HomeMy WebLinkAboutInternet Committee Minutes 06.26.1996MINUTES
INVESTMENT COMMITTEE
JUNE 26, 1996
OLD COUNCIL CHAMBERS
MEMBERS PRESENT: Dick Potter CHAIRMAN: V. Metzger
Don Hackmann
Vicki Ripley
Chuck Rodgers
Bud Johnson
Don Hackmann explained the process of the committee reviewing
pledged holdings. The City has all monies in the banks backed 1000
by pledged securities.
Vicki Ripley suggested the City, for the monthly investments look
into "reverse re-purchase agreements". She went on to explain the
benefits,
(1) The bank could give us higher interest on our investments
because the bank would not have to pay insurance to discount the
bid.
(2) The City would not be at risk, since they would still
cover our investment with pledge securities.
The committee feels we should look into this at more detail and
invite the other banks to our next meeting to get their input
regarding "reverse re-purchase agreements".
Elaine Hein with Security Bank (238-4800) will be also invited to
the meeting.
The committee discussed changing investment dates for the City's
long term investment.
The committee members will review this at the next investment
meeting.
Respectfully submitted,
Vicki L. Metzger
Chairman
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