07/17/1985 Meeting - Laserfiche WebLink

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Ms. Wooten moved, seconded by Ms. Schue, that the bill be e approved and given final passage. Roll call vote; the motion carried 5:1; Ms. Schue, Mr. Holmer, Ms. Bascom, Ms. Ehrman, and Mr. Rutan voting aye, and Ms. Wooten voting nay, the bill was declared passed (and became Ordinance No. 19341 without an emergency clause). VI. FINANCE RESOLUTIONS A. Investment Policies (memo, resolution, background information distributed) City Manager Micheal Gleason introduced the agenda item. Res. No. 3933--A resolution authorizing City investments maturing in more than 18 months. Ms. Wooten moved, and Ms. Schue seconded, to adopt the resolu- tion. Answering a question from Mr. Rutan, Mr. Gleason said all the City's invest- ments are fully collaterized and the collaterization statements are picked up. Finance Director Warren Wong said the City has an agreement with First Interstate Bank which assures that the balances in the checking accounts are swept into overnight investments each night. e Responding to questions from Mr. Holmer, Mr. Wong said all investment proce- dures except investments over 18 months can be handled administratively. Mr. Holmer said the councilors would be putting themselves at risk to invite staff to make judgments about extending investments for more than 18 months. He said the statute permits the staff to make two investments for 30 months. He recommended the council comply with the statute. He would oppose the motion. Roll call vote; the motion carried 5:1. Councilors Schue, Wooten, Bascom, Ehrman, and Rutan voted aye and Council Holmer voted nay. B. Municipal Art Funds (memo, resolution distributed) City Manager Micheal Gleason introduced the agenda item. Res. No. 3934--A resolution authorizing the transfer of contingency appropriations within a given fund to official budget categories. Ms. Wooten moved, and Ms. Schue seconded, to approve the resolu- tion. e MINUTES--Eugene City Council July 17, 1985 ~~8