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Description
San Bruno City Council Meeting November 23, 2010 10b. Quarterly Investment Report
B
Honorable
mayor
and
members
of
the
City
Council,
as
if
September
30th,
the
city
held
the
following
account
balances
12.7
million
in
the
San
Mateo
County
investment
pool,
11.1
million
and
a
local
agency
investment
fund
and
8.1
million
in
securities
held
at
union
bank.
Please
note,
however,
that
during
the
month
of
September
3
million
of
securities
held
at
Union
Bank
matured
because
of
the
glenview
fire,
it
was
decided
to
remain
any
more
liquid
position,
as
the
immediate
cash
needs
were
not
yet
known.
B
Furthermore,
at
the
October
meeting
of
the
San
Mateo
County
investment,
Oversight
Committee,
it
was
revealed
that
the
county
treasurer's
office
has
received
numerous
offers
for
these
securities,
but
has
decided
to
wait
for
the
lehman
bankruptcy
case
to
develop
further
the
belief.
The
belief
is
that,
as
that
case
nears
completion,
the
price
may
rise.
Currently
these
the
secondary
market.
Right
now,
these
securities
are
trading
at
approximately
22
cents
on
the
dollar,
after
consulting
with
those
involved
in
the
bankruptcy,
it's
believed
once
it's
resolved,
which
is
expected
to
be
about
the
third
quarter.
B
2011,
the
price
may
rise
to
35
cents
realistically
on
the
dollar.
So
they've
made
a
conscious
decision
to
wait,
wait
it
out
until
it
resolves
itself
again,
it's
expected
to
be
nine
months
from
now
approximately
updates
on
the
efforts
in
Congress
and
the
bankruptcy
proceedings
will
be
made
available
as
developments
warrant
and
with
that
all
take
any
questions.
Any.