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From YouTube: May 11, 2020 City Council Investment Committee Meeting
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A
B
Guess
I'd
like
to
just
start
Dennis
to
start
I
mean
some
of
us
were
here
when
we
first
got
this
money
and
how
we
ended
up
with
three
million.
Could
you
kind
of
just
take
us
through
that
briefly
how
we
get
to
the
point
of
how
we
got
it
back
from
the
state?
While
we
have
a
three
million
dollar
investment.
D
C
Those
funds
back
from
that
investment
account
and
we've
been
investing
it
in
the
CD
for
the
past.
It's
the
past
three
years
and
the
the
interest
rate
that
we've
been
getting
on.
It
has
been
3%,
and
so
we
were
accruing
about
$90,000
a
year
in
interest,
which
was
actually
covering
a
majority
of
the
costs
that
we
are
required
to
pay
into
the
state
retirement
funds
for
our
all
of
our
public
safety
personnel.
So
we
we
got
it
from
the
retirement
system
and
because
of
the
interest
rate
we've
been
getting.
B
So
that
just
just
brings
people
to
speed.
I
was
here
when
get
the
money
back
and
when
we
did
the
investment
it
went
out
for
believe
me
time.
We
set
it
home
for
rfqs
to
the
local
banks
whatever,
and
they
came
back
with
proposals
for
us.
There
was
no
investment
committee
at
the
time.
I
do
not
believe
it
just
was
the
council,
and
then
we
chose
the
best
option
of
the
time.
So
the
time
frame
we
have
two
separate
CDs,
correct.
There's.
B
C
C
C
Now
the
our
finance
director
Karl,
provided
you
a
short
mammal,
we
are
mandated
by
the
state
on
what
we
can
and
cannot
invest
in
and
the
risk
that
we
are
able
to
take
with
public
funds
just
to
highlight
that
for
for
those
that
might
be
listening,
so
there's
three
key
things.
We
have
to
keep
in
mind.
Investments
need
to
be
in
a
low
risk,
fixed
interest
rate
investment
where
these
are
public
funds,
so
such
as
a
CD
checking
or
savings
account.
C
Investments
need
to
be
fully
covered
by
insurance,
and
so,
if
you
are
putting
it
into
a
bank,
that's
FDIC,
insured
or
a
credit
union
savings
alone.
If
they
have
the
FDIC
insurance,
that
gently
takes
care
of
that
and
then
the
third
needs
to
be
safeguarded
by
securities
against
any
municipality
loss.
So
we
and
we
can't
invest
in
any
private
business
or
corporation
with
the
funds.
So
we
have
very
limited
options
as
far
as
being
able
to
go
out
and
invest
these
funds,
it's
not
like.
C
B
C
This
point
we,
the
terms
of
the
CD,
are
we
could
tap
into
this
whenever
we
wanted
to
okay,
in
fact,
even
after
this
three
million
matures
the
city
could
say,
we
don't
want
to
reinvest
it.
We
want
to
just
put
it
directly
into
our
checking
account
and
we'll
have
it
there.
Is
this
cash
flow
protection
or
use
for
what
other
means
the
council
might
direct.
D
C
D
E
A
F
E
E
E
There,
local
banks,
Catania,
that's
a
local
bank,
but
if
you're
talking
key
bank,
that's
a
little
bit,
that's
based
in
Massachusetts
TD
Bank,
that's
not
a
local
bank,
that's
based
in
New
Jersey!
So
the
money.
If
you
want
to
try
to
keep
things
local,
you
don't
have
that
that
menu
that
miasha's,
so
that
my
question
is,
do
you
want
to
keep
it
local
if
you
keep
it
local?
That
old,
sudden
changes
things
and
you're
kind
of
stuck
what
you
got?
No.
A
E
Union
and
a
couple
of
things,
if
you're
willing
to
open
the
horizon
little
bit
because
with
this
kind
of
money,
I
cannot
believe
Angela.
Dizer
cannot
go
and
find
us
something
with
either
JPMorgan
Citibank
Bank
of
America.
Some
of
the
big
boys
they'd
be
willing
to
negotiate
and
get
something
better.
Now
on
your
CDs,
do
you
just
do
it
on
a
one-year
term.
E
E
E
E
E
D
C
E
E
B
B
B
D
A
lot
of
that
tightened
up
in
the
past
years,
when
these
municipalities
were
going
out
living
high
on
the
hog
and
rolling
her
hard
and
investments
on
the
open,
took
them
right
to
their
knees
and
and
and
I
think,
that's
when
I
think
is
when
all
these
these
guidelines
came
into
effect.
To
still,
there
should
be
no
absolutely
we
got
to
see
what
we
can
earn
and
we're
bound
to
do
the
job
for
the
people
to
get
him
as
much
as
we
can
get
him
safely.
E
B
D
D
B
C
F
C
Your
willingness
to
have
those
funds
if
the
intent
is
yeah.
Let's,
let's
continue
if
we
can
get
90
thousand
dollars
a
year
of
benefit
to
the
taxpayers
by
leaving
that
money
alone
and
just
let
it
sit
in
your
comfort
level,
with
a
five-year
term,
CD,
three
or
three
and
a
half
percent
or
two
and
a
half
percent.
Maybe
that
offsets
your
desire
to.
