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Description
San Bruno City Council Meeting 10-13-09 10a. Treasurer Quarterly Report
B
Honorable
mayor
members
of
the
City
Council
during
the
third
quarter
of
two
thousand
nine,
the
city
continued
to
actively
reposition
its
investment
portfolio
in
accordance
with
revisions
to
the
city's
investment
policy
statement
adopted
in
november.
Two
thousand
eight,
if
you
recall
these
revisions,
call
for
essentially
a
balanced
portfolio
between
the
semi
Tail
County
investment
pool
life
to
local
agency
investment
fund
and
individual
securities,
primarily
direct
obligation
of
the
federal
government
at
quarter-end.
The
city
held
the
following
at
the
local
agency
investment
fund.
B
We
had
a
balance
of
11
million
dollars
with
the
San
Mateo
County
investment
pool.
We
had
10.5
million
and
an
individual
securities
held
in
trust
at
union
bank
10.1
million
dollars.
At
this
point,
the
treasurer's
office
still
recommends
keeping
enforce.
The
change
is
adopted
a
year
ago
until
such
time,
market
conditions
dictate
otherwise.
B
At
this
point,
I
want
to
turn
our
attention
to
the
lehman
brothers
bankruptcy
and,
as
it
relates
to
the
San
Mateo
County
investment
accrual
congresswoman
Speier
spear
excuse
me
and
Ana
issue
have
arranged
a
meeting
with
Treasury
secretary
Geithner
in
attendance.
This
meeting
will
be
held
next
week
in
attendance,
will
be
House,
Financial,
Services,
Committee,
Chairman,
Barney
Frank
and
ten
other
house
members
from
california,
colorado
and
florida.
B
B
Indeed,
the
effort
has
gained
the
attention
of
not
just
our
local
representatives,
but
those
in
several
other
states.
Now
these
efforts
have
led
directly
to
a
house
hearing
on
the
subject
and,
of
course,
this
upcoming
meeting
with
secretary
Geithner,
so
I
think
it
should
be
acknowledged
that
the
county
has
really
put
forth
a
dedicated
effort
and
a
concerted
effort
to
make
this
happen.
Of
course,
I
will
have
to
update
the
council
immediately
on
any
new
developments.