Oil & Gas Investment Board

OIL AND GAS INVESTMENT BOARD MINUTES OF JULY 17, 2020 The City of Manistee Oil and Gas Investment Board held a regular meeting on Friday, July 17, 2020 in the Second Floor Conference Room, City Hall, 70 Maple Street, Manistee, Michigan 49660. Meeting was called to order by the Chair at 12:01 p.m. MEMBERS PRESENT: Roger Zielinski, Ed Bradford (via conference call), Doug Parkes, Erin Martin Pontiac, Jeff Reau MEMBERS ABSENT: Thad Taylor, George Saylor OTHERS PRESENT: Kelly McColl OLD BUSINESS Aztec Well Update – Royalties for January: $3,777.10; February $3,513.18; March: $3,808.73; April: $2,246.77; May: $0; June: $869.64. NEW BUSINESS Minutes - Minutes from the January 24, 2020 meeting were reviewed. MOTION by Doug Parkes, second by Erin Martin-Pontiac to accept the minutes as presented. No discussion. Voice vote – motion carried. Investment Advisor Update and Commentary – Woody Uible and Troy Snider participated via conference call to present the Investment Update as of July 2020. Discussion items: ➢ Market extremely turbulent. ➢ Investing cautiously in high quality for long term growth. Moving away from high yield risk bonds to more cautious long term. ➢ Promising therapies and possibility of vaccine for COVID-19 are helpful but still lots of uncertainty in market. ➢ Cannot draw conclusion from market data as it is not reliable now due to volatility of market. ➢ Looking back at past market corrections the severity of this decline could be worse. ➢ Interest income will start to diminish if yield stays low. ➢ Portfolio is overweight in healthcare because they are not as volatile and will hold better in market declines. ➢ Remarkably, investment returns are positive for the last year but if things deteriorate that will be impossible to maintain. OIL AND GAS BOARD MINUTES – JULY 17, 2020 PAGE 1  PUBLIC COMMENTS None. NEXT MEETING / ADJOURNMENT Next regular meeting is scheduled for Friday, October 16, 2020 at 12:00 p.m. in the Second Floor Conference Room, City Hall. Call of the Chair to adjourn at 12:21 a.m. Kelly B. McColl Executive Secretary / Recording Secretary c. Manistee City Council Board Members Thad N. Taylor, City Manager George Saylor, City Attorney OIL AND GAS BOARD MINUTES – JULY 17, 2020 PAGE 2