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. . . ARDEN HILLS CITY COUNCIL - JANUARY 4, 1999 6 MOTION: Councilmember Malone moved and Councilmember Aplikowski seconded a motion to adopt Resolution #99-06, Approving Bingo Hall License Renewal Application, Pot 0' Gold Bingo. Councilmember Larson stated that considering the efforts the City has put in to improving the quality of the industrial park and commercial area, he would hope that the bingo hall owner would consider bringing the exterior of the building up to that of the others in the area. The motion carried unanimously (5-0). ADMINISTRATOR COMMENTS Mr. Fritsinger stated that for Councilmembers Larson and Rem, information had been provided regarding the Newly Elected Official Workshop in January 1999. He noted that Councilmember Rem had pointed out that the Workshop is scheduled for the same weekend as the Town Hall meeting. Mr. Fritsinger stated that he had spoken with the architect for the new City Hall and there is a request for the Council's City Hall Subcommittee to meet again within the next two weeks. Mr. Fritsinger stated that on Thursday, January 7, 1999 at 7:00 p.m., the Parks and Recreation Commission will be having their second discussion of the proposed park with Bethel College. Mr. Fritsinger indicated that he expects the meeting to have a large attendance and that it should be quite interesting. Mr. Fritsinger stated, for clarification, that the City Council meeting scheduled for Monday, January II, 1999 will be a Council Worksession which will begin at 4:45 p.m. COUNCIL COMMENTS Councilmember Larson referred to the Consent Calendar Resolution #99-02, and asked Mr. Post if this Resolution is intended to limit the City's investments to those three investment funds listed in the Resolution. Mr. Post stated that this is correct, in terms of money market depositories. Councilmember Larson asked if the City is able to invest in other types of instruments besides the three listed funds. Mr. Post indicated that the City has an investment policy which allows the City to invest in certain short-term funds in anticipation of maj or capital projects and calls for a maximum investment duration of five years. Councilmember Larson requested an explanation as to why Resolution #99-02 singles out three particular funds while Resolution #99-03 authorizes the City to designate brokerage firms for investments. He stated that if there are other investments the City is allowed to make through the brokerage firms, it was not clear to him why there is a separate Resolution which singles out money market investments. Mr. Post explained that the money market funds act as cash equivalents. The funds have the attributes of a checking account in terms of the ability to liquidate the funds.