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� <br />� <br />� <br />City Council Minutes <br />July 2, 2013 <br />Page 5 of 6 <br />----------------------------- <br />EACH MONTH. COUNCIL MEMBER GARDNER SECONDED THE <br />MOTION. MOTION CARRIED 4-1. MAYOR ADAMS OPPOSED. <br />Mayor Adams felt it was timelier to send the Pequot Points twice a month. <br />10.2. Investment Strateqv <br />The City Clerk stated that she is proposing that the City establish an <br />investment strategy for the City's money. The purpose is to earn better <br />interest rates than what the City is currently earning. She explained that <br />she and Nancy Malecha have contacted representatives of the 4M Fund, <br />American National Bank, Lakes State Bank and Wells Fargo regarding the <br />establishment of an investment strategy for the City's money. The City <br />Clerk recommended that the City enter into a contract with Wells Fargo to <br />invest $1,000,000. She explained that the City's current average interest <br />rate earnings average .41 %. The investments with Wells Fargo will <br />receive an average rate of 2.17%. <br />The Clerk explained that she and Nancy Malecha are recommending <br />some amendments to the City Investment Policy which will streamfine the <br />investment process and ensure that state statutes are followed. <br />COUNCIL MEMBER GARDNER MOVED <br />1. TO AUTHORIZE THE CITY TO ENTER INTO A NONPROFIT <br />SERVICE AGREEMENT WITH WELLS FARGO. <br />2. TO ADOPT RESOLUTION 13-18 DESIGNATING WELLS FARGO <br />AS AN ADDITIONAL OFFICIAL DEPOSITORY. <br />3. TO ADOPT A RESOLUTION AUTHORIZING THE <br />APPOINTMENT OF WELLS FARGO. <br />4. TO AMEND THE CITY'S INVESTMENT POLICY. <br />5. TO FUND THE INVESTMENT PORTFOLIO WITH WELLS <br />FARGO IN THE AMOUNT OF $1,000,000 BY CLOSING THE MONEY <br />MARKET ACCOUNT #4100011130 FROM AMERICAN NATIONAL <br />BANK IN THE AMOUNT OF ($591,606) AND TO GET THE REMAINING <br />FUNDS OF ($408,394) FROM THE LAKES STATE BANK MONEY <br />MARKET ACCOUNT #504985. <br />COUNCIL MEMBER AKERSON SECONDED THE MOTION. MOTION <br />CARRIED 5-0. <br />10.3. Librarv Sidewalk and Parkinq Lot Improvement <br />