2005 05 11 IAB Minutes
INVESTMENT ADVISORY BOARD
Meeting
May 11, 2005
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:
Chairman Lewis, Board Members Olander, Deniel and
Mahfoud (5:44)
ABSENT:
Board Member Moulin
OTHERS PRESENT:
John Falconer, Finance Director; Vianka Orrantia, Secretary
II PUBLIC COMMENTS - None
III CONFIRMATION OF AGENDA - (This is the time set aside for public comment
on any matter not scheduled on the agenda.)
IV CONSENT CALENDAR
A. Approval of Minutes of Meeting on April 13, 2005 for the Investment
Advisory Board.
Board Memoer Olander advised the Board that due to his absence at the
previous meeting he was unable to make a motion to adjourn. Therefore
a correction needs to be made on page 5 of the minutes.
Chairman Lewis requested that the Board advise Staff of any grammatical
corrections and/or changes to the minutes prior to the Board meeting.
Board concurred.
MOTION - It was moved by Board Members Olander/Deniel to approve the
Minutes of April 13, 2005 as corrected. Motion carried unanimously.
V BUSINESS SESSION
A. Transmittal of Treasury Report for March 2005
Mr. Falconer informed the Board that the cash balance was reduced by
approximately $8 million due to a bond debt service. Mr. Falconer also
informed the Board that page 8 reflects several Treasury bills which
were purchased at the end of March placing several at a 3 % yield and
Investment Advisory Board
Minutes
May ·11, 2005
Board Member Deniel suggested under item XIX, second sentence
should read: The investment portfolio managers will be ap~roved by
City Council based upon a request for proposal process as outlined in
Appendix H &-f. And Appendix I referenced in the fourth sentence and
it will read: Such managers may be granted the discretion to purchase
and sell investment securities in accordance with this Investment
Policy as outlined in _. Board concurred.
Board Member Mahfoud stated that page 1 7, top of the page, it
references errors and omissions and insurance, and does the City
require a certain dollar amount. Mr. Falconer replied to the Board that
the City has a certain standard contract form which outlines what the
insurance requirements are and the amount that needs to be
maintained. The amount is usually $1 million.
Mr. Falconer asked the Board if they should mention that the City will
maintain custody of the account. Chairman Lewis replied that the
investment policy specifically states that all securities are DVP third
party custodian and this is not waived at any point in time.
MOTION - It was moved by Board Members Mahfoud/Deniel to continue
the review of the Fiscal 2005/06 Investment Policies. Motion carried
unanimously.
VI CORRESONDENCE AND WRITTEN MATERIAL
A. Month End Cash Report - April 2005
Noted and Filed
B. Pooled MoneyJnvestment Board Report - February 2005
Chairman Lewis asked what an AB55 Loan is mentioned in the
February PIMA Report. Mr. Falconer replied that they are loans used
to temporarily construct prisons until the permanent financing comes
through.
Noted and Filed
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Investment Advisory Board
Minutes
May 11, 2005
VII BOARD MEMBER ITEMS
Board Member Mahfoud advised the Board that he will not be in attendance
at the next scheduled Board meeting.
Mr. Falconer advised the Board that ,the next scheduled meeting on June 8th
will be held and adjourned for a lack of a quorum and a special meeting will
be held on June 15th.
VIII ADJOURNMENT
MOTION - It was moved by Board Members Olander/Deniel to adjourn the
meeting at 6:45 p.m. Motion carried unanimously.
Vianka Orrantia
Secretary
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NEXT MEETING JUNE 15, 2005
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