New council starts slow
A new era started Tuesday night for the Rosemount City Council as two new council members took the oath of office. On the right side of mayor Bill Droste sat seasoned city council members Mark DeBettignies and Kim Shoe-Corrigan and on the left sat newbies Kurt Bills and Jeff Weisensel. As a group they looked ready to take on whatever 2009 throws at them but Tuesday night's agenda didn't have much to tackle.
In all the meeting took about 20 minutes.
"It will never be shorter," Shoe-Corrigan warned the newcomers.
The evening began with smiles, handshakes and nerves as Bills and Weisensel prepared to take the oath of office before the other council members, city staff and their families. Before conducting any business Droste swore the two men in.
Then the council, in its new form, got through a little business including naming Kim Shoe-Corrigan acting mayor and Droste weed inspector.
Before naming the city's depositories and financial institutions Droste asked finance director Jeff May to take a little time to explain the city's investment policy and how it protects itself.
May told the council the city has its checking account through the First State Bank of Rosemount. In addition, he said, the city has working relationships with other local banks including Rosemount National Bank and Vermillion State Bank.
When investing May said, the city has three main objectives.
The first is safety. Rosemount, May said, has a conservative investing policy. While there is always risk, May said it is the city's policy to minimize any risk.
The second is liquidity, meaning the city can get funds as needed. He added that the city has mixed investments so that it can always access cash to keep up day to day operations.
The third objective is to get as high a rate of return as possible. However May said while getting a good rate of return is important the first two criteria must be met first. He added state and federal laws limit what the city can invest in.