Minutes of the Regular Meeting of NMSBIC, November 21, 2011
A regular meeting of the New Mexico Small Business Investment Corporation was called to order on this date at approximately 9:00 a.m. in the conference room of Century Sign Builders, 2117 Commercial Street NE, Albuquerque, New Mexico.
A quorum was present:
Members Present:
Mr. Sam Cobb, Acting Chairman
Mr. Joseph Badal [elected as Chair during meeting]
Mr. Alan Fowler [elected as Secretary/Treasurer during meeting]
Mr. Lupe Garcia
Ms. Roxanna Meyers [elected as Vice Chair during meeting]
Mr. Clarence L. Smith [designee of Hon. James Lewis, State Treasurer]
Ms. Launa Waller [leaving at 1:00 p.m.]
Members Excused: None
Legal Counsel to Board: None
Financial Advisor to Board: None
Recording Secretary: Ms. Judith Beatty
Guests Present: Mr. David Goldsmith, Facilitator
APPROVAL OF AGENDA
Mr. Garcia moved approval of the Agenda, as published. Mr. Smith seconded the motion, which passed unanimously by voice vote.
APPROVAL OF OCTOBER 17, 2011, BOARD MINUTES
Upon motion by Mr. Fowler, seconded by Mr. Badal, the October 17 Minutes were approved, as submitted, by unanimous voice vote.
ELECTION OF OFFICERS
Board Chair/President; Vice Chair/Vice President; Secretary; Treasurer
Mr. Cobb nominated the following slate:
- Joe Badal, Chair and President
- Roxanna Meyers, Vice Chair and Vice President
- Alan Fowler, Secretary/Treasurer
Mr. Garcia seconded the nominations.
Mr. Badal proposed 2-year terms.
The amendment was accepted as friendly.
The motion, as amended, passed by unanimous voice vote.
APPROVAL OF CORPORATE RESOLUTION TO NAME BOARD CHAIR AND TREASURER AS BANK SIGNATORIES
Ms. Waller moved for approval. Ms. Meyers seconded the motion, which passed unanimously by voice vote.
STRATEGIC PLANNING FOR ORGANIZATION: DAVID GOLDSMITH, FACILITATOR
With Mr. Goldsmith acting as facilitator, the Board discussed:
- SBIC’s investment focus for the future;
- Nature and availability of investment partners;
- Staffing/consultant requirements going forward; and
- SIC’s recommendations for changes to operations, investment policy, etc.
DISCUSSION AND APPROVAL OF REPORT TO GOVERNOR AND LEGISLATIVE FINANCE COMMITTEE
Board members reviewed the draft report and recommended additions and amendments.
Following discussion, Chair Badal said he would review the report with Mr. Goblet for final submittal to the Governor and LFC.
NEXT MEETING: Monday, December 12, 2011
ADJOURNMENT
Its business completed, the NMSBIC Board adjourned the meeting at approximately 1:45 p.m.