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<br />CITY OF ARDEN HILLS <br />RAMSEY COUNTY, MINNESOTA <br /> <br />. <br /> <br />RESOLUTION NO. 93-55 <br /> <br />A RESOLUTION APPROVING A TEMPORARY REVISION <br />TO THE INVESTMENT POLICY <br /> <br />WHEREAS, the City formally adopted an Investment Policy <br />(Resolution #91-29) on April 8, 1991; and <br /> <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 /> <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 /> <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 /> <br />WHEREAS, modifications to the Investment Policy must be <br />approved by the city Council. <br /> <br />NOW, THEREFORE, BE IT RESOLVED by the City Council of the City <br />of Arden Hills, Minnesota: <br /> <br />. <br /> <br />1. <br /> <br />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 /> <br />PASSED AND <br />HILLS THIS <br /> <br />ADOPTED BY THE CITY COUN~IL THE <br />25TH DAY OF OCTOBER, 19 . <br />~ <br />T MAS R. <br /> <br /> <br />ARDEN <br /> <br />ATTEST: <br /> <br />DOROT <br /> <br /> <br />~I--- <br />ADMINISTRATOR <br /> <br />. <br />