REPORT:

Investment Oversight Committee

SYNOPSIS:

The Investment Oversight Committee met Friday, August 1, 1997 and discussed various issues detailed in the Committee report. The next Investment Oversight Committee meeting is Friday, November 7, 1997 at 12:00 noon in Conference Room CC8.

RECOMMENDED ACTION:

Receive and file this report.

Jon D. Mikels, Chairman
Investment Oversight Committee

Attendance:

Present were Committee Chairman Jon Mikels and Committee Members, Mee Lee, Gary Burton, Mary Simpson, and Terry McGuire, Investment Consultant, Sperry Capital Inc. Absent were Committee Members Jim Silva and Barbara Steckel.

Investment Committee Discussion Items:

Quarterly Report of Investments: Review of quarterly investment report to Governing Board. The committee approved this report as a receive and file.

Other Business:

The Committee directed staff to prepare a status report summarizing the significant progress which has been made in establishing an investment program that is diversified and provides flexibility and liquidity protection. Following committee approval, this report will be submitted to the Board for their consideration.

Public Comment:

None

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