MINUTES
HOLDERNESS TRUSTEES OF THE TRUST FUNDS
MEETING
NOVEMBER 25, 2003
The Trustee’s of the Trust Funds for the Town of Holderness NH met at the Town Office. Present were Trustees Maurice Lafreniere, Tony Raymond and Bob Sargeant; Nick Deruvo, Bookkeeper, and Paul Weston, Town Administrator. The minutes of the meeting are as follows.
· There is an ongoing issue with the Attorney General office pertaining to the lack of written documentation of the Plymouth Regional High School Funds that we manage on their behalf. It was agreed that a letter be written to John True at SAU 48 suggesting that his office resolve this matter ASAP. It was further agreed that we would return the management of these funds back to his office if suitable resolution is not achieved.
· Although our current investment policy is less than 3 years old the trustee’s felt it would be prudent for the town auditor to review the document and render an opinion.
· The investment performance YTD was reviewed and discussed. Bob Sargeant agreed to provide us with the current yield of the 90 t-bills for comparison. A discussion about possible other alternatives was had and we all agreed that in light of the market performance over the last few years that it was prudent to remain with NHPDIP.
· A discussion about the current policy of sending each trustee the month end reports was had. It was agreed we would continue doing so.
· Bob Sargeant’s term expires next and he was highly encouraged to seek another term.
· The meeting was adorned at 4:10
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