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CC_Minutes_2012_0123
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Roseville City Council
Document Type
Council Minutes
Meeting Date
1/23/2012
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Regular City Council Meeting <br /> Monday,January 23,2012 <br /> Page 16 <br /> Discussion included whether this violation could be deemed subjective; whether it <br /> was necessary to further clarify or define City Code to avoid potentially arbitrary <br /> issues that were complaint-driven; and liability issues for the City if someone <br /> simply inflated the tire to make it operable, but the tire was later found to be bad <br /> creating safety issues. <br /> Johnson moved, Roe seconded, authorization to the Community Development <br /> staff to abate the public nuisance violations at 2751 Galtier Street N by hiring a <br /> general contractor to either remove and inflate the tire or remove and replace the <br /> tire; at an abatement cost of approximately $200.00 — 350.00; with actual abate- <br /> ment and administrative costs billed to the property owner; and if not paid, staff is <br /> directed to recover costs as specified in City Code, Section 407.07B. <br /> City Attorney Bartholdi read the two sections of City Code and definition refer- <br /> ences addressing inoperable vehicles due to missing or defective parts for normal <br /> operations versus unlicensed vehicles deemed junk. <br /> Roll Call <br /> Ayes: Willmus; Johnson; and Roe. <br /> Nays: Pust and McGehee. <br /> Motion carried. <br /> c. Adopt a Resolution Amending the City's Investment Policy <br /> Finance Director Miller summarized this request as detailed in the RCA dated <br /> January 23, 2012, noting that the city's current investment policy provides for <br /> short-term operational needs, as well as long-term investments for debt payments. <br /> In order to capitalize on those long-term investments, staff is requesting that the <br /> City Council amend their current investment policy to include two (2) additional <br /> vehicles as detailed in the packet. These options would include Guaranteed In- <br /> vestment Contracts (GIC's) and Banker's Acceptances. Mr. Miller advised that <br /> this would allow necessary liquidity needs for the City to meet its needs, while al- <br /> lowing these additional options, both considered safe with highest credit ratings, <br /> and both allowed and commonly used under State Statute parameters, but just not <br /> yet included in the City's current Investment Policy. <br /> Mayor Roe noted that the staff report detailed consideration of only those offer- <br /> ings of AA or higher credit rated institutions, and questioned if that was also in- <br /> cluded in the current language. <br /> Mr. Miller advised that current practice was to restrict investments to those insti- <br /> tutions only rated at AA or higher; however, he suggested that practice be memo- <br /> rialized in the revised Investment Policy as well relevant to repurchase agree- <br /> ments and guaranteed contracts. Mr. Miller suggested additional language on <br /> Page 5, under Portfolio Management (lines 188 — 191) such as, "...the City's pro- <br />
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