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 Rice at 1:35 p.m., September 26, 2008, in the Oxnard Union High School District Board Room, 309 South K Street, Oxnard, California 93030.

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

Trustee absent:  Vicki Holmbom

Legal Counsel present:  Laura McAvoy (arrived at 1:45 p.m.)

Legal Counsel absent:  Anthony Trembley

Guests present:  James Rose, OFT President

PLEDGE OF

ALLEGIANCE

Scott Lee led the pledge of allegiance.

ADOPTION OF AGENDA

On motion of Trustee Henry, 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 Henry, seconded by Trustee Edmonds and carried, the minutes of the regular meeting of August 22, 2008, was approved, as presented.  Trustee Lee abstained.

AUDIENCE TO ADDRESS THE BOARD

James Rose, OFT President requested a legal opinion on the impacts of Measure U and the Trust’s assets should the Measure pass.

ACTION ITEMS

Approval of Payment of Invoices

Upon motion of Trustee OrtegaLee, seconded by Trustee Lee and carried, the Letter of Engagement between Vance, Thrift & Biller and the Oxnard Union High School District Retiree Health Benefits Trust for Tax Services was ratified, as presented.

Upon motion of Trustee LeeLee, seconded by Trustee Ortega and carried, the Letter of Understanding between Vance, Thrift & Biller and the Oxnard Union High School District Retiree Health Benefits Trust for Accounting Services was ratified, as presented.

Upon motion of Trustee OrtegaLee, seconded by Trustee Edmonds and carried, the 2007 California Exempt Organization Annual Information Return – Form 199 was ratified, as presented.

Upon motion of Trustee LeeLee, seconded by Trustee Henry and carried, the 2007 IRS e-file Signature Authorization for an Exempt Organization – Form 8879-EO was ratified, as presented.

Upon motion of Trustee OrtegaLee, seconded by Trustee Lee and carried, payment to the Franchise Tax Board in the amount of $ 10.00 was ratified, as presented.

Upon motion of Trustee LeeLee, seconded by Trustee Henry and carried, invoice from Tolman Insurance Services, LLC in the amount of $ 448.00 was approved for payment, as presented.

Upon motion of Trustee LeeLee, seconded by Trustee Henry and carried, invoice from Tolman Insurance Services, LLC in the amount of $ 816.00 was approved for payment, as presented.

INFORMATION ITEMS

Correspondence

Chair Rice announced Trustee Edmonds’ retirement from both the Oxnard Union High School District and the Oxnard Union High School District Retiree Health Benefit Trust, effective December 3, 2008.  The OUHSDRHBT board extended their congratulatory remarks.  Chair Rice added that he enjoyed working with trustee Edmonds, both as his predecessor in his current district position with the district and on the OUHSDRHBT.

INFORMATION ITEMS

CSEBO

City National Bank

Open Comments

Steven Gama reported that as of May 31, 2008, the Estimated Income and Expense Report of the Coastal Schools Employee Benefits Organization (CSEBO) Select Care Medical balance was $1,195,262; Delta Dental balance was $ 145,808; and Medical Eye Services was $ 136,773.

Board Chair Rice reported that as of July 31, 2008, the City National Bank Investments account reflects an ending market value of $ 27,777,358.  Board Chair Rice also reported that as of June 30, 2008, the City National Bank Money Market account shows an ending balance of $ 32,396.

None

CLOSED SESSION

Board Chair Rice announced that the Board was going into closed session to discuss confidential materials relating to:

Ø  Conference With Legal Counsel--Potential Litigation; Significant Exposure To Litigation Pursuant to Government Code Section 54956.9(b): 1 case (PVSD Unification)

RECONVENE IN PUBLIC:  REPORT

OF CLOSED SESSION ACTION

ITEMS FOR FUTURE CONSIDERATION

ADJOURNMENT

The Board reconvened in open session at 3:20 p.m.  Chair Rice announced that Counsel McAvoy was given authorization to draft a letter clarifying that the OUHSD Retiree Health Benefits Trust assets are a separate entity and would not be subject to division should Measure U pass.

1.  Portfolio Reallocation

2.  Projected Budget

There being no further items of business, Board Chair Rice adjourned the meeting at 3:27 p.m.