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Oregon municipalities yvill be recalibrated on May 3, 2010. Sue pointed out that there <br />may be more-municipal bonds available for purchase as more municipalities are <br />upgraded to rates allowed under our policy, however there may be increased <br />competition for those bonds. <br />The Oregon Short Term Fund Board is considering changes to their portfolio rules. The <br />revisions include allowing foreign government securities, allowing domestic and foreign <br />corporate indebtedness subject to a maximum 5% of the portfolio per issuer (this action <br />would allow investment in short term commercial paper not currently allowed), allowing <br />investment in corporate securities with minimum long-term ratings of A-, A3 or better <br />(these are lower ratings than currently allowed). OST staff is proposing these changes <br />with the main goal of increasing diversity in their portfolio - not as a yield producing <br />measure. The City places funds in the Local Government Investment Pool (LGIP), <br />which is invested per these portfolio rules, so the City would be exposed to these <br />investments through this vehicle Twylla will monitor the outcome of these proposed <br />changes and will update the IAB. <br />Twylla mentioned that the annual review of the City's investment policy would occur at <br />the June meeting and that she didn't anticipate any major changes. Kristie asked <br />Twylla to forward the IAB packet to Jon Ruiz as an informational update. <br />Next Meeting - June 14. 2010 - 3:00 to 4:00 PM. Quartz Conference Room <br />a. Investment Performance <br />b Interest Rate Trends & Investment Strategy <br />c. Annual Investment Policy Review and Re-adoption <br />d Other topics? <br />Approved- <br />Approved: <br />Approved: <br />Approved- <br />SCANNED-PWA <br />DATE. <br />INITIAL 9 : <br />Date <br />Date: <br />Date: <br />Date: A-30 -2-C' 1 D <br />D COPY <br />