1995 03 08 IAB Minutes INVESTMENT ADVISORY BOARD
MINUTES
March 8, 1995
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, Gikeath, Irwin, Sales and Chairman Lewis
ABSENT: None
OTHERS PRESENT: Thomas Genovese, City Manager, John Risley, Accounting Supervisor
and Debbie DeRenard, Secretary
H CONFIRMATION OF AGENDA
Confirmed.
IH PUBLIC COMMENT
None
IV CONSENT CALENDAR
A. Approval of Investment Advisory Board Minutes of January 11, 1995.
Board Member Brown advised on Page four, paragraph seven, the word "present" is
used and it should be "presence."
Chairman Lewis advised that the same error is in paragraph six.
MOTION - It was moved by Board Members Cfilreath/Irwin to approve the minutes
of January 11, 1995 as corrected. Motion carried unanimously.
V BUSINESS SESSION
A. Transmittal of Treasurers Report dated January 31, 1995.
MOTION - It was moved by Board Members Brown/Gilreath to approve the
Treasurers Report dated January 31, 1995. Motion carried unanimously.
Investment Advisory Board 2 March 8, 1995
Minutes
Investment Advisory Board Schedule.
MOTION - It was moved by Board Members Brown/Gilreath that the April 1995
Investment Advisory Board meeting be canceled, and that in place of the meeting the
same documentation is sent to the Board Members and if there are any comments,
questions or additional information needed that the Board Members contact John
Risley, Accounting Supervisor in Finance. The next meeting will be held in May.
Motion carried unanimously.
VI BOARD MEMBER COMMENTS
In response to Board Member Irwin, Mr. Genovese advised that LAIF is a demand account.
In response to Board Member Irwin, Mr. Risley advised that the City has not tried to compute
the interest to balance with LAIF.
Board Member Brown thanked Mr. Risley for responding to her questions regarding the
outstanding checks.
VI INFORMATIONAL ITEMS
A. Discussion of Allowable Investment from Bond Issues and Arbitrage
Information.
Board Member Sales questioned how many bond issues the City has.
Mr. Risley advised that the City currently has four Redevelopment Agency, one
Financing Authority and some sewer assessment bonds.
Mr. Risley distributed and explained a cash flow chart (Exhibit #1) to the Board
Members.
VII ADJOURNMENT
MOTION - It was moved by Board Members Brown/Sales to adjourn the meeting. Motion
carried unanimously.