2017-02-28 Commissioners of Trust Funds Minutes

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civ SFR s b 5J9 I'VC0Ro°a' Town of Reading Meeting Minutes Board - Committee - Commission - Council: Commissioners of Trust Funds Date: 2017-02-28 Building: Reading Town Hall Address: 16 Lowell Street Purpose: General Business Attendees: Members - Present: HECEIVED -Tows CLERK RE A DING, MASS. Zoll RAR -8 P 3:141 Time: 7:00 PM Location: Lower Level Conference Room Elizabeth Klepeis, John Daly, Nancy Heffernan, Neil Cohen and Barry Berman Members - Not Present: Others Present: Richard Holmes and Kevin Breire Minutes Respectfully Submitted By: Sharon Angstrom Topics of Discussion: Mr. Cohen called the meeting to order at 7:14. On a motion by Ms. Klepeis, seconded by Mr. Daly, the minutes of the December 12 2016 meetings were approved by a vote of 4-0-1. Mr. Daly reported on his conversation with Greg Lee from Wells Fargo. The Diamond Offshore Drilling bond holding has slipped below investment grade. The bond was purchased at $99.25 and is now at $88.33 On a motion by Ms. Klepeis, seconded by Mr. Daly, the sale of the Diamond Offshore Drilling bond was approved by a vote of 4-0. On a motion by Mr. Daly, seconded by Ms Klepeis, the sale of IWM 310 shs purchased on 4/13/12 was ap rop ved by a vote of 4-0. On a motion by Ms. Klepeis, seconded by Mr. Daly, the investment of $104,000 into SPDRS over 3 months was approved by a vote of 4-0. On a motion by Mr. Daly, seconded by Ms. Klepeis, the reinvestment of proceeds from the sale of the Diamond Offshore Drilling Bond plus approximately $12,000 of the proceeds from the sale of the I WM in a new bond based on the existing investment parameters was approved by a vote of 4-0. On a motion by Mr. Daly, seconded by Ms. Klepeis, the reinvestment of the remaining proceeds from the sale of the IWM plus approximately $12,000 of the proceeds from the sale of the IWM into IWM over 2 months was approved proceeds from the sale of the IWM into IWM over 2 months was approved by a vote of 4-0. Ms. Klepeis reported on a meeting she had with Matt Kraunelis, Administrative Services Department Head, regarding an article in the paper. He has to approve all publicity for the town and will see that the presentation given to the Board of Selectmen along with a picture of the Commissioners is published. Mr. Cohen will attend the Board of Selectmen meeting on 1/10/17 as requested by the Town Manager. The next meeting date will be March 16, 2017. Page 1 1 2013-09-03