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Grand Blvd Paving will continue Tuesday morning May 22, 2018. Grand Blvd will be closed from Nichols Road to Sherwood Lane. Sherwood Lane to NW 63rd will be closed on June 5th for concrete paving until project is completed. Projected completion date is September 1, 2018. (Project PC-1702)
Thursday, July 26, 2012

The City of Nichols Hills

Minutes of the Investment Policy Committee Meeting

July 26, 2012

 

Original Agenda Filed in the Office of the Municipal Clerk at   4    p.m. on the 19th    day of July, 2012.

 

Committee Members                                                   Others Present

Johnson Hightower, Chairman                                    David Poole, City Manager

Greg Wheeler                                                              Michael O’Neal

Pat Rooney                                                                 

Gerald Marshall, City Treasurer

Kristi Hort, City Clerk, Fin Director

 

1.      Call to Order.

 

Chairman Hightower called the meeting to order at 5:30 p.m.

 

2.      Roll Call.

 

Acknowledgment was made by Chairman Hightower that all committee members were present, except for Mr. Pat Rooney.

 

3.      Minutes.

 

a.      January 21, 2010

 

APPROVED Moved by Hightower, seconded by Wheeler. 

 

AYES: Hightower, Wheeler, Marshall, Hort

NAYS:  None

ABSTAIN: None

 

4.      Discussion, Consideration and Possible Action as desired regarding revisions to the Investment Policy of the City of Nichols Hills.

 

APPROVED Motion to strike the provision authorizing council to make exceptions of approved banks, i.e. override the approved list, for which Nichols Hills invest funds was made by Wheeler and seconded by Hightower.

 

AYES: Hightower, Wheeler, Marshall, Hort

NAYS:  None

ABSTAIN: None

 

 

APPROVED Motion to amend the current policy that no deposits shall be placed with an approved depository which exceeds 30% of the total dollars available to be invested at the particular point in time, was made by Marshall and seconded by Wheeler.

 

 

AYES: Hightower, Wheeler, Marshall, Hort

NAYS:  None

ABSTAIN: None

 

 

5.      Discussion, Consideration and Possible Action as desired regarding adoption of a new or revised list of approved depository institutions pursuant to the Investment Policy of the City of Nichols Hills.

 

Mr. Gerald (Jerry) Marshall provided a few issues which may be viewed as potential conflicts of interest between him and MidFirst Bank.  Additionally, he advised this information was shared with council members and discussed in length with the Nichols Hills City Council, prior to his appointment as City Treasurer.

 

The motion was made following the discussion by committee members of options regarding potential depositories and the desire to submit bid request to a minimum of three depositories.

 

APPROVED Motion to approve a new list of depositories, to include BancFirst, MidFirst, Bank of Oklahoma, NA, Coppermark Bank, First Fidelity, N.A. and Kirkpatrick Bank was moved by Wheeler and seconded by Hightower.

 

AYES: Hightower, Wheeler, Hort

NAYS:  None

ABSTAIN: Marshall

 

6.      Discussion, Consideration and Possible Action as desired regarding adoption of a new or revised list of approved broker/dealers pursuant to the Investment Policy of the City of Nichols Hills.

 

 

APPROVED Motion to approve BOSC Investments, Inc. a subsidiary of BOK Financial Corporation and James Baker & Company as approved broker/dealers was moved by Marshall, seconded by Wheeler. 

 

AYES: Hightower, Wheeler, Marshall, Hort

NAYS:  None

ABSTAIN: None

 

 

7.      Adjournment.

 

 

APPROVED Motion to adjourn was moved by Hightower, seconded by Wheeler. 

 

AYES: Hightower, Wheeler, Marshall, Hort

NAYS:  None

ABSTAIN: None

 

 

 

 

 

Johnson Hightower____     

Johnson Hightower, Chairman

 

Kristi Hort________        David Poole                        

Kristi Hort, City Clerk       David Poole, City Manager

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