Tuesday, September 18, 2012

The City of Nichols Hills

Minutes of the

Investment Policy Committee Special Meeting

September 18, 2012


Original Agenda Filed in the Office of the Municipal Clerk at   10   A.m. on the 14th    day of September, 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 4:30 p.m.


2.      Roll Call.


Roll call acknowledgment was made by Chairman Hightower that all committee members were present, except for Rooney, who arrived approximately five minutes later.


3.      Minutes.


a.      Jul 26, 2012


No action taken.


4.      Report by the City Treasurer concerning investments and the status of new relationships with approved depository institutions.


No action taken.




5.      Discussion, Consideration and Possible Approval or disapproval of recommendation(s) to the City Council for changes to the Investment Policy of the City of Nichols Hills.


No action taken. 


Committee members received a report for City Treasurer Jerry Marshall.  Mr. Marshall advised the committee of conversations with the list of approved depository banks.  Discussion included the guidelines set forth in the previously approved Investment Policy of the City of Nichols Hills.  Mr. Marshall advised the 30% cap on investments previously set by council has restricted the potential interest income for the city, while limiting placement of investments with depository banks participating in the bidding process.  Mr. Marshall will communicate his recommendations as listed below with council.

                                                         i.            Include operating accounts in the Treasurers investment report

                                                       ii.            Take advantage of the .35% on all operating account as per the RFP.

                                                      iii.            Modify investment policy to allow 50% of investments with depository banks with 500 million in capital equity; while allowing 40% with the depository bank where operating accounts are maintained.



6.      Adjournment.



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


AYES: Hightower, Wheeler, Marshall, Hort

NAYS:  None







Johnson Hightower  _____     

Johnson Hightower, Chairman




Kristi Hort ________        David Poole                        

Kristi Hort, City Clerk         David Poole, City Manager


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