1997 07 09 IAB Minutes INVESTMENT ADVISORY BOARD
Meeting
July 9, 1997
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 Chairwoman Brown, followed by the Pledge of Allegiance.
PRESENT: .Board Members Frame, Irwin, Sales and Chairwoman Brown
ABSENT: Board Members Lewis, Osborne and one (1) Vacancy
OTHER PRESENT: John Falconer, Finance Director and Geniene Croft, Staff Member
II APPOINTMENT OF OFFICERS
A. Appointment of Investment Advisory Board Chairperson
Chairwoman Brown called for nominations for Chairperson.
Board Member Irwin nominated Vice Chairman Sales.
There being no more nominations, Chairwoman Brown closed the
nominations.
MOTION - It was moved by ChairWoman Brown/Board Member Irwin to
appoint Vice Chairman Sales as the 1997/98 Chairman. Motion carried
unanimously.
Board Member Brown turned the meeting over to Chairman Sales.
Investment Advisory. Board June 11, 1997
Minutes
B. Appointment of Investment Advisory Board Vice Chairperson
Chairman Sales opened up the nominations for Vice Chairperson.
Board Member Brown nominated Board Member Osborne.
Chairman Sales nominated Board Member Irwin.
There being no more nominations, Chairman Sales closed the nominations
for Vice Chairperson.
Voting Results: 3 Votes for Board Member Irwin
1 Vote for Board Member Osborne
MOTION - It was moved by Board Members Frame/Chairman Sales to
appoint Board Member Irwin as the Vice Chairman. Motion carried with
Board Member Brown voting NO.
III CONFIRMATION OF AGENDA- Confirmed
IV PUBLIC COMMENT- None
V CONSENT CALFNDAR
A. Approval of Minutes of Meeting on June 11, 1997 for the Investment
Advisory Board.
MOTION - It was moved by Board Members Brown/Frame to approve the
minutes of the meeting of June 11, 1997. Motion carried unanimously.
VI BUSINESS SESSION
A. Transmittal of Treasury Report for May 30, 1997
MOTION - It was moved by Board Members Irwin/Frame to approve the
Treasury Report for May 30, 1997. Motion carried unanimously.
Investment Advisory Board June 11, 1997
Minutes
B. Meeting Schedule for Fiscal Year 1997/98
Board Member Frame suggested that the Board meet bimonthly instead
of once a month.
Board Member Irwin advised that the Board is down to 6 members and
by only meeting every other month, having all members, in attendance
would be very important. If for any reason that the Board couldn't meet
because of a lack of a quorum, there would be a 4-month period of no
meetings.
Board Member Frame suggested that rather than developing a routine
meeting schedule, the Board could decide at the end of each Board
meeting whether they will need to meet the next month.
The Board concurred on not meeting during the month of August and
changing the meeting date to an as needed basis to be decided at the end
of each ~meeting.
Mr. Falconer advised that an item would be place on the agenda titled
"next meeting date" for the Board to consider.
VII CORRESPONDI=NCE AND WRITTEN MATERIAL
A. Month End Cash Report -June 1997
Noted and Filed.
B. Fiscal Year 1997/98 Investment Policy Distribution
Noted and Filed.
C. Pooled Money Investment Board Reports - March & April 1997
Noted and Filed.
Investment Advisory Board June 11, 1997
Minutes
VIII BOARD MEMBER ITEMS
Board Member Irwin requested the Treasury Report and the Month End Report
for July.
Mr. Falconer advised that he will distribute the 1997/98 Budget with the
September agenda packet.
IX ADJOURNMENT
MOTION - It was moved by Board Members Irwin/Sales to adjourn the meeting.
Motion carried unanimously.
4