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<br />Summary Minutes: Special City Commission Meeting <br /> <br />June 5, 2009 <br /> <br />Sunny Isles Beach, Florida <br /> <br />a money market fund at .53%. The sense is that rates will probably be going up and so we <br />are going to take a short position and keep those funds liquid and watch very closely in <br />terms of opportunities at higher yields, taking it out at a longer term but still consistent with <br />our spend out estimates. Within the next 30-60 days we will be engaging an arbitrage <br />services firm to audit the investments and expenditures to make sure they are in compliance <br />with IRS regulations. We have maximum flexibility within our own Investment Policy. <br /> <br />Commissioner Scholl moved and Vice Mayor Thaler seconded a motion to approve the <br />ordinance on second reading. Ordinance No. 2009-323 was adopted by a roll call vote <br />of 5-0 in favor. <br />Vote: Commissioner Brezin yes <br />Commissioner Goodman yes <br />Commissioner Scholl m <br />Vice Mayor Thaler yes <br />Mayor Edelcup yes <br /> <br />4. ADD-ON: DISCUSSION ITEMS <br /> <br />4A. Add-On: <br />Discussion regarding the Powerboat Races over the City's Anniversary Celebration. <br /> <br />Action: Acting City Manager Conner reported that this will not be a nationally sanctioned <br />OSS race, though we have gotten tremendous good will and advertising out of it. <br /> <br />Cultural and Human Services Director Simpson said up until yesterday (June 4, 2009) we <br />had not committed any sponsorship funds to Offshore Events LLC until we had a <br />commitment from them that there would be a race on Sunday (June 14,2009). The race on <br />Sunday is a go, it is just not sanctioned by OSS. There are racers coming from all over the <br />country, partially because of Friday' s race, Bimini and back, but they are going to stay and do <br />an invitational race on Sunday. At this time there is no cash prize money however several <br />sponsors have donated $35,000 worth of watches for the winners of the different races on <br />Sunday. OSS staff is coming and they are going to work for free and donate their time. <br />Offshore Events is going to cover their expenses, hotel rooms, meals, car rentals, etc., and <br />they will do it exactly as they would any other race. They will still keep times, they will have <br />their safety teams out, the helicopters will be out, all of those other activities will be going <br />on. The only difference is that they don't get any points, and they won't get any real prize <br />money. Since they now have a scaled back event, we have invited all of the racers after <br />Sunday's race to join us at the Birthday Party event, and get their trophies. <br /> <br />Mayor Ede1cup asked ifthere is still going to be a Racer's Village at Haulover, and Cultural <br />and Human Services Director Simpson said yes, and it will be open to the public starting <br />Friday, June 12, at 9:00 a.m. The boats will be there, everything identical to last year, <br />perhaps just a few less, but the bigger teams, as last year, will still be there, probably a few <br />less vendors. The problem was getting sponsorship this year, they couldn't get the sponsors <br />to raise the purse money. They are going to have the parade through Sunny Isles Beach <br />Friday night leaving from Haulover shortly after 5 :00 p.m., go up to the north end of the City, <br /> <br />2 <br />