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City f <br />Pe c1uot <br />q <br />Lakes.=—- <br />MEMORANDUM <br />To: Pequot Lakes City Council <br />From: Nancy Malecha, Finance Administrator <br />Date: December 9, 2009 <br />Subject: Investment Redemption and Purchase Procedures <br />At the December 1, 2009 City Council meeting, the Council requested procedures for <br />future investment redemptions and purchases. The following is a list of procedures that <br />will be followed to notify the City Council in a timely manner of investment redemptions <br />and purchases. <br />I . All investments are flagged within the financial software. This will give me a 60 <br />day notification prior to maturity. <br />2. Once the notification is received, I will e -mail this information to the appropriate <br />Library Board member. I will also inform them of the next agenda deadline. <br />3. Prior to maturity, the investment recommendation will be on the City Council <br />agenda. <br />The after the fact CD redemption and purchase on the December 1, 2009 City Council <br />agenda, was due to an oversight during the financial software upgrade. With the new <br />procedures as stated above, this should not happen again. <br />Thank you. <br />L <br />