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1 III 1 Council Meeting Minutes March 14, 1989 Page 5 Consent Agenda, continued 16. CONSIDERATION TO EXTEND THE APPROVALS FOR LP-237, SP-152, VN- 268, AND NC-86 FOR THE CONSTRUCTION OF A CHURCH ADDITION FOR LONG LAKE COMMUNITY CHURCH FOR AN ADDITIONAL SIX MONTHS. 3 Ayes - 0 Nayes, Motion Carried Public Hearing - None Council Business Margaret Egan, Fi nance Di rector, presented the Reso 1 ut; on Designating Institutions as Depositories for Investment Purposes and Naming the Primary Depository and Rescinding Resolution 89-21. The City must designate its primary depository and name additional depositories for investment purposes on an annual basis. The primary depository provides the traditional banking services such as check cashing, wire transfers, etc. The investment depositories ar8 used to enable the City to invest its money. Continued use of the First State Bank of New Brighton as primary depository is recommended. Staff recommends continuation of current institutions plus the addition of the First Bank National Association for investment depositories. The investment of City money is done in compliance with ~lN Statutes and the guidelines established by the Financial Policy Advisory Board. Egan introduced Mr. Bob Johnson, President, First State Bank of New Brighton. On behalf of the First State Bank of New Brighton, Mr. Johnson said it has been a pleasure to have served the City in the past and looks forward to a continued relationship with the City. At the February 21, 1989, Council meeting, Resolution 89-21 was approved to name the investment institutions. Its repeal is now proposed so all action on banking can be contained in a single authorizing resolution. Consent Agenda Extension of Approvals for LP-237, SP-152, VN-268, and NC-86 for Long Lake Community Church Report 89-68 Public Hearing Counc il Bus i ness Appointment of Official Primary Depository of City Funds Report 89-69 Resolution 89-37