Oil & Gas Investment Board

OIL AND GAS INVESTMENT BOARD MINUTES OF APRIL 28, 2017 The City of Manistee Oil and Gas Investment Board held a regular meeting on Friday, April 28, 2017 in the Second Floor Conference Room, City Hall, 70 Maple Street, Manistee, Michigan 49660. Meeting was called to order by Chair Jim Smith at 12:00 p.m. MEMBERS PRESENT: Jim Smith, Lynda Beaton, Steve Brower, Ed Bradford, Thad Taylor MEMBERS ABSENT: Doug Parkes OTHERS PRESENT: City Attorney George Saylor, Roger Zielinski OLD BUSINESS Aztec Well Update – Finance Director Ed Bradford provided an update regarding Aztec’s request to modify their agreement regarding post production costs. Research will continue. Addressing odor issue since the plant started back up recently. NEW BUSINESS Minutes - Minutes from the January 23, 2017 meeting were reviewed. MOTION by Ed Bradford, second by Steve Brower to accept the minutes as presented. All in favor - motion carried. Investment Advisor Update and Commentary – Woody Uible and Troy Snider participated via conference call and presented the Investment Update as of March 31, 2017. Information in the report included Bartlett’s Market Assessment, Market Review/History, Asset Allocation, Fixed Income Characteristics, Equity Sector Allocation, and Portfolio Performance. Discussed:  Market assessment conclusion, Bartlett’s outlook is positive, yet cautious.  S&P/fund recovery/spending rule calculation. Looking to disburse $390,928 sometime after July 1; a little less than last year.  Performance of the fund over the last 8 years.  Any concerns on international events and impacts on the US market. OIL AND GAS BOARD MINUTES – APRIL 28, 2017 PAGE 1  PUBLIC COMMENTS None. ADJOURNMENT / NEXT MEETING Next regular meeting is scheduled for Friday, July 21, 2017 at 12 p.m. in the Second Floor Conference Room, City Hall. MOTION to adjourn at the Call of the Chair at 12:30 p.m. Cynthia Lokovich, CAP-OM Recording Secretary c. Manistee City Council Board Members Thad N. Taylor, City Manager George Saylor, City Attorney OIL AND GAS BOARD MINUTES – APRIL 28, 2017 PAGE 2