Minutes - Investment - 1997-10-09n
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COSTA MESA SANITARY DISTRICT
INVESTMENT OVERSIGHT COMMITTEE MEETING
OCTOBER 9, 1997
CALL TO ORDER Meeting called to order at 5:30 p.m. by District Manager Rob
Hamers.
ROLL CALL Investment Oversight Committee is composed of six (6)
members:
Committee Members:
Mr. Marcus D. Davis, Acting District Treasurer
Mr. Jason P. Simpson, Revenue Supervisor
Mr. Rob Hamers, District Manager
Ms. Lois Thompson, Assistant Manager
Boardmember Nate Reade (rotating with other Boardmembers)
Boardmember Art Perry (rotating with other Boardmembers)
TREASURER'S REPORT AT SEPTEMBER 30, 1997
COMMERCIAL PAPER
Mr. Davis discussed the Treasurer's Report and the recent
investing activity of the District. Mr. Davis mentioned that staff
is considering placing about $2 million of the portfolio since the
period of the year in . which expenditures outpace revenues is
almost complete. General discussion ensued between the
members regarding LAIF and current rates offered in the
marketplace.
Mr. Simpson presented the components of why commercial paper
is issued by corporations. Discussion between the members
ensued regarding how staff utilizes commercial paper when
investing idle funds of the District. Mr. Simpson presented a
listing of companies that issue commercial paper and their current
credit ratings.
OTHER BUSINESS No discussion.
ADJOURNMENT The meeting adjourned at 5:50 p.m.
�. to:
• Secretary President