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Home My WebLink About_2008 12 05 City Commission Emergency Special MinutesCITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION EMERGENCY SPECIAL MEETING DECEMBER 5, 2008 CALL TO ORDER The Emergency Special Meeting of Friday, December 5, 2008 of the City Commission was called to Order by Mayor John F. Bush at 5:00 p.m. in the Commission Chambers of the Municipal Building (City Hall, 1126 East State Road 434, Winter Springs, Florida 32708). Roll Call: Mayor John F. Bush, present Deputy Mayor Donald A. Gilmore, present Commissioner Robert S. Miller, absent Commissioner Rick Brown, present Commissioner Sally McGinnis, present Commissioner Joanne M. Krebs, present City Manager Ronald W. McLemore, present City Attorney Anthony A. Garganese, present via telephone REGULAR AGENDA REGULAR 600. Office Of The City Manager Discussion Involving Investments. City Manager Ronald W. McLemore opened the discussion of this Agenda Item for discussion. Commissioner Joanne M. Krebs distributed information related to the City's Investment Policy. Discussion. Commissioner Krebs commented on diversification; to which Manager McLemore stated, "We are going to maintain enough cash on hand to cover us -well for two (2) or three (3) months, but we're not putting everything in." Ms. Maria Fair, 1207 Trotwood Boulevard, Winter Springs Florida: addressed the City Commission briefly on the "CDARS" (Certificate Of Deposit Account Registry Services) Program. CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION EMERGENCY SPECIAL MEETING -DECEMBER 5, 2008 PAGE 2 OF 4 Manager McLemore continued by suggesting: "My recommendation to you is to adopt this proposed change to your Investment Policy to allow "CDARS" (Certificate Of Deposit Account Registry Services) and we go out with a minimum investment -for a twenty-eight (28) day period. At that point in time, if your Financial Advisor is not on board and unable to advise you, then we roll it over one (1) time. You certainly would have plenty of time in that sixty (60) days to get everything squared away." Discussion. Mayor Bush stated, "If you want to do "CDARS" (Certificate Of Deposit Account Registry Services), we have to adopt this Resolution." Continuing, Mayor Bush noted, "The minimum is twenty-eight (28) days - we need a Motion on the Resolution." "SO MOVED." MOTION BY COMMISSIONER BROWN. MAYOR BUSH REMARKED, MOTION BY COMMISSIONER BROWN TO APPROVE RESOLUTION 2008-56." SECONDED BY COMMISSIONER KREBS. DISCUSSION. ATTORNEY GARGANESE POINTED OUT, "YOU ARE PUTTING A LIMITATION ON THE INVESTMENT TO UP TO TWENTY-EIGHT (28) DAYS?" COMMISSIONER BROWN STATED, "TWENTY-EIGHT (28) DAYS." ATTORNEY GARGANESE ADDED, "THEN I WOULD ADD THAT MODIFICATION TO THE RESOLUTION." "I WILL MAKE THE MOTION THAT WE ADOPT RESOLUTION 2008-56 INCLUSIVE OF THE MODIFICATION YET TO BE MEMORIALIZED THAT IT HAS A LIMIT OF TWENTY-EIGHT (28) DAYS AND THAT THE CITY COMMISSION WILL HAVE THE OPTION BY A MAJORITY VOTE TO ROLL IT OVER ONE TIME WHILE WE WAIT TO FINALIZE THE CONTRACT FOR OUR INVESTMENT ANALYST." MOTION BY COMMISSIONER BROWN. SECONDED BY COMMISSIONER KREBS. DISCUSSION. VOTE: COMMISSIONER BROWN: AYE COMMISSIONER McGINNIS: AYE COMMISSIONER KREBS: AYE DEPUTY MAYOR GILMORE: AYE MOTION CARRIED. "I MAKE A MOTION THAT WE DO AN IMMEDIATE PURCHASE OR AS SOON AS POSSIBLE OF FIVE MILLION DOLLARS ($5,000,000.00) IN TREASURIES AND INVEST THE REMAINDER IN THE `CDARS' (CERTIFICATE OF DEPOSIT ACCOUNT REGISTRY SERVICES)." MOTION BY COMMISSIONER BROWN. CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION EMERGENCY SPECIAL MEETING -DECEMBER 5, 2008 PAGE 3 OF 4 COMMISSIONER BROWN ADDED, "THAT WOULD BE DIRECT..." MAYOR BUSH NOTED, "...DIRECT PURCHASE." SECONDED BY COMMISSIONER McGINNIS. DISCUSSION. FURTHERMORE, COMMISSIONER BROWN STATED, "I JUST WANTED TO INCLUDE IN THE MOTION THAT THE CITY MANAGER WILL BY CONSENSUS ON MONDAY ADVISE OF THE INTEREST RATES ON THE TWO (2) ADDITIONAL LOCAL BANKS WE HAVE ASKED HIM TO CHECK INTO." MOTION BY COMMISSIONER BROWN. DISCUSSION. VOTE: COMMISSIONER McGINNIS: AYE COMMISSIONER KREBS: AYE COMMISSIONER BROWN: AYE DEPUTY MAYOR GILMORE: AYE MOTION CARRIED. "I WOULD LIKE TO MAKE A MOTION THAT THE CITY MANAGER NOTIFY US AND GAIN CONSENSUS AFTER PROVIDING US INFORMATION ON THE COMPARATIVE INTEREST RATES OF THE TWO (2) LOCAL BANKS, THOSE BEING COLONIAL [BANK] AND RIVERSIDE [BANK OF CENTRAL FLORIDA] - TO COMPARE WITH THE QUOTE HE HAS FROM CNL[Bank] BEFORE MAKING A DECISION ON WHICH BANK TO PLACE IT AT. AND THAT DECISION IS BY CONSENSUS OF THE COMMISSION AVAILABLE ON MONDAY." MOTION BY COMMISSIONER BROWN. SECONDED BY COMMISSIONER McGINNIS. DISCUSSION. VOTE: COMMISSIONER BROWN: AYE COMMISSIONER McGINNIS: AYE COMMISSIONER KREBS: AYE DEPUTY MAYOR GILMORE: AYE MOTION CARRIED. Manager McLemore commented briefly on an issue related to our Solid Waste Agreement and noted he would provide the City Commission with a copy. CITY OF WINTER SPRINGS, FLORIDA MINUTES CITY COMMISSION EMERGENCY SPECIAL MEETING -DECEMBER 5, 2008 PAGE 4 OF 4 ADJOURNMENT Mayor Bush adjourned the Emergency Special Meeting at 5:37 p.m. RESPECTFULLY SUBMITTED: -. ,~ ~- A A LORENZO-LUACES, MMC CIT CLERK APPROVED: J F. Bt SH MAYGR NOTE: These Minutes were approved at the January 12, 2009 Regular City Commission Meeting.