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1990-12-11 CC Minutes Special e e. . SPECIAL COUNCIL MEETING MINUTES DECEMBER 11,1990 A special meeting of the Albertville City Council was called to order by Mayor Gary Schwenzfeier. Members present included Jim Krystosek. Donatus Vetsch. Don Cornelius and Bob Braun. Others present included Maureen Andrews. Pat Krause and Don Zerke of Gruys Johnson. The purpose of the meeting was to review the 1989 Audit report. Pat reviewed with the Council the Audit report, going over some of the schedules and information included in the report. The information reviewed included the general fund. the fire and park funds. the enterprise fund and the bonded indebtedness funds. In addition to this review the Council discussed the problem with the bank not having enough pledge collateral on the City's money. There was some discussion regarding the possibility of looking at having Juran and Moody or the League of Minnesota 4 M Fund invest some of the City dollars to collect higher rates of interest and eliminate some of the problems with the pledge collateral. There was also some discussion about whether or not the City should be doing our own monthly accounting or looking for a new firm which works specifically with cities and the GAAP accounting activities. At this time no action was taken on the matter, but the Council indicated that they wanted to look into the matter in more detail. The Council was also informed that there was money that needed to be transferred out of an old bond into the General Fund, since the bond activities had been completed. ~motion was made to retroactively of $ 'I?-i/"~ ~ to the General Fund. Krystosek and seconded by Don Cornelius. motion carried. approve the bond transfer The motion was made by Jim All were in favor and the A motion was made to accept the 1989 Audit Report. was made by Bob Braun and seconded by Donatus Vetsch. favor and the motion carried. The motion All were Hearing no other discussion a motion was made to adjourn the meeting, The motion was made by Donatus Vetsch and seconded by Jim Krystosek. All were in favor and the motion carried.