pages: CityCouncil/2017-02-21.pdf, 19
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CityCouncil | 2017-02-21 | 19 | Vice Mayor Vella stated she would be amenable to the City Treasurer's suggestion; she would rather have quality than misinformation. Councilmember Matarrese stated the City Treasurer has a good point; he does not want the City to be part owner of a company who defrauds people and prisons; he would like no more investments in the interim, then wait for the investment policy in April. The City Treasurer stated between now and when a policy is approved, which reflects Council's conclusions, it would be difficult to instruct staff and the people handling the money on a day-to-day basis that no more money should be going in that direction; suggested a more thoughtful, formal approach on how to address the issue, which would be comprehensively through the investment policy. Councilmember Matarrese stated Alameda should not invest any more money; information is needed to set the parameters; on the investment side, more securities should not be bought until there is criteria to measure. The City Treasurer inquired whether he should call the investment broker tomorrow and instruct them not to buy anymore Wells Fargo securities, to which each member of the Council responded in the affirmative. Mayor Spencer stated Alameda will not be purchasing any more securities and the City Treasurer would come back with a plan on divesting the current investments. The City Attorney stated the City Treasurer is hoping to give direction to the investment folks with the investment policy instead of making a phone call tomorrow morning. The City Treasurer stated he understands what Council is aiming for, but the best way to do so is by the investment policy, which addresses investments going forward as well as current investments; verbal instruction is not enough to ensure direction will be executed; what is happening now is the investment policy is being modified through the referral at 12:15 a.m. Mayor Spencer stated Council should at least be able to give the verbal direction; if verbal direction is not sufficient, Council will get the update in April and do more; at this point a majority would like the referral to be revised to read "refrain from making new investments in Wells Fargo Securities until further Council direction." Councilmember Oddie moved approval of the entire referral with the Mayor Spencer's amendment to add "until further Council direction." Mayor Spencer seconded the motion, which carried by unanimous voice vote - 5. COUNCIL COMMUNICATIONS (17-139) Councilmember Oddie thanked the City Treasurer and staff; stated the City Regular Meeting Alameda City Council 19 February 21, 2017 | CityCouncil/2017-02-21.pdf |