1995 12 13 IAB Minutes INVESTMENT ADVISORY BOARD
MINUTES
December 13, 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, Frame, Irwin, Osborne, Rodriguez,
Sales and Chairman Lewis
ABSENT: None
OTHERS PRESENT: John Falconer, Finance Director, Ken Al-Imam, Partner with
Conrad & Associates and Debbie DeRenard, Secretary
II CONFIRMATION OF AGENDA - Confirmed
III PUBLIC COMMENT- None
IV CONSENT CALENDAR
A. Approval of Minutes of November 8, 1995 Investment Advisory Board
Meeting.
MOTION -It was moved by Board Members Irwin/Frame to approve the
minutes of the November 8, 1995 Investment Advisory Board as submitted.
Motion carried unanimously.
V BUSINESS SESSION
A. Transmittal of Draft Treasury Report for September 30, 1995.
MOTION -It was moved by Board Members Sales/Irwin to accept, receive
and file the Treasury Report for October 31, 1995. Motion carried
unanimously.
Investment Advisory Board 2 December 13, 1995
Minutes
V! BOARD MEMBER COMMENTS- None
In response to Board Member Sales, Mr. Falconer advised that regarding' the
investments, he spoke with Merrill Lynch one of the firms the City is working with
and they indicated that they require that they get original signatures for anyone who
has any involvement from the traders, brokers or clerks. They are in the process
of obtaining these signatures. Until these signatures are received, the City cannot
authorize any investments.
VII INFORMATIONAL ITEMS
A. Presentation of Draft Comprehensive Annual Financial Report - Cash
Footnote by Ken Al-Imam, Partner with Conrad & Associates.
Mr. Ken Al-Imam presented the Draft Comprehensive Annual Financial
Report.
The Board discussed the Annual Financial Report and advised that they
would like. to review the report and bring it back to the January Board
Meeting for discussion.
During the course of Mr. Al-lmam's discussions the issue of LAIF's mark to
market policy was discussed. Mr. Al-Imam stated that he would provide
written correspondence of their policy for the next board meeting.
B. Online Services Information From Bond Trustees.
Mr. Falconer' advised that First Interstate Bank (FIB) has agreed to send a
computer representative to our offices from the Los Angeles area and install
the software necessary to access financial information from our computers.
Mr. Falconer advised that he has not been as successful getting things set
up with First Trust. The City has an excellent working relationship with First
Trust. He further indicated that once the FIB software is up and running, he
will contact First Trust to see if they can furnish the same service.
VIII ADJOURNMENT
MOTION - It was moved by Board Members Frame/Osborne to adjourn the
meeting. Motion carried unanimously.