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County legal staff says proposed advisor may not meet Ohio statute; committee debates interpretation
Summary
Prosecutor staff told the Investment Advisory Committee that the contract presented at the prior meeting raised eligibility questions under ORC 135.341; committee members debated whether Westminster’s structure and past activities satisfy public-fund management requirements.
Members of the Lorain County prosecutor’s staff told the Investment Advisory Committee that the agreement presented at the prior meeting raised questions about statutory eligibility under the Ohio Revised Code. "There are eligibility issues under ORC 135.341," Gabe Espinoza said after reviewing the letter and agreement the committee received at the last meeting.
Leigh Prugh, also representing the prosecutor staff (listed in the transcript as LC APA), said due diligence revealed two different corporate names in play and emphasized that the resolution passed had referenced Shoop Wealth Management while the contract language involved Westminster. "The resolution that was passed was with Shoop Wealth Management and should have been Westminster," Prugh said. Prosecutor staff recommended not moving forward because the firm, as presented in the contract, did not meet the ORC requirements for public-fund management experience.
Commissioners questioned how an adviser could gain experience if not given opportunities to manage public funds. Commissioner Jeff Riddell argued Westminster had relevant experience through StarOH and asked whether trades had been executed by the advisor; Lawrence Miles Brazie responded that they had executed trades. The legal recommendation and those differing interpretations shaped the committee’s deliberations before members voted to amend the prior resolution and enter the new agreement.
