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Council adopts revised investment policy reflecting state deposit-limit change
Summary
The council adopted a revised investment policy to align with a state statutory change affecting insured deposit limits; council reviewed the draft and moved to place it on file and adopt the policy by voice vote.
City staff presented a revised investment policy that city attorneys and staff updated after a change in state law affecting insured deposit limits. The staff explanation said the revision is intended to reflect the new statutory limits for insured deposits.
During the meeting a staff member explained, “this current revision incorporates a change in the statute that changes the…the insured deposit limits, under state law.” The council moved to receive, place on file, and adopt the revised policy; the motion was seconded and approved by voice vote.
The council's action completes the policy adoption step; the updated policy text will be incorporated into city financial procedures and published with other official documents.
