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CO UNCILMEMBER GA VIN FERLIC EXITED THE CHAMBERS. THE Q UOR UM IS SET AT <br /> SEVEN(7). <br /> Councilmember Jo M. Broden made a motion to approve the amount of$185,000,000 in the <br /> investment account of the City of South Bend. Councilmember John Voorde seconded the <br /> motion which carried by a voice vote of seven(7) ayes. <br /> Councilmember Dr. Varner asked Mr. Gifford how much of the assets in the portfolio are liquid, <br /> on a thirty (30) day basis. Is there a thirty (30) day post requirement? <br /> Mr. Gifford responded, Everything you have in the portfolio I can sell tomorrow. <br /> Councilmember Dr. Varner responded, So, it's completely liquid. <br /> Mr. Gifford explained that it was designed by State statute to be so. <br /> Councilmember Dr. Varner responded, I knew the statute guided it, but I just didn't know <br /> whether there was a required liquidity at certain points or what. <br /> Mr. Gifford stated that the arrangement was up to the City, as it was the City's portfolio. <br /> Mr. Murphy asked the Council to turn to Page Fourteen(14) for stale dated check policies. He <br /> stated, We make every effort to try to contact people—both on the accounts-payable side, <br /> particularly on the payroll side—but sometimes,people don't cash their checks for whatever <br /> reason; you've contacted them, sent them a letter. There are certain times when we will have an <br /> outstanding item. On Page Sixteen(16)—these are the stale dated accounts-payable payroll <br /> checks. <br /> Councilmember Jo M. Broden asked when the notices for these checks typically go out. <br /> Mr. Murphy responded, It's typically on an ongoing basis. More like calling people and that kind <br /> of thing. <br /> Councilmember John Voorde made a motion to approve the write-off of stale dated checks. <br /> Councilmember Dr. David Varner seconded the motion which carried by a voice vote of seven <br /> (7) ayes. <br /> Mr. Murphy stated that Pages Nineteen(19) through Twenty-One (2 1) contained the December <br /> 2016 Controller's Report. He stated, You are familiar with that report. You receive it every <br /> month. <br /> COUNCILMEMBER OLIVER DAVIS LEFT THE CHAMBERS. THE QUORUMIS SET AT SIX <br /> (6). <br /> Mr. Murphy stated, On Page Twenty-Two (22) is a summary of interest earnings. It includes: <br /> interest earning on the checking account; interest earning on the account that Paul and Erik <br /> 3 <br />