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• <br /> (651)290-6907 <br /> jfilla®pfb-pa.com <br /> July 9, 2007 <br /> MICHELLE WOLFE VIA EMAIL AND U.S. MAIL <br /> CITY ADMINISTRATOR <br /> CITY OF ARDEN HILLS <br /> 1245 WEST HIGHWAY 96 <br /> ARDEN HILLS, MN 55112-5743 <br /> RE: INVESTMENT POLICY <br /> Our File No.: 10450-92-1 <br /> Michelle: <br /> I have reviewed the proposed Investment Policy for the City of Arden Hills and <br /> offer the following comments: <br /> 1 . The City Council may only exercise the authority granted to cities <br /> • by the State Legislature. The City Council has full authority over <br /> the financial affairs of the City (M.S. 412.241) and may delegate <br /> these to the City's treasurer or chief financial officer the <br /> authority to invest City funds (M.S. 118A.02). The provisions of <br /> Section 2C of the proposed Policy which grant investment decision <br /> authority to individuals other than the City's treasurer or chief <br /> financial officer appear to exceed the authority granted to cities. <br /> 2. The reference to Minnesota Statute 475.66 in Section 5 of the <br /> proposed Policy is incorrect. Reference should be to Minnesota <br /> Statutes §118A.04 and §118A.05. <br /> 3. The reference in Section 5(2)D of the proposed Policy to Chapter <br /> A should be to Minnesota Statues Chapter 80A. <br /> 4. The reference in Section 5(4) of the proposed Policy to Minnesota <br /> Statutes 118.005 should be to Minnesota Statutes §118A.05. <br /> 5. The reference in Section 6(4) of the proposed Policy to Chapter <br /> 80A should be to Minnesota Statutes Chapter 80A. <br /> 6. The reference in Section 8 of the proposed Policy to Minnesota <br /> • Statutes 118A.04 should be to Minnesota Statutes Chapter 80A. <br />