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5. LD BU$INE$S (Cont'd) Investment of'Funds from Project'Expenditures Accounts: Mr. Lennon advised he was pleased to announce that through good fiscal management of Larry Wartha and his staff, we have invested $410,000 and that between now and December 12, 1974, we will realize a gain of $12,000. All of our projects are in the "black" with the exception of the situation we have in the code en- forcement projects where the city owes us money, which they are to pay us when their revenue sharing money comes in, in October. We are fiscally and financially in very good shape, and he felt Larry Wartha is to be commended. On motion by Mr. Chenney, seconded by Mr. Wiggins and unanimously carried, post approval was given for the investment of the $410,000 from the Project Expenditures Accounts, to purchase Treasury Bills, for a gain of $12,000. Mr. Wartha advised we received the grant amendatory on our A -10 Project and will probably be able to invest $100,000 of that later also, and whether to include the motion as a "lump" permission. Commissioner Wiggins said that this has been a standard operating procedure throughout the life of the Depart- ment of Redevelopment - -any monies that are not immediately needed are invested- -just as a good business procedure. Mr. Lennon advised that our problem has been that prior we borrowed money from the Projects. The R -66 Project- - which was a multi - million dollar project - -the previous fiscal officers borrowed from that account to start other Code Enforcement Projects, and in so doing, we obviously took money away from being invested because it was used for normal operating costs instead of going to the City Council. Looking at it, it is still city money, but the money went back into the project account and made us look somewhat negligent, because we were not in a position to do so because we were always borrowing money from our- selves, instead of borrowing money from the City. Mr. Lennon stated he was pleased to hear Commissioner Wiggins agree with us and we will, in the future, continue to operate on the basis of depositing, and as he said, Larry and the staff has everything in the black and we have paid back all the accounts, and that is excellent. Commissioner Wiggins, in reply to the Chair's question, said he didn't see that a blanket approval is necessary, but that the requests for investment be placed on the Agenda as they come up, as this has been normal procedure. - 10 POST APPROVAL FOR INVESTMENT OF FUNDS AUTHORIZED