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TREASURY BOARD COMMONWEALTH OF VIRGINIA July 19, 2006 9:00 a.m. TREASURY BOARD CONFERENCE ROOM James Monroe Building 101 N. 14th Street, 3rd Floor Richmond, Virginia Members Present: J. Braxton Powell, Chairman K. David Boyer, Jr. Dr. Kenneth Daniels Douglas W. Densmore David A. Von Moll Members Absent: Janie E. Bowen Robert C. Goodman, Jr. Others Present: Janet Aylor Department of the Treasury Belinda Blanchard Department of the Treasury Richard A. Davis Department of the Treasury Leslie English Department of the Treasury Kristin Reiter Department of the Treasury Kathi B. Scearce Department of the Treasury George Consolvo Kaufman & Canoles E.D. David David, Kamp & Frank Richard Grattan Wachovia Bank Stephanie Foster Wachovia Bank Doug Hornsby CNU Real Estate Foundation Bill Brauer Christopher Newport University Anne Conner CNU Educational Foundation Jim Johnson Morgan Keegan Call to Order and Approval of Minutes Chairman Powell welcomed Board members and called the meeting to order at 9:00 a.m. He asked if there were any additions or revisions to the minutes of the June 21, 2006 Meeting. There being none, Mr. Von Moll moved the approval of the minutes as submitted. Mr. Boyer seconded, and the motion carried unanimously. Board Minutes July 19, 2006 Page 2 Public Comment None Agenda Items Resolution Approving Proposed Terms and Structure of Bonds to be Issued by the Industrial Development Authority of the City of Newport News for the Benefit of Christopher Newport University (CNU) Ms. Leslie English presented the resolution to the Board. She reviewed the first draft of the financing summary, which reflected an increase in the size of the bond issue to $17.5 million. Proceeds will be used to refinance bonds that were issued to benefit the university. There will be a new public hearing on August 4, 2006 by the Industrial Development Authority (IDA) of the City Newport News to address a technical error in the notice for the original public hearing. Jim Johnson, Financial Advisor, with Morgan Keegan outlined in further detail the bond structure. Dr. Daniels asked how the letter of credit provider was selected, and Mr. Johnson explained the structure of the selection process. Dr. Daniels also asked about the cost of the letter of credit, which Mr. Johnson stated was market driven. Mr. Boyer asked if the evaluation team consisted of individuals from only one of the foundations involved or if the members were a composite of both of the foundations. Anne Conner with the CNU Educational Foundation indicated that the team was a composite of members from each entity involved in the project. Bill Brauer from CNU commented that the projects will benefit both CNU, and the community as a whole. They have worked closely with the IDA of the City of Newport News, the Virginia Department of Transportation and the Federal Housing and Urban Development on these projects. The projects are not just beneficial to the educational mission of CNU, but they are also urban revitalization projects that will stimulate and expand the economic base of the city. George Consolvo, bond counsel, provided an explanation of how the delegation of final pricing will be assigned to the State Treasurer for final approval. Mr. Densmore asked if the Treasury Board resolution is contingent on the IDA ratifying and confirming its approval of the issuance of the bonds at their August 4, 2006 meeting. Mr. Consolvo explained the technical error in the original resolution and how the revised resolution addressed that issue. Chairman Powell asked if there were any further questions. There being none, the Chairman asked for a motion to approve the Resolution. Mr. Densmore moved that the Resolution be adopted. Mr. Boyer seconded, and the motion carried unanimously. Staff Reports: Board Minutes July 19, 2006 Page 3 Debt Management Ms. Aylor reviewed the Debt Calendar as of July 13, 2006 and the MELP report for the period ending June 30, 2006. Security for Public Deposits Ms. Reiter reviewed the Security for Public Deposits report for the month ending May 31, 2006. State Non-Arbitrage Program (SNAP) Ms. Blanchard reviewed the SNAP report for the month ending June 30, 2006. She asked Nelson Bush with PRM to introduce Diane Cahill who is working with Mr. Bush on Treasury issues. Investments Ms. Blanchard reviewed the Investment Report for July 2006, and provided the Board with an updated handout of the portfolio. Ms. Blanchard reviewed the status of the Fed and comments made to Congress by Federal Reserve Chairman Bernake. She indicated that the LGIP set a new record in late June at 3.1 million. The Total Return Pool saw all managers meeting or exceeding the bench mark despite a tough year. Other Business: Chairman Powell indicated that Human Resources has begun the recruitment process for the Director of Cash Management and Investments position. Adjournment Chairman Powell then asked if there was any further business to come before the Board. There being none, the Chairman asked for a motion to adjourn. Mr. Boyer moved the approval of the moved adjournment, Mr. Von Moll seconded, and the motion carried unanimously. Respectfully submitted, _______________________________ J. Braxton Powell, Chairman Commonwealth of Virginia Treasury Board Board Minutes July 19, 2006 Page 4 Attachment "A" Attachment "B" Attachment "C" Attachment "D" Documents are available for review at The Department of the Treasury
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