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III. Excuse Absence of Mary Moschler from the August 30, 2000 Board Meeting <br />MOTION: Moved by Officer Jason McMullen to approve the Excuse Mary <br />Moschler from the August 30, 2000 Meeting. Seconded by Mr. Dale <br />Christensen. Motion carried unanimously on 3 - 0 voice vote. <br />IV. Approval of Minutes -May 31, 2000 <br />MOTION: Moved by Mr. Dale Christensen to approve the minutes of May 31, <br />2000 as presented. Seconded by Officer Jason McMullen. Motion <br />carried 3 - 0 by voice vote. <br />IV. Presentation by Karen Anderson <br />Investment Report from TRUSCO Capital Management <br />Ms. Karen Anderson from TRUSCO Capital Management presented the Investment Report and <br />discussed concerns that were voiced by the Board at the August 30, 2000 Meeting regarding the <br />low amount of return of investments and performance criteria used by TRUSCO. A copy of the <br />Report for the period ending June 30, 2000 is attached to and made a part of these minutes. <br />V. Discussion by Joseph Bogdahn - Investment Monitoring Services Report <br />Mr. Joseph Bogdahn of Investment Monitoring Services presented the report monitoring <br />TRUSCO Capital Management Investments for the last quarter, period ending June 30, 2000. <br />The report is attached to and made a part of these minutes. <br />VI. Investment Policy Statement <br />Mr. Joseph Bogdahn, Monitoring Service, gave an overall view of the new investment policy <br />outlining criteria to be used by the investment managers and reviewed new requirements <br />mandated by State law. Mr. Scott Christiansen, Board Attorney reviewed the investment policy <br />submitted for the Board's approval and indicated that the policy complied with all requirements <br />of State law, including Senate Bill 372, which takes effect October 1, 2000. The Investment <br />policy was adopted with the following amendment as Item (D) under compliance: "For each <br />actuarial valuation, the Board shall determine the total expected annual rate of return Lor the <br />current -year-for each of the next several years and for the long term thereafter.' A copy of <br />the Investment Policy is attached to and made a part of these minutes. <br />MOTION: Moved by Officer Jason McMullen to approve the Investment Policy <br />with the language as amended by the Board with inclusion of Item (D) <br />under Compliance and subject to future modification. Seconded by <br />Mr. Dale Christensen. Seconded on 3 - 0 voice vote. <br />