Oil & Gas Investment Board

OIL AND GAS INVESTMENT BOARD MINUTES OF JANUARY 24, 2020 The City of Manistee Oil and Gas Investment Board held a regular meeting on Friday, January 24, 2020 in the Second Floor Conference Room, City Hall, 70 Maple Street, Manistee, Michigan 49660. Meeting was called to order by the Chair at 11:00 a.m. MEMBERS PRESENT: Roger Zielinski, Doug Parkes, Thad Taylor, Ed Bradford MEMBERS ABSENT: Erin Martin Pontiac, Jeff Reau, George Saylor OTHERS PRESENT: James Grabowski, Lora Laurain OLD BUSINESS Aztec Well Update – Royalties for January: $5,743; February $3,848; March: $3,632; April: $1,544; May: $8,989; June: $6,571; July: $3,589; August: $3,783; September: $2,747; October: $2,411; November: $0; December $3,777. NEW BUSINESS Minutes - Minutes from the October 18, 2019 meeting were reviewed. MOTION by Parkes, second by Bradford to accept the minutes as presented. No discussion. Voice vote – motion carried. Investment Advisor Update and Commentary – Woody Uible, Troy Snider and Brian Walker participated via conference call to present the Investment Update as of 12/31/2019. Discussion items: Market Assessment – • U.S. and Global markets stabilization and performance • Low inflation and good economic growth • Leading Economic Indicators • Value $11,515,751 • Risk Management • Equity Sector Allocation • Performance of 23.2% • Interest rates OIL AND GAS BOARD MINUTES – JANUARY 24, 2020 PAGE 1 Annual Spending Rule Calculation – Discussed the annual spending rule calculation. Fund needs to be stable to support capital improvement projects. MOTION by Bradford, second by Parkes to approve the annual spending rule calculation as of December 31, 2019 for the fiscal year budget 2020-2021; using the 4% spending rule in the amount of $421,722. Voice vote – motion carried. Annual Review of Bylaws – MOTION by Parkes, second by Bradford to accept the bylaws as presented; no changes are required. Voice vote – motion carried. Annual Review of Member Roster – Board members reviewed the member roster and noted that ending term dates for Zielinski, Pontiac and Bradford need to be updated to 12/2020. PUBLIC COMMENTS None. NEXT MEETING / ADJOURNMENT Next regular meeting is scheduled for Friday, April 17, 2020 at 12:00 p.m. in the Second Floor Conference Room, City Hall. Call of the Chair to adjourn at 11:30 a.m. Lora Laurain c. Manistee City Council Board Members Thad N. Taylor, City Manager George Saylor, City Attorney OIL AND GAS BOARD MINUTES – JANUARY 24, 2020 PAGE 2