2006-022-Authorizing The Town Treasurer And Town Manager To Execute An Agreement With Mbia Municipal Investors Service Corp For Investment Advisory ServicesRESOLUTION 2006 - 022
RESOLUTION OF THE TOWN COUNCIL OF THE TOWN OF LOS GATOS
AUTHORIZING THE TOWN TREASURER AND TOWN MANAGER
TO EXECUTE AN AGREEMENT WITH MBIA MUNICII'AL INVESTORS
SERVICE CORPORATION FOR INVESTMENT ADVISORY SERVICES
WITH ESTIMATED ANNUAL FEES OF APPROXIMATELY .$38,000 TO
$40,000 ANNUALLY DEPENDING UPON TOWN PORTFOLIO SIZE
WHEREAS, the Town Treasurer is interested in hiring an outside investment management firm
to help manage a portion of the Town's portfolio; and
WHEREAS, the Town Treasurer previously solicited information and proposals from four
firms interested in providing investment management services to the Town; and
WHEREAS, the Town previously used SEI Investments Management Corporation to manage
investments with SEI having full discretion over asset purchases and sales; and
WHEREAS, the Town Treasurer still would like to use an outside investment management firm
to advise and help manage a portion of the Town's portfolio, but with the Treasurer retaining full
discretion over the purchase and sale of assets; and
WHEREAS, the Town Treasurer feels that ofthe previous firms interviewed, MBIA Municipal
Investors Service Corporation is best qualified to advise and help manage a portion of the Town's
portfolio.
RESOLVED, the Town Manager and Town Treasurer are authorized to execute a contract with
MBIA Municipal Investors Service Corporation for the management of a portion of the Town's
investment portfolio, keeping within the guidelines of the Town's Investment Policy dated August
7, 2005.
PASSED AND ADOPTED at a regular meeting of the Town Council of the Town of Los Gatos,
California, held on the 6t'' day of March, 2006 by the following vote:
COUNCIL MEMBERS:
AYES: Steve Glickman, Joe Pirzynski, Barbara Spector, Milce Wasserman,
Mayor Diane McNutt.
NAYS: None
ABSENT: None
ABSTAIN: None
SIGNED: dC/ l~'~ ~~~'~"Y"v'
MAYOR OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA
ATTEST:
/ C
CLERK ADMINISTRATOR
OF THE TOWN OF LOS GATOS
LOS GATOS, CALIFORNIA