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<br />~ ~) <br />-1t .,} <br /> <br />TUESDAY, OCTOBER 27, 1987 <br /> <br />C. A report from City Treasurer John W. Bouldin. Jr., by which <br />Council was informed that the City received a total sum of <br />$43,821.91 in interest during the quarter ended September 30, <br />1987. on the City's regular checking accounts; and a listing of <br />certificates of deposit owned by the City and its several funds. <br />showing the bank in which each certificate is "invested" as well <br />as each certificate's rate of interest and maturity. Totals of <br />this listing were $5.916.474.92 in certificates of deposit <br />(principal). estimated value at maturity of $7.423,396.67. with <br />estimated earnings of $1,506,921.75 during the life of these <br />certificates. Excluding the Sewer Bond Fund's certificate of <br />deposit in the principal amount of $2.254.457.91 invested at the <br />rate of 13.10% for forty-two months, with earnings of <br />$1,260,469.09 and value at maturity of $3,514,927.00, the other <br />certificates listed (with interest rates ranging from 5.50% to <br />7.70% and maturity dates of thirty days to two years) were a <br />total of $3.662,017.01. in principal, with estimated earnings of <br />$246,452.66 and estimated maturity value of $3.908,469.67. In <br />response to Councilman's Cole query as to who (i.e., which City <br />official) has the prime responsibility for investing City funds <br />(as to amounts and rates of interest, etc.), City Manager Brown's <br />written agenda "notes" stated that "The Treasurer has custody of <br />the funds and he has the sole responsibility of determining the <br />amount of funds that are in excess of needs which can be <br />invested" although, as City Treasurer Bouldin pointed out in this <br />report. in practice (and before interest rate bids are solicited <br />from local banks) it becomes a joint venture between the <br />Treasurer and the Director of Finance. <br /> <br />In accordance with the requirements of Section 2.1-344 of the CODE of VIRGINIA <br /> <br />(1950, and as amended), and upon motion. duly seconded and unanimously carried <br /> <br />by a recorded vote, Council convened into an Executive Session for the purpose <br /> <br />of considering nominees for appointment to various boards and commissions, viz., <br /> <br />Mr. Irving R. McGhee, resigned. the Dan River VASAP Executive Board, also for <br /> <br />the City's Transportation Safety Commission for the unexpired term of <br /> <br />the unexpired term of Mr. Irving R. McGhee, resigned; and the Blue Ridge <br /> <br />Regional Library Board for the unexpired terms of Mrs. Francis S. LeavitS, <br /> <br />resigned, and Mr. Robert H. Mitchell, resigned. Upon reconvening into regular <br /> <br />session, Council unanimously appointed Mrs. Pamela Mason (wife of <br />