Minutes - Investment - 1999-07-12SUMCOSTA MESA SANITARY DISTRICT No
MINUTES OF INVESTMENT OVERSIGHT COMMITTEE MEETING
JULY 12, 1999
•
CALL TO ORDER The meeting was called to order at 9:01 a.m. by Dan Worthington
ROLL CALL Committee Members Present:
Mr. Marc Puckett, Director of Finance
Mr. Rob Hamers, District Manager
Ms. Lois Thompson, Assistant Manager
Boardmember Arlene Schafer (rotating committee member)
Boardmember Dan Worthington (rotating committee member)
Absent: None
TREASURER'S REPORT FOR JUNE, 1999
Mr. Puckett presented the Treasurer's Report and discussed the recent investing
activity of the District. Discussion followed.
OTHER BUSINESS
REVIEW OF REVISIONS TO INVESTMENT POLICY STATEMENT
• Mr. Puckett presented the revisions to the Investment Policy statement for the
1999 -2000 fiscal year. He indicated that most of the changes were ministerial.
However, there were three areas of change that he wanted to highlight. The
first area of change highlighted was a new Section VI entitled, "Standard of
Prudence." This section added the prudent man rule statement to the investment
policy. Further, it specifically acknowledged that the Treasurer and his
designees are fiduciaries and bear a trustee relationship to the Board and the
public in the conduct of all investment functions. Next, Mr. Puckett
highlighted the second area of change which was to add a revision process to the
investment policy to provide a process for changes to the policy on an interim
basis. Finally, Mr. Puckett stated that a glossary was added to make the
document easier to read for the members of the Board and public that may read
the document. Discussion followed.
ADJOURNMENT The meeting adjourned at 9:30 a.m.
Approved by:
1p Sec'retaq, CO U Mesa-S'auitLcy District
Board of Directors
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President, Costa Mesa Sanitaplpdtlrict
Board of Direct