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1998 06 10 IAB Minutes INVESTMENT ADVISORY BOARD Meeting June 10, 1998 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 Sales, followed by the Pledge of Allegiance. PRESENT: Board Members Brown, ~Bulgrin, Irwin, Lewis, Osborne and Chairman Sales ABSENT: Board Member Frame OTHER PRESENT: John Falconer, Finance Director and Diane Aaker, Secretary II CONFIRMATION OF AGENDA- Confirmed III PUBLIC COMMI=NT - None IV CONSENT CAI FNDAR A. Approval of Minutes of Meeting for May 13, 1998 for the Investment Advisory Board. MOTION - It was moved by Board Members Irwin/Osborne to approve the minutes of May 13, 1998. Motion carried unanimously. V BUSINESS SESSION A. Transmittal of Treasury Report for April, 1998 Mr. Falconer presented the Staff Report advising that 4 million was invested in IBM, GM Capital, Ford Motor Credit and American Express. MOTION - It was moved by Board Members Brown/Bulgrin to review, receive and file the Treasury Report for April 1998. Motion carried unanimously. Investment Advisory Board May 13, 1998 Minutes B. Fiscal Year 1998/99 Investment Policies Chairman Sales advised that the Investment Policy was approved by the Board at the April meeting. Thomas Genovese, City Manager advised that he has discussed the Investment Policy with the Finance Director and he agrees with the changes. He stated that the policy was going well and he credits that to the Board. Dawn Honeywell, City Attorney advised that she did not have any questions other than she asked for clarification on certificate of deposits. Chairman Sales advised that LAIF is permitted and does invest in investment vehicles that are restricted by the City of La Quinta Investment Policy. He further questioned if the City was violating their own policy by investing with LAIF. Ms. Honeywell advised that she is comfortable with investing with LAIF because it is an investment listed in the Investment Policy as an approved investment. In response to Chairman Sales, Mr. Genovese advised that during the past year, the investment in LAIF has been significantly under the 35% percent. He further advised that he is comfortable with the current percentage of LAIF. MOTION - It was moved by Board Members Lewis/Osborne to forward the Fiscal Year 1998/99 Investment Policies to the City Council. Motion carried by the following vote: Ayes-Board Members Brown, Bulgrin, Lewis, Osborne and Chairman Sales, Noes-Board Member Irwin, Absent- Board Member Frame. VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report - May, 1998 In response to Board Member Osborne, Mr. Falconer advised that the goal is to purchase agency paper or t-bills. He further advised that 10 million from a bond issue will come in on June 24, 1998. Investment Advisory Board May 13, 1998 Minutes B. Pooled Money Investment Board Reports - March 1998 Board Member Bulgrin discussed that the yield is not changed. Board Members Osborne and Bulgrin discussed that LAIF Board Members are very involved and responsive and if personnel changes take place as a result of the November election, the policy may also change. Mr. Falconer advised that he will keep members informed of any change and the reason for the change. VII BOARD MEMBER ITEMS In response to Board Member Osborne, Mr. Falconer advised that the Investment Policy will be placed on the June 16, 1998 Agenda. Chairman Sales advised that he would not pursue another term on the Board. VIII ADJOURNMENT MOTION - It was moved by Board Members Lewis/Brown to adjourn the meeting at 6:10 P.M. Motion carried unanimously.