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Council discussed the draft letter. Councilmember Mordo expressed his concern that if they did not investigate pension benefits, they would not revisit the issue. Following discussion, Council consensus was to narrow the scope of the letter directed to Mayors of other cities to a study of retiree health benefits. If there were no response to the letter or a limited response, the cost of the study might be prohibitive and the City Council could revisit the proposal. MOTION SECONDED AND CARRIED: Moved by Jones, seconded by Mordo and passed unanimously to authorize a letter from the Mayor to Mayors of other communities asking them to join the Town in a study of health insurance benefits for retirees. Staff was directed to send the letter to all cities in Santa Clara County and San Mateo County. 6.3 Consideration of Proposed Revision to Standing Committee Resolution No. 66-05 —Finance and Investment Committee Membership Requirements Frank Lloyd, Finance and Investment Committee, explained that the Committee was seeking an amendment to the Standing Committee Resolution pertaining to Finance and Investment Committee membership eligibility requirements. He offered that the new requirements were more realistic and still ensured that the members had the appropriate finance background. Council had the new requirements before them in a staff report authored by • Administrative Services Director Sarah Joiner. Following a brief discussion, Council consensus was to approve the proposed revisions. MOTION SECONDED AND CARRIED: Moved by Jones, seconded by Mordo and passed unanimously to amend the membership requirements to the Finance and Investment Committee as identified in Standing Committee Resolution No.66-05 to read: "The membership of this Committee shall consist of eight (8) members. Members shall meet at least one of the following qualifications: (1) five years accounting and financial experience in a public corporation, municipal government or privately held business; (2) financial officer of a public corporation with five years experience; (3) investment officer of a F.D.I.C. member institution with five years experience; (4) money manager who specializes in corporate or government agency issues with a minimum of five years experience; or (5) five years experience in investment banking, venture capital and/or general management." City Attorney Steve Mattas, with the Council's consent, since the new wording was crafted and approved, staff would make the necessary changes to the resolution. Council concurred. (Adoption of Resolution No.79-05) • 7 City Council Special Meeting Minutes August 3,2005