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2004-06-23 City Executive Session, WS & CC Meeting
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2004-06-23 City Executive Session, WS & CC Meeting
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<br /> <br />tervi[[e <br />'Esta6Cisfrd 1&57 <br /> <br />1880 'Main Street . CenteroiJ[e, 'Mj{ 55038 <br />(651) 429-3232 . ~Cll( (651) 429-8629 <br /> <br />STATE OF MINNESOTA <br />COUNTY OF ANOKA <br />CITY OF CENTERVILLE <br /> <br />RESOLUTION #04 - 027 <br /> <br />A RESOLUTION AUTHORIZING THE REVISION OF THE <br />CITY INVESTMENT POLICY <br /> <br />WHEREAS, the City Council of the City ofCenterville finds that it may be advantageous to modify the City's <br />current investment policy to allow for longer-term investment opportunities with higher yields. <br /> <br />BE IT RESOLVED, that a portion of the Diversification Section of the City ofCenterville Investment Policy is <br />revised as follows: <br /> <br />DIVERSIFICATION <br /> <br />" . Extended maturities may be utilized to take advantage of higher yields; however, no more than 20-25% of the <br />total investments should extend beyond five (5) years and in no circumstance should any extend beyond ten <br />(10) years. <br /> <br />THEREFORE, BE IT RESOLVED that the City Council of the City of Centerville hereby authorizes the <br />Finance Director to make the above stated revision to the City's Investment Policy. <br /> <br />PASSED AND ADOPTED by the City Council this 23rd day ofJune, 2004. <br /> <br />Attest <br /> <br />City Clerk <br /> <br />Mayor <br />
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