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Eveleth council adopts investment policy, authorizes 4M and local bank accounts
Summary
The council adopted a municipal investment policy referencing Minnesota statutes and authorized opening a 4M liquidity account and investment accounts with Miner's National Bank to earn returns while maintaining liquidity.
The Eveleth City Council adopted a new investment policy on May 18 that staff said is governed by Minnesota statutes 118A.02 through 118A.05 and aims to balance safety, liquidity and return on city funds.
City administrator Pat explained the policy's objectives: protect principal, ensure liquidity to meet near‑term expenses and seek modest returns to reduce the need for higher levies. Pat said custody and investment decisions remain under council control and staff will implement council direction.
Council then authorized opening a 4M liquidity account — described as an account that offers daily liquidity while providing yield — and separately authorized opening investment accounts with Miner's National Bank of Eveleth. Councilmembers said the use of both a liquidity fund and a local bank relationship can be complementary and noted the city attorney had reviewed the policy.
The council approved both motions by voice vote. No specific dollar amounts to move into either account were decided at the meeting; councilmembers said allocations and timing will be determined later.
