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<br />r: <br />The Redevelopment Authority <br />February 20, 2002 Meeting Minutes <br />it would be wise to have a directive in place to have the department always check with the <br />Controller on financial matters. <br />Upon a motion by Mr. Alvarez, seconded by Mr. Washington, and carried, the Authority <br />gave approval to Mr. Donald Inks to choose the investment option as approved and <br />reviewed by the City Controller. <br />4. COMMUNICATION <br />Mr. Inks said we sent a letter authorizing Wells Fargo Bank to use Treasury Bills as part <br />of the investment options for some bond accounts we have at Wells Fargo related to <br />Century Center. <br />Mr. Alvarez asked where the funds had been invested previously. Mr. Inks said he was <br />not sure, but Wells Fargo wrote and said the returns were competitive in the T. Bill <br />market and they would like to have that as an option. Because T. Bills are very secure we <br />didn't see a problem with that. Mr. Washington asked where all of our bonds are held, <br />and Mr. Inks said the vast majority of them are held by Wells Fargo. JP Morgan has two <br />• <br />issues and Bank One has an account. <br />5. CLAIMS <br />Claims previously reviewed and recommended for approval by the Director of Economic <br />Development on February 20, 2002. <br />Century Center Refunding Bonds of 2001 <br />Payment Affidavit # <br />20 Moody's Investors Service <br />Professional Services $6,500.00 <br />Airport Taxable Lease Bonds of 1993 <br />JP Morgan <br />Administration Fee for 2/1102 - 1/31/02. $2,375.00 <br />Security holder Accounts Maintained 300.00 <br />Out of pocket expenses 160.50 <br />Total: $2,835.50 <br />.7 <br />Upon a motion by Mr. Alvarez, seconded by Mr. Washington, and unanimously carried, <br />the Authority approved the claims submitted February 20, 2002. <br />H:\WPDATAWUTHORTY\022002.min.wpd <br />