2002-02-20 Redeveloplment Authority Minutes

Home Browse Search

~. , • SOUTH BEND REDEVELOPMENT AUTHORITY REGULAR MEETING February 20, 2002 1308 County-City Building 227 West Jefferson Boulevard 1:30 p.m. Presiding: Mr. Cleo Washington South Bend, IN 46601 The February 20, 2002 Regular Meeting of the Redevelopment Authority was called to order at 1:35 p.m. by Cleo Washington. There was a quorum present. 1. ROLL CALL Members Present: Mr. Cleo Washington Mr. Jose Alvarez, Secretary Member Absent: Ms. Carolyn V. Pfotenhauer, President • Redevelopment Staff: Mr. Donald Inks, Director Mrs. Jenny Hullinger, Recording Secretary 2. APPROVAL OF MINUTES a. Approval of the minutes of January 16, 2002 Upon a motion by Jose Alvarez, seconded by Cleo Washington, and unanimously carried, the Authority approved the Minutes of the Regular Meeting of January 16, 2002. 3. NEW BUSINESS a. Authority Direction for Investment Option for Accounts 131794.1, 171794.2 and 131733.2 requested. Mr. Inks said we received a notice from JP Morgan stating that the fund that our investments are currently in is being closed and those shares are being liquidated. We were sent some prospectuses to review, and both have similar funds that are very low-- risk, totally in Treasuries or Government-guaranteed Securities. Mr. Inks would like authorization to use the Treasury Obligation Fund, subject to getting confirmation from the City Controller. Mr. Washington asked who ultimately signed off on the investment decision, and Mr. Inks said it would be himself. Mr. Inks is checking to see who is authorized to sign on these accounts. Mr. Alvarez asked if there is a procedure for Redevelopment to always check with the City Controller on matters like this, and Mr. Inks said no. Mr. Alvarez said, in light of the many different situations happening in businesses these past few years H:\WPDATAWUTHORTY\022002.min.wpd