Oil & Gas Investment Board

CITY OF MANISTEE OIL AND GAS INVESTMENT BOARD MEETING OF OCTOBER 16, 2020 There will be a meeting of the Oil and Gas Investment Board held on Friday, October 16, 2020 at 12:00 p.m. in the Council Chambers, City Hall, 70 Maple Street, Manistee, Michigan 49660. AGENDA I. ROLL CALL. II. OLD BUSINESS. a.) Aztec Producing / Royalties *See attachment III. NEW BUSINESS. a.) Approval of Minutes from July 17, 2020 b.) Investment Advisor Update and Commentary c.) Set Meeting Dates for 2021 d.) Other IV. PUBLIC COMMENT. VI. ADJOURN. c. Roger Zielinski, Chair Erin Martin Pontiac, Council Representative Ed Bradford, Vice-Chair Doug Parkes Jeff Reau Thad Taylor, City Manager George Saylor, City Attorney Woody Uible, Investment Advisor 10/05/2020 08:14 AM GL ACTIVITY REPORT FOR MANISTEE CITY Page: 1/1 User: ebradford FROM 245-000-668.000 TO 245-000-668.000 DB: Manistee TRANSACTIONS FROM 01/01/2020 TO 09/30/2020 Date JNL Type Description Reference # Debits Credits Balance Fund 245 OIL & GAS FUND 01/01/2020 245-000-668.000 INVESTMENT - OIL ROYALTIES BEG. BALANCE (15,452.24) 01/09/2020 CR RCPT OIL ROYALTIES 01/09/2020 3,777.10 (19,229.34) 02/11/2020 CR RCPT OIL ROYALTIES 02/11/2020 3,513.18 (22,742.52) 03/03/2020 CR RCPT OIL ROYALTIES 03/03/2020 3,808.73 (26,551.25) 04/04/2020 CR RCPT OIL ROYALTIES 04/04/2020 2,246.77 (28,798.02) 06/10/2020 CR RCPT OIL ROYALTIES 06/10/2020 869.64 (29,667.66) 06/30/2020 GJ JE ACCRUE 3/1-5/31/2020 OIL ROYALTIES 6564 566.96 (30,234.62) 07/01/2020 2020-21 Fiscal Year Begin 0.00 07/01/2020 GJ REV 6564 ACCRUE 3/1-5/31 OIL ROYALTIES 6565 566.96 566.96 07/21/2020 CR RCPT OIL ROYALTIES 07/21/2020 566.96 0.00 08/20/2020 CR RCPT OIL ROYALTIES 08/20/2020 50.51 (50.51) 08/31/2020 CR RCPT OIL ROYALTIES 08/31/2020 3,019.24 (3,069.75) 09/03/2020 CR RCPT OIL ROYALTIES 09/03/2020 2,022.62 (5,092.37) 09/25/2020 CR RCPT OIL ROYALTIES 09/25/2020 2,184.45 (7,276.82) 09/30/2020 245-000-668.000 END BALANCE (7,276.82) Cumulative Net Debits and Credits: 566.96 22,626.16 (22,059.20)  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  CITY OF MANISTEE 70 MAPLE STREET MANISTEE, MICHIGAN 49660 To comply with the Michigan Open Meetings Act 267 of 1976, notice is hereby given that the City of Manistee Oil and Gas Investment Board will meet on the following dates for 2021. Regular meetings are held quarterly in the Council Chambers, City Hall, 70 Maple Street, Manistee. Interested public is welcome to attend. Friday, January 15, 2021 @ 12 p.m. Friday, July 16, 2021 @ 12 p.m. Friday, April 16, 2021 @ 12 p.m. Friday, October 15, 2021 @ 12 p.m. _________________________________________ Kelly B. McColl, Secretary Oil and Gas Investment Board