CALL TO

ORDER

The regular meeting of the Board of Trustees of the Oxnard Union High School District Retiree Health Benefits Trust was called to order by Board Chair Henry at 2:15 p.m., February 16, 2007, in the Oxnard Union High School District Board Room, 309 South K Street, Oxnard, California 93030.

Trustees present:  Jan Henry, Roger Rice,  Scott Lee, and Wayne Edmonds

Trustee absent:  Vicki Holmbom and Eric Ortega

Legal Counsel present:  Anthony Trembley

Legal Counsel absent:  Laura McAvoy

Recording Secretary present:  Grace D. Tuazon

Guests present:  Michael Lavin, Canterbury Consulting, Inc.

PLEDGE OF

ALLEGIANCE

Trustee Lee led the Pledge of Allegiance.

ADOPTION OF AGENDA

On motion of Trustee Edmonds, seconded by Trustee Lee and carried, the agenda was adopted, as presented.  Items were then considered in the order in which they appear in these minutes.

ADOPTION OF MINUTES

On motion of Trustee Lee, seconded by Trustee Rice and carried, the minutes of the regular meeting of December 7, 2006, was approved, as presented.

AUDIENCE TO ADDRESS THE BOARD

None.

INFORMATIONAL ITEMS

Investment Performance Review

Michael Lavin of Canterbury Consulting, Inc. gave Economic Highlights for Fourth Quarter, 2006. He also reported the following:

Ø     Returns have been positive;

Ø     Trust’s overall portfolio is up 9.5%, but lagged policy index;

Ø     Returns have been positive;

Ø     Since inception, portfolio is up 8.1%;

Ø     Pzena, Delaware and IronBridge is a little behind the benchmark;

Ø     EuroPacific underperformed index – slightly behind median.

Mr. Lavin recommended keeping the same portfolio and allocation.

DISTRICT/OFT TRUST CONTRIBUTIONS 2006-07

Trustee Lee reported that the OUHSD and OFT 2006-07 Trust contributions have not been made to date due to the outstanding information needed by the Business Department from Risk Management Office.  Trustee Rice informed the board that he met with the IT department to seek progress on the data needed and was informed that the delay is caused by information being housed in two different data bases that do not talk to each other.  In light of this report, a motion was made by Trustee Lee, seconded by Trustee Edmonds and carried that Chair Henry and Co-Chair Rice draft a letter to the district acknowledging their dilemma and to address that out of fairness to the Trust that any interest earned resulting from the delay should be added to the trust contribution.

APPROVAL OF INVOICES

Upon motion of Trustee Edmonds, seconded by Trustee Rice and carried, invoice from Musick, Peeler & Garrett LLP in the amount of $ 5,046.50 was approved for payment, as presented.

Upon motion of Trustee Lee, seconded by Trustee Rice and carried, invoice from Vance, Thrift & Biller LLP n in the amount of $ 1,735.00 was approved for payment, as presented.

Upon motion of Trustee Rice, seconded by Trustee Lee and carried, invoice from Canterbury Consulting, Inc. in the amount of $ 7,084.00 was approved for payment, as presented.

Upon motion of Trustee Edmonds, seconded by Trustee Lee and carried, invoice from Nordman, Cormany, Hair & Compton in the amount of $ 870.30 was approved for payment, as presented.

Upon motion of Trustee Rice, seconded by Trustee Lee and carried, invoice from Tollman & Wiker Insurance in the amount of $ 6,750.00 and renewal of Fiduciary Liability Insurance was approved, as presented.

INFORMATIONAL ITEMS

CSEBO

City National Bank

Open Comments

Steven Gama, Director of Risk Management, reported that at November 30, 2006, the Estimated Income and Expense Report of the Coastal Schools Employee Benefits Organization (CSEBO) Select Care Medical balance was $ 997,920.22; Delta Dental estimated balance was $ 167,328.02; and Medical Eye Services estimated balance was $ 214,639.76.

Board Chair Henry reported that as of January 31, 2007, the City National Bank Investments account reflects an ending balance of $ 27,302,737.46.  Board Chair Henry also reported that as of November 30, 2006, the City National Bank Money Market account shows an ending balance of $ 5,945.63.

Counsel Trembley reported that Safeco Insurance was automatically renewed, premium was $ 413.00.  Counsel Trembley also reported that the E & O Insurance renewal will be in May.

ITEMS FOR FUTURE CONSIDERATION

Ø     OUHSD and OFT 2006-07 Trust Contribution

Ø     Pension Bond follow-up

FUTURE MEETINGS

Friday, May 4, 2007 – 2:00 p.m., in the Oxnard Union High School District Board Room

ADJOURNMENT

There being no further items of business, Board Chair Henry adjourned the meeting at 3:30 p.m.