HomeMy WebLinkAbout93-055
CITY OF ARDEN HILLS
RAMSEY COUNTY, MINNESOTA
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RESOLUTION NO. 93-55
A RESOLUTION APPROVING A TEMPORARY REVISION
TO THE INVESTMENT POLICY
WHEREAS, the City formally adopted an Investment Policy
(Resolution #91-29) on April 8, 1991; and
WHEREAS, the diversification portion of the safekeeping section
of the policy requires that "the city will diversify
its investments by security type and institution"; and
WHEREAS, diversification operating policy has been to limit
mutual fund investments to no more than 15% of the
Investment portfolio; and
WHEREAS, the City has contemplated reducing the investment
portfolio for possible new city facility construction
funding requirements in 1996 or 1997; and
WHEREAS, modifications to the Investment Policy must be
approved by the city Council.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City
of Arden Hills, Minnesota:
.
1.
The Treasurer be authorized to temporarily increase the
amount of allowable Mutual Fund investments to 30% of the
Investment Portfolio until December 31, 1997 or such time
as new facility construction financing is needed.
PASSED AND
HILLS THIS
ADOPTED BY THE CITY COUN~IL THE
25TH DAY OF OCTOBER, 19 .
~
T MAS R.
ARDEN
ATTEST:
DOROT
~I---
ADMINISTRATOR
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