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Regular City Council Meeting Monday,January 23,2012 Page 16 Discussion included whether this violation could be deemed subjective; whether it was necessary to further clarify or define City Code to avoid potentially arbitrary issues that were complaint-driven; and liability issues for the City if someone simply inflated the tire to make it operable, but the tire was later found to be bad creating safety issues. Johnson moved, Roe seconded, authorization to the Community Development staff to abate the public nuisance violations at 2751 Galtier Street N by hiring a general contractor to either remove and inflate the tire or remove and replace the tire; at an abatement cost of approximately $200.00 — 350.00; with actual abate- ment and administrative costs billed to the property owner; and if not paid, staff is directed to recover costs as specified in City Code, Section 407.07B. City Attorney Bartholdi read the two sections of City Code and definition refer- ences addressing inoperable vehicles due to missing or defective parts for normal operations versus unlicensed vehicles deemed junk. Roll Call Ayes: Willmus; Johnson; and Roe. Nays: Pust and McGehee. Motion carried. c. Adopt a Resolution Amending the City's Investment Policy Finance Director Miller summarized this request as detailed in the RCA dated January 23, 2012, noting that the city's current investment policy provides for short-term operational needs, as well as long-term investments for debt payments. In order to capitalize on those long-term investments, staff is requesting that the City Council amend their current investment policy to include two (2) additional vehicles as detailed in the packet. These options would include Guaranteed In- vestment Contracts (GIC's) and Banker's Acceptances. Mr. Miller advised that this would allow necessary liquidity needs for the City to meet its needs, while al- lowing these additional options, both considered safe with highest credit ratings, and both allowed and commonly used under State Statute parameters, but just not yet included in the City's current Investment Policy. Mayor Roe noted that the staff report detailed consideration of only those offer- ings of AA or higher credit rated institutions, and questioned if that was also in- cluded in the current language. Mr. Miller advised that current practice was to restrict investments to those insti- tutions only rated at AA or higher; however, he suggested that practice be memo- rialized in the revised Investment Policy as well relevant to repurchase agree- ments and guaranteed contracts. Mr. Miller suggested additional language on Page 5, under Portfolio Management (lines 188 — 191) such as, "...the City's pro-