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1998 10 14 IAB Minutes INVESTMENT ADVISORY BOARD Meeting October 14, 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 Chairperson Irwin, followed by the Pledge of Allegiance. PRESENT: Board Members Brown, Bulgrin, Lewis, Mahfoud, Moulin, Osborne and Chairperson Irwin ABSENT: None OTHERS PRESENT: John Falconer, Finance Director and Debbie DeRenard, Secretary II PUBLIC COMMENT - None III CONFIRMATION OF AGENDA- ,Confirmed IV CONSENT CALENDAR A. Approval of Minutes of Meeting of September 9, 1998 for the Investment Advisory Board. Board Member Moulin advised that "Others Present" was not listed in the minutes. MOTION - It was moved by Board Members Moulin/Osborne to approve the minutes as modified. Motion carried unanimously. V BUSINESS SESSION A. Transmittal of Treasury Report for August 31, 1998 Mr. Falconer advised that the Money Market account has reached an investment percentage rate of 17.7% with 2_0% the maximum. He advised that he will monitor the investment to make sure that it doesn't exceed the maximum investment percentage. Investment Advisory Board October 1 4, 1 998 Minutes MOTION - It was moved by Board Members Brown/Moulin to approve, receive and file the Treasurers Report for August 31, 1998.. Motion carried unanimously. VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report- September, 1998 Noted and Filed B. Pooled Money Investment Reports o July 1998 Noted and Filed. C. Year 2000 Update Mr. Falconer presented the Staff Report advising that the City is in the process of analyzing all applications that will be effected by the Year 2000. When the report is completed, it will be forward to the Board. In response to the Board, he advised that he would furnish a copy of the letter that will be sent to the vendors regarding the status of their Year 2000 compliance. VII Board Member Items In response to Board Member Moulin, Mr. Falconer advised that the Auditor will be present at an upcoming meeting to answer any questions for the Board regarding the year end audit. In response to Chairman Irwin, Mr. Falconer advised that the City currently does not have any investments in Commercial Paper. He further advised that the City will receive funds in January that will need to be invested. In the past the City has invested in GE Capital, American Express, Ford Motor Company and IBM. Investment Advisory Board October 1 4, 1 998 Minutes Mr. Falconer advised that the next Board meeting will fall on November 11, 1998 - a City Holiday. MOTION - It was moved by the Board Members Lewis/Brown to reschedule the Investment Advisory Board Meeting to November 18, 1998. Motion carried unanimously. VIII ADJOURNMENT MOTION - It was moved by Board Members Lewis/Brown to adjourn the meeting at 6:05 P.M.. Motion carried unanimously.