MINUTES OF THE MEETING OF January 12, 2015
The Hannibal Free Public Library Board of Trustees met on
Monday, January 12, 2015 at 4:00 p.m., in the 3rd Floor Meeting Rooms
at Hannibal Free Public Library, 200 South Fifth
Street, Hannibal, MO 63401.
Present were: Kim Ahrens,
David Clayton (arrived
at 4:10 p.m.), Frank DiTillo, Brandi Lionberger, Sara North, and Tom
Prater. Absent were:
Amber Baxter, Pam Ginsberg, and Pam Warfield.
Also present was Librarian Hallie Yundt Silver.
Vice President Kim Ahrens chaired
the meeting. She called the meeting
to order at 4:08 p.m.
Moved by Frank DiTillo and
supported by Brandi Lionberger to approve the Minutes of the Meeting of
December 8, 2014 and correct Minutes of the Meeting of November 10, 2014, which
were properly dated in the footer of each page but incorrectly dated at the top
of the first page. Motion carried.
Final Claims for the month were distributed.
Moved by Brandi Lionberger and supported by Sara North to approve the
Claims for January 2015 in the amount of $54,477.23, correcting Category for
Smartshield on page 5 to Computer Contracts, 80.60.450.
Motion carried.
Moved by David Clayton and supported by Brandi Lionberger
to accept the Trust Fund Report for December 2014.
Motion carried.
David Clayton reported he had reviewed the order and
judgment on the Garth Trust and found no issues with it.
Hallie Yundt Silver reported she had received and deposited the check.
The City Financial Report for December 2014 was
distributed.
Approval of the Transfer Recommendation for January 2015
was moved to be considered after New Business 12C.
There was no Correspondence except what was on the agenda
for consideration in Executive Session.
Hallie Yundt Silver announced that Library Board President
Pam Ginsberg had appointed Frank DiTillo to the Investment Committee.
The list of Library Board members was distributed.
Updates were made.
Hallie Yundt Silver did not have anything additional to her
written monthly report.
Moved by David Clayton and supported by Tom Prater to enter
Executive Session
pursuant to RSMO 601.021(3) “Hiring, firing, disciplining
or promoting of particular employees by a public governmental body…,” and to
RSMO 610.021(12) “Sealed bids and related documents, until the bids are opened;
and sealed proposals and related documents or any documents related to a
negotiated contract until a contract is executed, or all proposals are
rejected.” Discussion followed and
there was consensus to handle consideration of the Broker in open session as New
Business. Motion carried.
(Roll call (all ayes): Frank DiTillo, Sara North, Brandi Lionberger, Tom
Prater, David Clayton, and Kim Ahrens)
Moved by David Clayton and supported by Tom Prater to enter
Open Session. Motion carried.
(Roll call (all ayes): Frank DiTillo, Sara North, Brandi Lionberger, Tom
Prater, David Clayton, and Kim Ahrens)
Moved by David Clayton and supported by David Clayton to amend the 2015 Calendar
of Operation, moving the Egg Hunt to March 14th with Children’s Room
closed noon to 2:30 p.m. Motion
carried.
Hallie Yundt Silver reported that the five Certificates of Deposit remaining in
the Trust require a broker to manage them, per Staci Roth at F&M bank.
She distributed a page of information about brokered CDs.
She further reported seeking quotes from four companies that offer
brokerage accounts, including
·
Hancock Securities Group (F&M’s affiliate)-Opening and
maintaining a brokerage account is free except for a $25 “inactivity fee” if
there is no activity for the year.
“Small” (verbal was 0.25%) sales charge is built into the transaction when
purchasing CDs. Quarterly statements
provided.
·
Edward Jones (NEMO Community Foundation)-No charge for a
brokerage account. Small commission is
paid at the time of purchase of each individual CD.
·
First Bankers Trust Services (Karen Sutor)-Fee of 0.15% to
manage the current CDs through maturity.
·
Arbitrage Management Group (City’s Street Bonds)-No charge to
manage the current CDs through maturity.
Moved by Brandi Lionberger and supported by David Clayton to accept the services
of Arbitrage Management Group because of the recommendation of the City Finance
Director. Motion carried.
Moved by Tom Prater and supported by David Clayton to authorize any two from the
following four people to conduct business with Arbitrage Management Group:
Frank DiTillo, Amber Baxter, Pam Ginsberg, and Hallie Yundt Silver.
Motion carried. (Roll call
(all ayes with Frank DiTillo abstaining):
Frank DiTillo (abstain), Sara North, Brandi Lionberger, Tom Prater, David
Clayton, and Kim Ahrens.)
The
Cash Flow Needs spreadsheet was distributed and the following investment needs
identified:
1.
$250,000 in Capital Outlay-best rates, if possible laddered,
July 2016 & 2017 (cash is in both accounts, $25,452 is new to this account)
2.
$85,000 in Restricted (Boor/Haggart)-best rates, any time
period (cash is in HNB Money Market)
3.
$100,000 in Unrestricted-18 months, July 2016 maturity
(reinvestment of CD maturing tomorrow at F&M and $44,653 new to this account)
4.
Five brokered CDs still in the Library’s Trust at F&M
Moved by David Clayton and supported by Tom Prater to invest these funds with
Arbitrage Management Group provided the
investment is at the industry standard.
Motion carried.
Moved by David Clayton and supported by Sara North to authorize to authorize any
two from the following four people to conduct business with business with HNB on
behalf of the Library’s money market account:
Pam Ginsberg, Amber Baxter, Frank
DiTillo, and Hallie Yundt Silver.
Motion carried.
Moved by David Clayton and supported by Brandi Lionberger
to adjourn. Motion carried.
The meeting adjourned at 5:42 p.m.
Respectfully submitted,
Hallie Yundt Silver, Acting Secretary
Accepted,
Pamela Ginsberg, President