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<br />I <br /> <br />I <br /> <br />I <br /> <br />Council Meeting Minutes <br />October 26, 1993 <br /> <br />Page 9 <br /> <br />Council Business. continued <br /> <br />Piper's proposed agreement would make some slightly more aggressive investment <br />decisions on the City's behalf. State law would be followed in choosing investments. <br />Measurable portfolio standards would be declared and periodic reporting is required. <br />Piper would require a fee based on portfolio performance. Also, Pipet' proposes an <br />expansion of services to include cash management. The funds which benefitting the <br />most are: Park Proceeds, Environmental Restoration, and GAC Advance Fund. <br /> <br />Kathleen Callahan, Piper, said Piper is pleased to offer its services to the City. A <br />conservative figure for a $17 million portfolio would add about $170,000 in <br />revenues. Piper provides these services to other municipalities and corporations. Mr. <br />Witzke asked the present return on the City's portfolio. Ms. Callahan noted that the <br />current portfolio which is invested in money market securities yields about 34 % . <br />Ms. Callahan explained that the annual fees would be about .40% in the first year <br />and then decreases to .30% in the third year. <br /> <br />Benke asked if the proposal provides for staff savings. Egan said the proposals <br />would save staff time, but that was not included in the net earnings figure provided <br />by Piper. <br /> <br />Motion by Gunderman, seconded by Rebelein, to WAIVE THE READING AND <br />ADOPr THE RESOLUTION AUTHORIZING AN INVFSfMENT <br />MANAGEMENT AGREEMENT WITH PIPER CAPITAL MANAGEMENT. <br /> <br />5 Ayes. 0 Nayes, Motion Carried. <br /> <br />Motion by Williams, seconded by Gunderman, to TEMPORARILY RECFSS THE <br />COUNCIL MEKTlNG AND RECONVENE THE MEETING AFTER. THE <br />ECONOMIC DEVEWPMENT AUTHORITY MEETING IS ADJOURNED. <br /> <br />5 Ayes. 0 Nayes, Motion Carried. <br /> <br />Meeting was recessed at 9:03 p.m. <br /> <br />Meeting was reconvened at 9:50 p.m. <br /> <br />Announcements and Uod~ <br /> <br />Rebelein noted th~t~v~ryone should cast their ballot on Election Day, November 2. <br /> <br />Adio~- <br /> <br />Motion by ~n~-,_~ed by:~enke, to ADJOURN THE MEETING. <br /> <br />5 Ayes. 0 NaYe8, Motion carried. <br /> <br />- . '--. <br /> <br />Meeting was adjo~.ed at9-;52 p.m. <br /> <br />~ <br />Robert I. Bent , Mayor <br /> <br />AT1'EST: ~ <br />Margaret A. Egan, City lerk <br /> <br />Council Busm.e,s <br /> <br />Piper Cash <br />Management <br />Agreement <br />Report 93-303 <br />Resolution 93-128 <br /> <br />Announcement and <br />Updates <br /> <br />Adjournment <br />