Laserfiche WebLink
;9E <br />Board of Finance <br />City of South Bend, Indiana February 10, 2014 3:00 P.M. <br />2013 Board of Finance Meeting Minutes <br />As required by state statute the City Council met as the Board of Finance (BOF) to elect officers, <br />hear the Controller's report of 2013 investments, appoint 2014 investment officers and review <br />investment policies. <br />Six of the nine Councilmembers attend compromising a quorum. Election of the Board <br />President followed by Board Secretary was the first order of business. Council President Oliver <br />Davis conducted the election accepting nominations and calling for consensus. For both <br />positions the nomination was made by Valerie Schey, seconded by Tim Scott and affirmed by all <br />presence. Dr. Fred Ferlic was elected BOF President and Dr. David Varner was elected Secretary <br />Oliver Davis passed the symbolic gavel to Dr. Ferlic who conducted the rest of the meeting. <br />City Controller John Murphy provided printed copies of the Annual Investment Report for 2013. <br />(Attached) After his explanatory remarks John asked the Council to reaffirm 1st Source Bank as <br />the sole handler of the city investment activity in an amount not to exceed $175 million. Paul <br />Gifford and James Welch were present representing 151 Source Bank. They explained the banks <br />investment and reporting policies. One new policy was to begin quarterly investment review <br />meetings. This was roundly appreciated by the Council. Meeting dates of April 22, July 22, <br />October 21 and January 20, 2015 were specified. Once investment policies and procedures <br />were explained the Controller and 1st Source representatives fielded a variety of Council <br />questions. Once satisfied the Board of Finance was adjourned by Dr. Ferlic at 3:37 P.M. <br />Respectfully submitted, <br />Council Member Dr. Fred Ferlic, President <br />Board of Finance Committee <br />Attachments <br />