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Minutes - Investment - 1997-10-09n �J i 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