HomeMy WebLinkAbout2002-02-20 Redeveloplment Authority Minutes~. ,
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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
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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
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The Redevelopment Authority
February 20, 2002 Meeting Minutes
it would be wise to have a directive in place to have the department always check with the
Controller on financial matters.
Upon a motion by Mr. Alvarez, seconded by Mr. Washington, and carried, the Authority
gave approval to Mr. Donald Inks to choose the investment option as approved and
reviewed by the City Controller.
4. COMMUNICATION
Mr. Inks said we sent a letter authorizing Wells Fargo Bank to use Treasury Bills as part
of the investment options for some bond accounts we have at Wells Fargo related to
Century Center.
Mr. Alvarez asked where the funds had been invested previously. Mr. Inks said he was
not sure, but Wells Fargo wrote and said the returns were competitive in the T. Bill
market and they would like to have that as an option. Because T. Bills are very secure we
didn't see a problem with that. Mr. Washington asked where all of our bonds are held,
and Mr. Inks said the vast majority of them are held by Wells Fargo. JP Morgan has two
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issues and Bank One has an account.
5. CLAIMS
Claims previously reviewed and recommended for approval by the Director of Economic
Development on February 20, 2002.
Century Center Refunding Bonds of 2001
Payment Affidavit #
20 Moody's Investors Service
Professional Services $6,500.00
Airport Taxable Lease Bonds of 1993
JP Morgan
Administration Fee for 2/1102 - 1/31/02. $2,375.00
Security holder Accounts Maintained 300.00
Out of pocket expenses 160.50
Total: $2,835.50
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Upon a motion by Mr. Alvarez, seconded by Mr. Washington, and unanimously carried,
the Authority approved the claims submitted February 20, 2002.
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• The Redevelopment Authority
February 20, 2002 Meeting Minutes
6. NEXT MEETING DATE: March 6, 2002
7. ADJOURNMENT
There being no further business to come before the Redevelopment Authority the meeting
was adjourned at 1:52 p.m.
~ J se varez, Secretary
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D ald I s, Director
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