A
Say
let's
just
say
that
every
we
didn't
have
this
virus
and
this
thing
has
a
bottom
dope.
This
cane
do
and
regardless
of
all
the
we
would
have
looked
into
okay.
How
do
we
get
more?
Not
ninety
we're
not
happy
with
90.
No,
how
do
we
get
120?
How
do
we
get
150
I
mean
the
same
thing.
We're
talking
about
here
would
have
taken
place
regardless
of
the
virus
or
any
of
that.
So
there's
no
goals.
E
D
C
B
D
B
A
He
would
invest
three
million
dollars
into
a
local
bank.
I
would
if
I
thought
the
local
if
I
thought
I
was
helping
the
local
bank,
in
other
words,
here's
three
million
dollars.
Now
that
you
can
go,
lend
out
the
people
in
the
community,
but
maybe
the
local
bank,
because
interest
rates
are
so
cheap,
says
I.
E
A
Write
I
don't
know
if
the
circumstances
are
three
years
ago
were
the
same
as
they
are
now.
I'll
mock,
I,
don't
know
anything
about
this,
but
maybe
they're
saying
you
know,
markets,
probably
more
of
a
pain
for
us
to
deal
with
your
three
million
I
can
go
right
to
the
federal
government
and
get
it
for.
A
And
all
that
would
be
recalls
that
would
be
is
just
a
couple
conversations
with
your
local
banker
and
that
can
tell
you
what
the
markets
like
and
if
they
say
we
really
don't
need
the
money.
Well,
then,
the
fact
that
we
invest
at
local
just
isn't
so
much
more
important.
Now
as
getting
the
most
money
you
can.
That
is
important.
Now.
D
Would
be
a
good
conversation
to
including
them
and
was
find
out
from
his
point
of
view,
and
you
know
if
it's
not
helping
and
there's
you
know,
then
we
look
at
other
avenues
for
sure
I
mean
if
it
was
something.
That's
you
know
he'd
say
well,
you
know
if
you
take
that
I
couldn't
loan
money,
we'll
say
something
like
that,
then
I
would
I
would
rethink
my
philosophy
of
government
bonds
and
I.
B
B
A
F
D
B
C
B
E
B
C
E
A
D
A
A
C
Probably
reach
out
to
our
auditor
and
say
and
ask
them
since
they
deal
with
municipal
accounts
everywhere
or
just
say,
we're
looking
at.
Can
we
invest
immune
in
suppo
bonds,
Treasury
bonds?
In
addition
to
CDs
and
and
please
give
us
an
indication,
are
these
things
that
we
can
pursue
and
if
they
give
us
a
positive
response
and
then
we
could
put
an
RFQ
out
there.
A
B
C
Out
of
those
three
I
would
I
guess
I
would
recommend.
We
talk
to
the
auditors
first
and
see
if
those
municipal,
Treasury
bonds
are
an
option
for
us
to
look
at
and
and
and
if
it
is,
we
maybe
got
to
reach
out
to
a
local
financial
adviser
and
just
say:
can
you
come
in
and
just
give
us
some
comfort
level
share
with
us
some
information
about
these
types
of
markets?
C
What
the
current
rates
are
out
there,
what
the
what
the
environment
is,
and
after
we
have
that
discussion
with
them,
then
we
better,
then
we'd
be
better
situated
to
say
we
want
to
put
an
RFQ
out
for
CDs
or
for
these
and
strategize
that
way.
But
I
can
reach
out
to
the
auditors
today
and
see
what
information
they
can
give
us
back
or
what
response
they'll
give
us
and
report
back
to
you
and
and
try
to
set
up
at
another
another
time.
Another
meeting
with
another
financial
person
in
the
area.
A
A
C
B
D
B
C
For
the
time
frame,
yeah
I
mean
my
experience
of
the
municipal
bonds
was
my
last
community.
When
we
had
projects.
If
we
wanted
to
construct
a
new
sewer
plant
or
build
a
major
Road,
we
would
go
out
in
a
sense,
get
a
loan
or
a
bond
for
the
project
cost
and
the
bank.
Whoever
financed
that
bond
would
have
to
be
able
to
go
out
and
sell
that
on
the
bond
market
and
as
a
city,
we
have
a
bond
rating.
As
was
indicated,
you
go
from
C
to
be
a
double-a
triple-a.
C
If,
if,
as
a
city,
we
have
a
great
history
being
able
to
pay
back
our
bonds
or
have
very
very
low
debt
to
asset
ratio,
then
our
bond
would
have
a
much
higher
rating
and
someone
would
be
more
likely
to
buy
that
or
invest
in
it.
And
so
our
going
out
spending
3
million
dollars
on
somebody
else's
project
is
putting
our
faith
in
trusted
that
other
city
or
the
Treasury
is
going
to
make
good
on
their
own
repayment
of
their
project.
Costs.
E
E
C
B
C
And,
depending
on
which
bond
market
you're
going
into
or
which
financial
firm
you
utilize
to
acquire
those,
they
might
also
have
additional
stipulations.
You
know
there
what's
their
cut
of
the
return
and
so
on
yeah
that
could
be
you,
and
so
we'd
have
to
be
very
careful
when
we
do
finally
put
this
out
to
an
RFQ
for
actual
investment.
What
are
the
terms
were
getting
back?
Not
just
what's
that
interest
rate,
but
what
are
all
the
other
fine.