taklng a sllghtly lessor interest rate upon investment ln order to spread the amount of monies to other institutlons. Councl1 favored 11mltlng lnvestments ln anyone instltution to one mlllion dollars or leas. Morrison advlsed that lnvestments are collaterallzed at 140% when dealing with an investment organizatlonthat has mortgages, and the CD's are collaterallzed at 110%, so all monles ln each organizatlon are properly covered. SPEED LIMIT; The Clerk Administrator advlsed Councl1 that the DNR LAKE JOHANNA had approved the proposed Ordinance for limlting the speed limlt on Lake Johanna to 40 mph. Morrison noted that the Ordlnance amendment would become effectlve upon publlcation. .