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1994 08 17 IAB Minutes INVESTMENT ADVISORY BOARD MINUTES AUGUST 17, 1994 I CALL TO ORDER Regular meeting of the La Quinta Investment Advisory Board was called to order at the hour of 5:30 P.M. by Chairman Lewis, followed by the Pledge of Allegiance. PRESENT: Board Members Brown, Sales and Chairman Lewis ABSENT: Board Members *Gilreath & Wilson OTHERS PRESENT: Richard Parzonko, Finance Director and Debbie DeRenard, Secretary *Excused II PUBLIC COMMENT - None III CONSENT CALENDAR A. Approval of Minutes from the June 22, 1994 Investment Advisory Board meeting. Board Member Sales advised that on page 5, the second paragraph should read, "Chairman Lewis/Board Member Brown did not recall Board Member Wilson being in attendance for three consecutive meetings". MOTION - It was moved by Board Members Brown/Sales to approve the minutes as corrected. Motion carried unanimously. IV BUSINESS SESSION A. Consideration of Banking Services Request for Proposal. Mr. Parzonko advised that with the comments from the Board at the previous meeting, a revised draft version of the draft banking services request has been presented. He further advised that he has requested copies of a custodial services agreement RFP that will be added on the banking services request as an optional service and will be included as part of the optional proposals section. The custodial services agreement RFP is scheduled to arrive within one week. The Board reviewed the Request for proposal (Exhibit A). Board Member Sales questioned if the City of working under a RFP Contract with Bank of America. Investment Advisory Board 2 August 17, 1994 Minutes Mr. Parzonko advised that he would research this and advise the Board of his findings. Mr. Parzonko advised that the document is proposed to be submitted to the City Council at their September 20, 1994 meeting. The conditions of qualifying at the banking institution as proposed is standard verbiage that comes from the Government Finance Officers Model documents. He advised that the document will be sent to all banks located between the City of Palm Desert and the City of Indio. The Board concurred on including the entire Coachella Valley in the RFP distribution. Mr. Parzonko advised that he would modify the Banking RFP and bring it back to the Investment Advisory Board before the next regular meeting. The Board concurred on a special meeting on August 31, 1994 at 5:30. MOTION - It was moved by Board Members Brown/Sales to continue and finalize the Banking RFP at the August 31, 1994 Special Meeting. Motion carried unanimously. B. Investment Advisory Board Attendance/Criteria. The Board reviewed the attendance record of the Board Members. Chairman Lewis advised that Board Member Wilson has missed three (3) consecutive meeting. Mr. Parzonko advised that according to the guidelines that were setup for the Board by the City Council, if a Board Member misses three (3) consecutive meetings or over 25% of the meetings they technically are not adhering to their commitment. Board Member Brown recommended that this be brought to the attention of the City Council for their direction. Mr. Parzonko advised that Joseph Irwin has expressed an interest to be on the Investment Advisory Board. Investment Advisory Board 3 August 17, 1994 Minutes MOTION - It was moved by Board Members Brown/Sales to bring Board Member Wilson's attendance to the City Council for their review. Motion carried unanimously. V STUDY SESSION - None VI BOARD MEMBER COMMENTS VII OTHER Mr. Parzonko presented an analysis on Bond Proceeds and Operational Funds as an informational item. He advised that the total operational fund available are $12,854,505. The portfolio maximum limit for investment in government pools is 90%. The portfolio compliance limit would be $11,569,055 for investment in government pools. As of July 31, 1994 the balance for government pools is $12,562,052. A negative figures means that the City is not in compliance with the Investment Policy. In order to come into compliance the City would need to invest $1,000,000 in another investment account other than a government pool. Board concurred on Mr. Parzonko reviewing the investments and bringing back them back to the Board with charts and graphs for the Boards review. VIII ADJOURNMENT MOTION - It was moved by Board Members Brown/Sales to adjourn the meeting. Motion carried unanimously.