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<br />I <br /> <br />I <br /> <br />I <br /> <br />Council Meeting Minutes <br />March 11, 1986 <br /> <br />Council Business, continued <br /> <br />Benke inquired about the paragraph referring to banker acceptance; <br />Hogan stated it would be evident in the rate that was being quoted <br />on an installment, and that "news" can be gathered from a variety <br />of sources. <br /> <br />Motion by Schmidt, seconded by Brandt, to WAIVE THE READING AND <br />ADOPT A RESOLUTION APPROVING CASH MANAGEMENT AND INVESTMENT <br />POLICY. <br /> <br />5 Ayes - 0 Nayes, Motion Carried <br /> <br />Williams thanked the members of the Board for their work on the <br />project. <br /> <br />Rick Poston, Financial Policy Advisory Board Chairman, reviewed <br />the history of funding certain costs for Flood Control Capital <br />Improvements; stated the Board had worked with staff and felt <br />a fair amount of time had been allowed for public comment. <br />Poston stated the Board's original decision was to charge resi- <br />dents with twenty-five percent of the costs within that district <br />but staff found that the administrative costs were excessively <br />high. The Board is now recommending that projects be financed one <br />hundred percent through general funding of the city. <br /> <br />Schmidt asked why there are thirteen different rates; Egan <br />explained there are six drainage districts, each having <br />residential and non-residential rates, plus a flat rate for the <br />City's facilities. <br /> <br />Poston stated that the other issue is that we would have to <br />reassess and re-evaluate the specials against the estimate and <br />perhaps even have adjustments beyond those initial thirteen <br />rates. <br /> <br />Brandt asked if this was a one-time decision the council would <br />need to make; Poston believed that would be the case. <br /> <br />Motion by Williams, seconded by Brandt, to WAIVE THE READING AND <br />ADOPT A RESOLUTION ESTABLISHING A FINANCE POLICY FOR FLOOD CON- <br />TROL CAPITAL PROJECTS. <br /> <br />5 Ayes - 0 Nayes, Motion Carried <br /> <br />Page Six <br /> <br />Flood Control Capital <br />Projects, Policy <br />Report 86-59 <br />Resolution 86-20 <br />