ROLL CALL/ CONVENED TO CLOSED SESSION

Chairperson Jim Foran called the regular meeting of the Santa Clara County Open Space Authority (OSA) to order at 6:35 p.m. at the Open Space Authority Administrative Office, 6830 Via del Oro, Ste 200, San Jose, CA.

Members Present

Jim Foran, Virginia Holtz, Garnetta Annable, Sequoia Hall, Mike Potter

Alex Kennett and Sequoia Hall arrived at 6:38, Kalvin Gill arrived at 6:40

Members Excused Absent

None

Staff Present

Patrick Congdon, General Manager

Bill Parkin, Legal Counsel

Lauren Crook, Clerk of the Board

Jayne Brownlee, Accountant

Public Present

Eric Carruthers

Christopher Monack

Dorsey Moore

Yacanex Posadas

Greg West

RETURN FROM CLOSED SESSION

7:01 P.M.   No reportable actions.

OPEN SESSION

Chairperson Jim Foran called the regular meeting of the Santa Clara County Open Space (OSA) to order at 7:05 p.m.

PUBLIC PRESENTATIONS

E. Carruthers stated he would like to have the podium moved so he could see the Board.

ADOPTION OF THE AGENDA

A. Kennett moved to adopt the agenda.  M. Potter seconded the motion. 

The motion passed 7-0.

WRITTEN COMMUNICATIONS

None

NEW BUSINESS

Agenda Item #1: Discuss and adopt the Open Space Authority Investment Policy 

P. Congdon introduced the item stating that the Policy has been drafted by staff, been reviewed by the Administration and Budget Committee, and reviewed by Authority Legal Counsel. 

J. Brownlee addressed the Board and gave a brief summary of the Authority’s need for an Investment Policy.  She noted that the language in the Policy is, for the most part, derived from the California Government Code.  She stated that because the Authority is accumulating money and managing endowment funds, it is in the best interest of the agency to have an investment policy in place.

J. Foran asked if there were any public comments.

No members of the public made a comment.

J. Brownlee stated that she was making available to the Board a book published by the California Debt and Investment Advisory Committee.

G. Annable distributed a letter titled:  Objection to adoption of proposed investment policy on 10/25/2007 agenda, request for response to questions and concerns presented herewith, move for amendment of existing finance policy in lieu of proposed investment policy.

G. Annable stated she would like to know who would be the treasurer.

A. Kennett noted that the person most likely to be treasurer would be a staff member.  He noted that the General Manager could not be the treasurer.

G. Annable proposed to continue the item so that the Board could further review the investment policy. 

She made a motion to make an amendment of the existing Financial Policy to increase the specific amount of fund up to $100,000 to be held outside the pool and to allow endowment and grant funds may be invested in interest bearing accounts consistent with Local Agency Investment Guidelines as sufficient at this time.

J. Foran noted that there was no second for the motion and the motion did not pass.

Board discussion continued.

Motion:  A. Kennett made a motion to adopt the investment policy with  amendments.  S. Hall seconded the motion to approve the policy and clarified the amendments as follows:

Page 2, Paragraph 1, 1^st sentence:

The Board shallmay  delegate to the Treasurer…

Page 2, Paragraph 1, after 1^st sentence:

S. Hall asked B. Parkin to craft language regarding investment instruments being pre-approved by the Board.

Page 2, Paragraph 1, last sentence:

…delegation of authority each year and may be revoked at any time.

Page 2, Paragraph 2, 3^rd sentence:

The General ManagerBoard  is responsible for approving the Treasurer’s…

Page 2, Paragraph 4, last sentence:

Strike the whole sentence:  The General Manager is responsible for approving the Treasurer’s designation of the size of the operating reserve.

Page 2, Paragraph 7, last sentence:

…when this Policy provides for limitations in excess of more restrictive than those permitted under the Government Code.

Page 2, Paragraph 8, Add a sentence at the end:

This audit will be presented to the Board for acceptance on an annual basis.

G. Annable stated that she would prefer to adopt the investment policy and an investment plan at the same time.

P. Congdon stated that if the Board had any further comments they should submit them to him no later than October 31.

The motion passed 6-1.  Ayes:  J. Foran, A. Kennett, S. Hall, V. Holtz, M. Potter, K. Gill.  Noes:  G. Annable.

CONSENT CALENDAR

No items on Consent

INFORMATIONAL REPORTS

CAC Committee Update (from liaisons) &

Agricultural Project Update

 D. Moore addressed the Board and introduced Eric Carruthers stated that he would give a quick presentation on the status of the agricultural survey project.  He distributed a memo and a draft of the survey results. 

E. Carruthers stated that the draft survey results would give the Board an idea of what types of information were gathered.

Acquisition Committee

No report.

Use & Management Committee

No report.

Administration & Budget Committee

No report.

Agriculture and Conservation Mitigation Workshop Committee

No report.

General Manager’s Report

P. Congdon reported that staff has confirmed that Sibella Kraus from SAGE would be giving a presentation at the November 8^th Board meeting.

He reported that staff arranged a public meeting to garner information from the public regarding dog use on Authority lands.  He noted that staff distributed notices to many user groups and mentioned that no members of the public attended meeting.

He reported that a draft EIR has been release for the 5,400-acre UTC property and staff would be commenting on the document.

He stated that the Authority would be putting on a Hallowe’en event at Rancho Cañada del Oro from 2 to 4 on Saturday, October 27^th.

He said that staff purchased and took delivery of a 2008 Ford Escape Hybrid.

P. Congdon commended field staff for their work on building the new Mayfair Ranch Trail.  He stated that because of the excellent work in preparing and building the trail, Mayfair Ranch fared very well with the heavy rain experienced in the past weeks.  He noted that staff has also been getting many compliments on the quality and management of the Authority’s trails and preserves.

Legal Counsel Report

William Parkin stated that he had no report.

Board Member Reports

Kalvin Gill stated he had no report.

Mike Potter stated that he attended the first Martial Cottle County Park meeting.

Virginia Holtz stated she attended the HCP stakeholders meeting and the Martial Cottle meeting.

Alex Kennett stated that he was trying to secure the Kodak mansion as a meeting place for the Board’s agriculture field trip day scheduled for November 19. 

Sequoia Hall stated that his daughter would be attending an interpretive program at Rancho Canada del Oro preserve through her school.

Garnetta Annable stated she had no report.

Jim Foran reported that he attended a meeting for the Bay Area Ridge Trail the previous week.

G. Annable noted that on November 11^th there would be a Bay Area Ridge Trail trail building project.

Adjournment

Meeting was adjourned at 9:13 p.m.