01-28-08 Board of Finance Minutes

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,'~ .~. ~ ., Board of Finance City of South Bend, Indiana 2008 Meeting Minutes South Bend Common Council President Timothy A. Rouse called to order the January 28, 2008 Board of Finance at 3:00 p.m. in the Council Informal Meeting Room. Persons in attendance included: Council Members Dieter, Henry Davis, LaFountain, Puzzello, Varner, Rouse and White; Mayor Stephen Luecke, Interim City Controller John Murphy, City Clerk John Voorde, City Attorney Charles Leone, Tom Price, Ann Kolata, Don Inks, Elizabeth Leonard, Rita Kopola, Martha Lewis, Nancy Sulok of the South Bend Tribune, and Council Attorney Kathleen Cekanski-Farrand. Council President Rouse noted that the Board of Finance meeting was called pursuant to the Meeting Notice of January 24, 2008 (copy attached) governed by the state law requirements of Indiana Code § 5-13-7-1-, et seq. Election of Board of Finance Officers: Council President Rouse stated that the first item of business was the election of the Board of Finance offices for the positions of President and Secretary. Council Member Dieter made a motion, seconded by Council Member Puzzello that 3`d District Council Member Thomas LaFountain serve as the Board's President. There were no further motions for President. The motion passed. Council Member Dieter made a motion, seconded by Council Member White that 4~' District Council Member Ann Puzzello serve as the Board's Secretary. There were no further motions for President. The motion passed. Council President Rouse then turned the meeting over to Board President LaFountain. Review of the Annual Investment Report for Calendar Year 2007: Board President LaFountain then called for a review of the written report of the Investment Officer (City Controller) which summarizes the City of South Bend's investments during the 2007 calendar year and a review of the City of South Bend's overall investment policies. Interim City Controller John H. Murphy then distributed to the Board a 42-page document entitled "Boazd of Finance of the City of South Bend, Indiana Annual Investment Report for the Year Ended December 31, 2007" (copy attached).