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1993 07 23 IAB Minutes INVESTMENT ADVISORY BOARD MINUTES July 23, 1993 - 3:30 p.m. The first meeting of the La Quinta Investment Advisory Board was called to order at the hour of 3:30 P.M. by Finance Director Thomas O'Reilly, followed by the Pledge of Allegiance. PRESENT: Board Members Brown, Gilreath, Lewis(3:35) and Sales ABSENT: Board Member Wilson OTHERS PRESENT: Thomas O'Reilly, Finance Director, Robert Hunt, City Manager and Debbie DeRenard, Secretary. II PUBLIC COMMENT - None III CONSENT CALENDAR - None IV BUSINESS SESSION A. Appointment of Investment Advisory Board Chairperson and Investment Advisory Board Vice-Chairperson. Mr. O'Reilly advised that as stated in the Staff Report referencing Chapter 2.70.030 of the La Quinta Municipal Code the Board will elect a Chairperson and Vice- Chairperson at their first meeting held after each June 30th. The Chairperson's duties consist of conducting all meeting proceedings from Call to Order to Adjournment. The Vice-Chairperson will be responsible for the Chairperson's duties in the absence of the Chairperson. Mr. O'Reilly advised the Board Member Wilson is out of town and will not be returning until late August. He further advised he was supplied with an agenda and has stated that he would concur with the majority of the Board when they choose a Chair and Vice Chair. In response to Board Member Brown, Mr. O'Reilly advised that Council did not have a preference for the Chairperson and Vice Chairperson positions. Investment AdviSory Board 2 July 23, 1993 Minutes Each Board Member introduced themselves and gave a brief description of their background. MOTION - It was moved by Board Members Brown/Gilreath to appoint Board Member Lewis as Chairperson of the Investment Advisory committee. Motion Carried Unanimously. MOTION - It was moved by BOard Members Sales/Gilreath to appoint Board Member Brown as Vice Chairperson of the Investment Advisory Committee. Motion Carried Unanimously. B. 'Consideration of a regular date and time for Investment Advisory Board meetings. MOTION - It was moved by Board Members Brown/Gilreath to set the meeting day and time of the Investment Advisory Board to the second Wednesday of each month at 5:30 P.M. beginning in the month of September. MotiOn carried unanimously. V STUDY SESSION A. Discussion of the Treasurer's Report which is submitted monthly to the La Quinta City Council. Mr. O'Rellly advised that he placed the Treasurer's Report as a Study Session item, he further advised that if the Board concurs in the future it will be placed as a Business Session item and will require Board action. In response to Board Member Sales, Mr. O'Reilly advised that a 72 hour notice is required in order to hold a public meeting in accordance with the Brown Act. The agendas are posted on the bulletin board at the Chamber of Commerce and at the Civic Center in the reception area. Mr. 0'Reilly advised that if there are any questions regarding conflicts, Board Members should notify him and he will contact the City Attorney. Mr. O'Reilly reviewed th'e Treasurers Report with the Board. Investment Advisory Board 3 July 23, 1993 Minutes In response to Vice Chairperson Brown, Mr. O'Reilly advised that two signatures are required on warrants. The individuals that are authorized to sign warrants are John Pena, Mayor, Stan Sniff, Mayor Pro Tem, Robert Hunt, City Manager and Thomas O'Reilly, Finance Director. The City produces two warrant runs per month that require approval by the City Council before distribution. The City Manager and Finance Director have the authority to transfer funds over the telephone. Mr. O'Reilly advised that he receives a daily cash sheet listing the City and Redevelopment Agency checking and savings account balances. He further advised that depending on what funds are received, transfers are made daily from the checking account into the savings account at the bank or into the LAIF account. Mr. O'Reilly gave a brief description of each of the fund account records. The accounting of the fund account are each kept separate, the funds are pooled together to collect a higher interest rate. The interest is then allocated to each of the fund accounts in accordance with the percent of each account. Mr. O'Reilly advised that in the future he will direct investment firms who solicit the City to the Investment Advisory Board. Mr. O'Reilly advised that he has set up investment accounts with Bank of America, Wells Fargo and Chase Manhattan to purchase investment instruments, but their services have not been utilized. A third party custodial account has been set up with Bank of America for safe- keeping of any securities or investment. Board Member Sales requested information on LAIF. Chairperson Lewis requested a list of acceptable investments and a copy of the City Code relating to investments. Mr. O'Reilly advised that the LAIF (Local Agency Investment Fund) account has a higher interest rate then the b~nk savings account. LAIF is a State Agency that invests monies for public agencies and is protected from the State of California borrowing monies from it. There is a 15 million dollar cap. Transactions are completed in increments of $5,000. A prospectus on LAIF will be supplied to the Board Members at the September 8, 1993 meeting. Investment Advisory Board 4 July 23, 1993 Minutes VI OTHER - None VII ADJOURNMENT MOTION - It was moved by Board Members Brown/Gilreath to adjourn the meeting. Motion carried unanimously.