03/10/1970 Meeting Minutes - Laserfiche WebLink

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Council Minutes 3-10-70 --3-- which was del3.vered tonight. Mr. [Jayne Kuhn of McDonald & Company, presented a teatative investm+ent schedule of note proceeds on Gontracts 15 and 16, prior to the time the City needa this money, requesting concurrence of Council to re- invest money Thursday, March 12th. Mrs. Hodgins stated this subject is not on the Agenda far this Special Meeting. Law Director Kitchen replied this matter caas discussed today at a meeting and it was agreed this should be handled quickly. Mr. Hodgins then questioned the legality of acting on this matter. Mr. I:-wtchen replied it was legal providing Council waive right of noti' fication, and also to concur in investment of money. Mr. [°iest as:..-i why this cannot wait until regular Council meeting on Tuesday, March 17th. It was explained that because of prevaiiing interest rates and the sum of money involved, it would be wiser to invest inunediate- ly rather than to wait five or six days. Mr. Grady questioned if buqing Federal Nates and Bonds were as secure an investment as Certificates of Deposit. Mr. Gerlach replied "Yes". They are both insured by the Federal Government. Motion was made by Mr. West to waive right of notification. This motion was seconded bp Mrs. Hodgins. Affirmative vote Boehmer, Grady, Hodgins, Limpert, Prokasy, Speedling, West. Mr. West moved that Council cancur in investment schedule as presented by McDonald & Company and recommended by the Finance Airector. This motion was seconded by Mrs. Hodgins. Affirmative vote Boehmer, Grady, Hodgins, Limpert, Prokasy, Speedling, West. Mr. tJest moved that meeting be adjourned, seconded by Mr. Grady. "Yeas" Boehmer, Grady, Hodgins, Limpert, Prokasy, Speedling, (dest. Meeting adjourned to the call of the Clerk at 7:55 p.m. ?- Nora T. Hill Clerk of Council . y/ " 5 . Li rt A resident Pro Tem C?'V.w.'a? .FK s?' r R.. S.??q.'?+ Mkt#.trh2'?°I