1999-11-15 Redevelopement Authority Minutes

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~_,~ • • SOUTH BEND REDEVELOPMENT AUTHORITY REGULAR MEETING November 15, 1999 1:30 p.m. Presiding: Ms. Carolyn Pfotenhauer 1308 County-City Building 227 West Jefferson Boulevard South Bend, IN 46601 The November 15, 1999 Regular Meeting of the Redevelopment Authority was called to order at 1:35 p.m. by its President, Carolyn Pfotenhauer. There was a quorum present. 1. ROLL CALL Members Present: Redevelopment Staff: 2. APPROVAL OF MINUTES Ms. Carolyn V. Pfotenhauer, President Mr. Matthew Kahn, Vice-President Mrs. Ann E. Kolata, Director Mrs. Jenny Hullinger, Recording Secretary Mr. Brian Steinke, Legal Counsel Upon a motion by Matthew Kahn, seconded by Carolyn Pfotenhauer, and unanimously carried, the Authority approved the Minutes of the Regular Meeting of November 15, 1999. 3. NEW BUSINESS a. Authority approval requested for Investment Direction to Chase Manhattan Trust Company, N.A. Mrs. Kolata stated she received a form from Chase Manhattan Trust Company, N.A. asking for investment direction on funds they hold for the Authority. Our bond counsel, Randy Rompola, said the only one we could select was the 100% Treasury Securities. Mr. Kahn said their letter stated they were going to charge us 50 basis points as a maintenance fee for the fund we are presently in, and if we move to a Chase Vista investment we will be charged 25 basis points. Mr. Kahn asked what money market the investment is in currently, and if it is doing 25 basis points better than the alternative. He wondered if Treasury funds would have a better interest rate than money markets. Mrs. Kolata said we could only invest in secure Treasury funds. Mr. Kahn said it looked like there were a variety of Treasury funds we could invest in. Mr. Kahn said we should ask whoever is handling the account what the best funds are to invest in. Mrs. Kolata said she would call and talk to Mr. Impala at Chase. • H:\W PDATA\AUTHORTY\ 111599.MIN