the minute omit commissioner makras final questions about the irr. the minutes omit commissioner stansbury's question regarding a appropriate benchmark. there is nothing in the minute addressing stansbury's question about irr on the [inaudible] portfolio being [inaudible] 5.2 percent. the minute fail to [inaudible] it would be unprecedented in ers history to engage in relationship with the city under the guise of being the financial investment to further the cities social goals. and policy goals. commissioner stansbury asked multiple e questions on july 8 about whether investment staff has experience with asset backed liabilities, securitization, collateralized loan obligations and assigning credit ratings to individual securities. the minutes fail tomination that stansbury mentioned these 3 issues go hand in hand with investment. the minutes report only that mr. coker stated ers contract out to external managers for this expertise and the minutes do not include that mr. cocker had expressly noted none of ers investment staff has experience in these

the minute omit commissioner makras final questions about the irr. the minutes omit commissioner stansbury's question regarding a appropriate benchmark. there is nothing in the minute addressing stansbury's question about irr on the [inaudible] portfolio being [inaudible] 5.2 percent. the minute fail to [inaudible] it would be unprecedented in ers history to engage in relationship with the city under the guise of being the financial investment to further the cities social goals. and policy goals. commissioner stansbury asked multiple e questions on july 8 about whether investment staff has experience with asset backed liabilities, securitization, collateralized loan obligations and assigning credit ratings to individual securities. the minutes fail tomination that stansbury mentioned these 3 issues go hand in hand with investment. the minutes report only that mr. coker stated ers contract out to external managers for this expertise and the minutes do not include that mr. cocker had expressly noted none of ers investment staff has experience in these

>> we are continuing because commissioner makras would like to speak on the item and as a courtesy- >> i'll for continuing item to give members of the board to speak on them about at some point as a board it isn't good guv rns to continue deferring items until someone can be here. as member thofz board said you can choose to be here or not be here, but for the board to run, we need to vote son things and talk about things. i don't think it makes sense to continue it another month but understand that is your prerogative >> that you can for sharing your comments. do we need it take public comment on this? could you call item 15 >> discussion item and [inaudible] >> very briefly, this is the fiscal year of travel. you can see we had expenditures in the last quarter that equaled total expenditures in the first 3 quarters. we had travel expenditures of 250 thousand dollars against a 700 thousand any questions? let's talk public comment on item 15? the travel expense report. seeing none, public comment is closed. no vote is needed. mr. clerk can you call the next item >> executive directors

the minute omit commissioner makras final questions about the irr.commissioner stansbury's question regarding a appropriate benchmark. there is nothing in the minute addressing stansbury's question about irr on the [inaudible] portfolio being [inaudible] 5.2 percent. the minute fail to [inaudible] it would be unprecedented in ers history to engage in relationship with the city under the guise of being the financial investment to further the cities social goals. and policy goals. commissioner stansbury asked multiple e questions on july 8 about whether investment staff has experience with asset backed liabilities, securitization, collateralized loan obligations and assigning credit ratings to individual securities. the minutes fail tomination that stansbury mentioned these 3 issues go hand in hand with investment. the minutes report only that mr. coker stated ers contract out to external managers for this expertise and the minutes do not include that mr. cocker had expressly noted none of ers investment staff has experience in these areas that commiss

commissioner makras will not be present. commissioner meiberger is out of the country. commissioner stansbury >> item 3 general public comment. >> thank you. speak into the m ic. sorry i couldn't help myself, you always say it, i had to say it to you. >> [inaudible] >> good afternoon commissioners. i'm patrick [inaudible]. executive director hish to hand a verbatim transscript of last months meeting. [inaudible] i testified july 8, [inaudible] should table the [inaudible] investment. mrs. [inaudible] noted the proposal doesn't meet guidelines. commissioner driscoll asked whether it involves a prohibited [inaudible] commissioner stansbury asked [inaudible] regarding ers investment staff and whether they have experience with asset back liability securitization. loan obligations and a finding credit ratings to individual securities noting they go hand in hend hand with a potential [inaudible] investment. mr. cocoresponded that no ers staff has such experience and contracts with external managers for this expertise. there is no bench mark and no liquid secondary market. has