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Regular Council Meeting January 11, 2021 Page 2 Consent A Benda Mayor Clifford said he wanted to pull items 8 and 9 from the consent agenda for discussion, and inquired of Council Members if they wished to pull any items. Council Member Portugal referenced items 6a and 6d, and said she would like to get the minutes in a more timely fashion. She also complimented the promptness of the Planning & Zoning Commission minutes. With regard to item 8, Mayor Clifford said this explains what the City can and cannot invest in. With regard to item 9, Mayor Clifford said the City had about 22 million dollars in the bank that was getting 1/3 % of interest off of its money. He said the PEDC was paying 3% on loans of about 1.7 million dollars. Mayor Clifford wanted to know if the City could loan funds to PEDC, giving them a better interest rate which in turn would give the City more return on its money. Mayor Clifford said he had brought this up before and would like for it to be looked into as to whether or not it was legal. Mr. Anderson said staff would have to do further research, but that the PEDC usually borrowed money for longer terms. Mayor Clifford inquired about entering into a contract with PEDC. Council Member Savage said this made sense if they could legally do it. City Attorney Stephanie Harris said it would probably be acceptable for a project but probably not acceptable to retire debt. Ms. Harris said she would look into it and get back to them. Ms. Harris advised City Council they would need to vote on items 8 and 9 separately. A Motion to approve items 8 and 9 was made by Mayor Clifford and seconded by Council Member Portugal. Motion carried, 7 ayes — 0 nays. A Motion to approve the remainder of the consent agenda was made by Mayor Clifford and seconded by Council Member Pilgrim. Motion carried, 7 ayes — 0 nays. 5. Approve minutes from the meeting on November 9, 2020. 6. Receive reports and/or minutes from the following boards and commissions: a. Historic Preservation Commission (11-11-2020) b. Paris Economic Development Corporation (11-17-2020) c. Paris Public Library Advisory Board (11-18-2020) d. Housing Authority (9-15-2020) e. Planning & Zoning Commission (12-7-2020) 7. Approve a Professional Services Agreement with Sensus for utility services, in the amount of $57,215.00. 8. Re -approve the City Investment Policy.