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LRRWMO Meeting Minutes <br />October 17, 1990 <br />Page 2 <br />Raatikka requested Skallman breakdown the charges further <br />within the billing to better justify the expense. Skallman <br />agreed to do so. <br />Also presented was a bill dated September 17, 1990, from the <br />Minnesota Soil and Water Conservation District in the amount <br />of $675.00 for LRRWMO participation in the Lake Gaging <br />Program, at a cost of $225 for each of the three lakes <br />monitored. <br />Motion was made by Raatikka, seconded by Erickson, to PAY THE <br />BARR ENGINEERING AND MINNESOTA SOIL AND WATER CONSERVATION <br />DISTRICT BILLS AS PRESENTED <br />4 ayes - 0 nayes. Motion carried. <br />REPORT OF OFFICERS <br />Knutson presented his recommendation on banking methods to be <br />used by the LRRWMO in order to earn the most interest and to <br />avoid paying a monthly service charge. <br />Knutson indicated both Anoka banks are in the process of <br />being sold; therefore, future banking operations may change. <br />However, in the meantime, Knutson spoke to a representative <br />at Northern bank. As a result, Knutson recommended the <br />LRRWMO retain a non - interest bearing checking account which <br />should maintain a minimum balance of $10.00. We would also <br />have a money market savings account of approximately $4,000, <br />with a minimum balance of $1,500, receiving approximately 5 <br />to 5.5 per cent interest. The remainder of the LRRWMO funds <br />would be placed in a Certificate of Deposit, earning <br />approximately 7.2 per cent interest, which would be rolled <br />over every three months. When cash is needed, approximately <br />$3,000 to $4,000 could then be transferred from the <br />Certificate of Deposit to the savings account and on to the <br />checking. This process would eliminate the monthly service <br />charges. <br />Knutson estimated this process would take up approximately <br />one half hour of his time per month, which he would bill to <br />the LRRWMO at approximately $15.00 per month. <br />Motion was made by Raatikka, seconded by Erickson, to PROCEED <br />WITH KNUTSON'S RECOMMENDATION FOR HANDLING THE LOWER RUM <br />RIVER WATERSHED MANAGEMENT ORGANIZATION FINANCES, ACKNOWLEDG- <br />ING KNUTSON WILL BILL THIS ORGANIZATION $15.00 PER MONTH FOR <br />HIS TIME IN MANAGING THIS PROCEDURE. <br />4 ayes - 0 nayes. Motion carried. <br />