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0� OrR � <br /> Town of Reading 'n EIVED <br /> Meeting Minutes CLER <br /> to <br /> ° r <br /> ,'°"`°"°�� 2021 MA Y <br /> Board - Committee - Commission - council: 2J PM 2: i <br /> Commissioners of Trust Funds <br /> Date: 2021-02-25 Time: 6:30 PM <br /> Building: Reading Town Hall Location: <br /> Address: 16 Lowell Street Session: Open Session <br /> Purpose: Specific Business Version: Final <br /> Attendees: Members - Present: <br /> Neil Cohen, Mark Dockser, John Daly, Elizabeth Klepeis, and Endri Kume <br /> Members - Not Present: <br /> Others Present: <br /> Minutes Respectfully Submitted By: Endri Kume <br /> Topics of Discussion: <br /> Mr. Cohen called the meeting to order at 6:32 p.m. This was a virtual Zoom meeting. <br /> Acceptance of minutes from prior sessions Zoom meetings. <br /> Minutes from 1/11/2021 were reviewed and some minor changes were made. The final <br /> minutes were approved as follows: <br /> On a motion by Ms Klepeis seconded by Mr. Dockser, the Minutes of 1/11/2021, meeting <br /> were approved as amended by a vote of 5-0 <br /> Review portfolio Cash Flow and Trust Balances Reports. Discuss investment <br /> changes. <br /> Mr. Daly informed the Commissioners of the high volatility in the market. The reinvestment <br /> of the SPDR sale had been completed. Our broker had difficulties finding replacement bonds <br /> for the portfolio, and with the current market condition, it will be challenging to find new <br /> bonds. The interest rate for the 10-year Treasury was up as the investors feel the Covid-19 <br /> virus is under control or will be by the end of this year. Another factor influencing the rate is <br /> the government pumping more money into circulation and the fed news that they are not <br /> worried about inflation. Mr. Kume informed the Commissioner that he had closed all the CDs <br /> requested in the previous meeting. Mr. Daly asked Mr. Kume if there were any more banks <br /> to look at and lock another CD for $245K, and Mr. Kume confirmed he would move on with <br /> finding another one. <br /> On a motion by Ms Kleoeis seconded by Mr. Dockser, the investment of $245K in a CD at a <br /> minimum rate of 0 50% for 6-18 months was approved by a vote of 5-0 <br /> Mr. Kume went over the cash flow forecast for the rest of the year. With the CD coming out <br /> of the Wells Fargo account, we should have around $100K left by the end of the year in the <br /> money market at Wells Fargo. He noted that this figure does not include the decision made <br /> Page 1 1 <br />