Council approves Insured Cash Sweep
Draft changes to the Hometown Sanitation contract were reviewed, and additional changes discussed, at the Mountain Lake City Council’s Tuesday, February 16 meeting.
The complete contract extension will be reviewed and adopted at the Monday, March 7 council meeting.
ICS to go into effect April 1
Representatives of United Prairie Bank (UPB), Eileen Augustin, Jeremy Janssen, Carolyn Karschnik and Jeff Weldon were in attendance at the meeting to discuss Insured Cash Sweep (ICS). ICS is a different way of providing collateral tracking (pledging) for city accounts at UPB.
The advantages for both parties – the city and UPB – were discussed. With ICS service, city accounts can access multi-million-dollar FDIC (Federal Deposit Insurance Corporation) protection by working directly with, and be handled by, just one bank (UPB) that offers ICS. When a large deposit is placed with an ICS Network member, that institution uses the ICS service to place those funds into demand deposit accounts (using the ICS demand option), money market deposit accounts (using the ICS savings option), or both, at other FDIC-insured member institutions. This placement of funds occurs in increments below the standard FDIC insurance maximum of $250,000 so that both principal and interest are eligible for FDIC insurance. By working directly with just UPB, city accounts will be able to access insurance coverage from many, and receive just one regular, monthly account statement for each service option utilized.
Council members voted to move to ICS, effective on April 1.
In other business
+ Accepted the resignation of Rick Oeltjenbruns from the Mountain Lake Fire Department, effective February 10.
+ Heard from Mountain Lake City Attorney Maryellen Suhrhoff on the League of Minnesota Cities Insurance Trust 2016 renewal tort liability limit options. In addition, Mountain Lake City Clerk/Administrator Wendy Meyer reviewed the three workers’ compensation premium options available. After the presentations, the council voted to not waive the tort liability limit, and selected the regular premium option.
+ Learned that city staff will be getting new e-mail addresses as part of the move to a new city website. It was agreed to make the transition smooth by allowing the existing e-mail addresses to remain operational until June 30, and longer, if staff determines it is necessary.
+ Learned that two Energy Savings Companies (ESCOs) – McKinstry and Siemens – had submitted proposal to the city for the Guaranteed Energy Savings Program (GESP). The proposals have been evaluated by city staff and two council members. Staff from the Minnesota Department of Commerce will be preparing agreements for the Monday, March 7 council meeting.
+ Discussed ideas for an Active Living Plan Active Places demonstration project. City staff will formulate, write and submit a proposal.
+ Reviewed and discussed the 2015 year-end expenses and revenues. No action was taken.
City of Mountain Lake Meeting Dates
+ Mountain Lake City Council meets the first and third Mondays of every month at 6:30 p.m.
+ Utilities Commission meets the second and fourth Thursdays of every month at 7 a.m.
+ Economic Development Authority (EDA) meets the second Friday of every month at 12 noon.
+ Lake Commission meets the second Monday of every month at 6:30 p.m.
+ Library Board meets the second Wednesday of every month at 4:45 p.m.
+ Police Commission meets the second Thursday of every month at 7 p.m.
+ Planning and Zoning meets the last Monday of the month, if needed.
+ Tree Commission meets quarterly – January, April, July and October – at 7:45 p.m.
