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6:30 P.M.

INVOCATION:          

The Courts have concluded that sectarian prayer as part of City Council meetings is not permitted under the Constitution.

FLAG SALUTE:

ROLL CALL:

JOINT MEETING WITH THE CITY COUNCIL, REDEVELOPMENT AGENCY, HOUSING AUTHORITY AND PARKING AUTHORITY:

1.         2005 INVESTMENT POLICY:

Staff is requesting that the City Council, Redevelopment Agency Board, Housing Authority, Parking Authority and Youth Endowment Services Fund Board approve the 2005 Investment Policy.

The 2005 Investment Policy for the Investment Pool is comprised of the City, Redevelopment Agency, Parking Authority, Youth Endowment Services Fund and separately the Housing Authority.

The recommended changes are:

1. Decreasing the liquidity requirement needed monthly from $67 million to $62 million which is 2 1/2 (roughly 60 days) of the annual appropriations (less purchased power).  This will be monitored and reviewed quarterly by the Treasurer�s investment advisory committees.

2. Adding Gavin Lee, Wachovia Securities, to the list of qualified brokers from which the City may purchase investments and deleting Ken Herman, First Tennessee Bank (retired), Kirk Walske, Bank of America Securities (never involved with the City�s portfolio) and Ron Gross, Vining Sparks (not active in servicing the City�s needs).

Recommendation:

Staff recommends that the City Council, Redevelopment Agency Board, Housing Authority, Parking Authority and Youth Endowment Services Fund Board approve the 2005 Investment Policy.

CONSENT CALENDAR: (Item 2)

The following item may be enacted by one motion.  There will be no separate discussion on this  item unless a Council Member so requests, in which event the item will be removed from the consent calendar and considered in its normal sequence on the agenda. A roll call vote is required for the consent calendar.

2.         TREASURER�S REPORT:

The City Treasurer's report on investment and reinvestment of temporarily idle funds for the fourth quarter ending December 31, 2005.

Recommendation:

Note and file.

END OF CONSENT CALENDAR          

RECESS to continue the City Council meeting.

ADJOURNMENT.