Minutes Investment Oversight Advisory Commission 01 18 01TO:
FROM:
SUBJECT:
DATE:
Members of City of Dubuque Investment Oversight Advisory Commission
Kenneth J. TeKippe, Finance Director
Un-approved Minutes of the January 18, 2001 Meeting of the Investment Oversight
Advisory Commission
January 24, 2001
Commission members Hiram Melendez, Stephen Reisdorf and Gary Ruden were present. Ken TeKippe,
Finance Director, and Dawn Lang, Assistant Finance Director, were also present.
The meeting was called to order at 3:38 p.m. in Conference Room A in City Hall by Hiram Melendez
who served as Chairperson for the meeting since Paul Lassance was not in attendance. Finance
Director, Ken TeKippe, certified that the meeting was in compliance with the Iowa open meetings law.
2. Steve Reisdorf moved that the minutes of the October 26, 2000, meeting be approved as written. The
motion was seconded by Gary Ruden and approved unanimously.
Mr. Mel Miller, Senior Vice President and Chief Investment Officer of Dubuque Bank & Trust,
presented information and answered questions relative to his bank's investment management work
for the City. Detailed account review reports were provided which included the following information:
yield curves, 5 years swap curves, performances review, asset allocation, asset duration, and
account holdings. Ms. Kim Grant of Dubuque Bank & Trust accompanied Mr. Miller to the meeting.
A schedule of investment managers/custodian fees along with a computation of total annual fees
based on December 31,2000 market values was distributed by Ken TeKippe. The requirement to
utilize a custodian for managed funds was reviewed.
An investment quote form for Certificates of Deposit developed by Ken TeKippe subsequent to his
hiring was explained with a copy of the December 21, 2000 bid form distributed. Liberty Bank has
recently been added as an eligible bank to invest with and has been awarded two competitive bids in
2001.
The Commission reviewed the December 2000 quarter-ended investment reports prepared by Dawn
Lang. Ken TeKippe indicated that the City has continued in recent months to invest in Certificates of
Deposit when the U.S. Treasuries mature due to higher returns. A bond proceeds account has been
established with American Trust and Savings Bank paying 6.35% interest monthly and will be utilized
for the next year.
7. There was no communication from the public, commission or staff to report according to Ken
TeKippe.
8. The next meeting of the Commission was scheduled for Thursday, April 26, 2001, at 3:30 p.m. in City
Hall. A representative from Firstar will be invited to the meeting.
9. Gary Ruden moved that the meeting adjourn. The motion was seconded by Steve Reisdorf and
approved unanimously. The meeting adjourned at 4:28 p.m.