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CCP 10-25-1993
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CCP 10-25-1993
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<br /> CITY OF ARDEN HILLS <br /> RAMSEY COUNTY, MINNESOTA <br /> .. RESOLUTION NO. 93-55 <br /> A RESOLUTION APPROVING A TEMPORARY REVISION <br /> TO THE INVESTMENT POLICY <br /> WHEREAS, the city formally adopted an Investment Policy <br /> (Resolution #91-29) on April 8, 1991; and <br /> WHEREAS, the diversification portion of the safekeeping section <br /> of the policy requires that "the City will diversify <br /> its investments by security type and institution"; and <br /> WHEREAS, diversification operating policy has been to limit <br /> mutual fund investments to no more than 15% of the <br /> Investment portfolio; and <br /> WHEREAS, the City has contemplated reducing the investment <br /> portfolio for possible new City facility construction <br /> funding requirements in 1996 or 1997; and <br /> WHEREAS, modifications to the Investment Policy must be <br /> approved by the City Council. <br /> NOW, THEREFORE, BE IT RESOLVED by the City council of the City <br /> of Arden Hills, Minnesota: <br /> . 1. The Treasurer be authorized to temporarily increase the <br /> amount of allowable Mutual Fund investments to 30% of the <br /> Investment Portfolio until December 31, 1997 or such time <br /> as new facility construction financing is needed. <br /> PASSED AND ADOPTED BY THE CITY COUNCIL OF THE CITY OF ARDEN <br /> HILLS THIS 25TH DAY OF OCTOBER, 1993. <br /> THOMAS R. SATHER, MAYOR <br /> ATTEST: <br /> DOROTHY A. PERSON, CITY ADMINISTRATOR <br /> . <br />
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