1994 07 20 IAB Minutes INVESTMENT ADVISORY BOARD
MINUTES
July 20, 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 and Wilson
*Chairman Lewis advised that Board Member Gilreath
is out of town on a family emergency.
II CONFIRMATION OF AGENDA
Chairman Lewis requested the Investment Policy be added as
Business Session Item B noting that the need to take action
arose after the posting of the agenda.
MOTION - It was moved by Board Members Sales/Brown to add the
Investment Policy as Business Session Item B. Motion carried
unanimously.
III PUBLIC COMMENT
JOE IRWIN - 44-065 Camino La Cresta, spoke regarding the
Investment Policy.
IV CONSENT CALENDAR
A. Approval of Minutes from the May 11, 1994 Investment
Advisory Board meeting.
MOTION - It was moved by Board Members Brown/Sales to
approve the minutes of the May 11, 1994 Investment
Advisory Board meeting. Motion carried unanimously.
B. Investment Policy: City Manager and City Attorney
comments. (Moved to Business Session Item B.)
Investment Advisory Board 2 July 20, 1994
Minutes
V BUSINESS SESSION
A. Transmittal of Treasurer's Report Dated May 31, 1994.
MOTION - It was moved by Board Members Sales/Brown to
approve the Treasurers Report dated May 31, 1994 as
submitted. Motion carried unanimously.
B. Continued review and consideration of the Investment
Policy.
Chairman Lewis advised that he was in attendance at the
City Council meeting on July 19th to answer any questions
the Council may have had during their consideration of
the Investment Policy.
The Investment Advisory Board reviewed the Investment
Policy in its entirety. Changes are indicated on Exhibit
A.
MOTION - It was moved by Board Members Brown/Sales to
approve the Investment Policy with the recommended
changes. Motion carried unanimously.
V STUDY SESSION
A. Review of Banking Services Request for Proposal
Documents.
Mr. Parzonko advised that the Banking Services Request
has been submitted to the Board in draft form.
The Board concurred on having Mr. Parzonko review and
update the RFP document and bring it back to the Board at
the August meeting.
VI BOARD MEMBER COMMENTS - None
VII OTHER - None
VIII ADJOURNMENT
MOTION - It was moved by Board Members Brown/Sales to adjourn
the meeting. Motion carried unanimously.