Minutes - Investment - 1998-01-080
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COSTA MESA SANITARY DISTRICT
INVESTMENT OVERSIGHT COMMITTEE MEETING
JANUARY 8, 1998
CALL TO ORDER Meeting called to order at 5:36 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 Arlene Schafer (rotating with other Boardmembers)
Boardmember Art Perry (rotating with other Boardmembers)
TREASURER'S REPORT AT DECEMBER 31, 1997
Mr. Davis discussed the Treasurer's Report and the recent
investing activity of the District. Mr. Davis mentioned that staff
has received about half of the trash and sewer assessments that
the District will receive this fiscal year. Mr. Davis stated staff is
looking at investing due to these new receipts and that the
weighted interest rate yield of the portfolio is at 5.95 %.
Discussion ensued between Mr. Hamers and Mr. Davis regarding
when the District could realize gains based upon market
movement. Mr. Davis clarified that the investing strategy of the
District has been to buy and hold securities until maturity. He
emphasized that the District has not played the "buy and sell"
game.
UNITED STATES TREASURY SECURITIES
Mr. Simpson presented the different types of U.S: Treasury
Securities offered and their characteristics. Mr. Simpson
presented the current yield curve for maturities from six months
to 30 years based upon the closing market yields for that day.
OTHER BUSINESS No discussion.
ADJOURNMENT The meeting adjourned at 5:57 p.m.
Secretary Presiden