2009-11-09 General Fund MeetingMINUTES OF THE CITY OF OKEECHOBEE AND
OKEECHOBEE UTILITY AUTHORITY PENSION BOARD
MEETING MONDAY, NOVEMBER 9, 2009 5:00 P.M.
CITY HALL
55 SE THIRD AVENUE
OKEECHOBEE, FL 34974
Page 1
CALL TO ORDER: 5:05 P.M. by Chairman Jamie Mullis
TRUSTEE ATTENDANCE: Jamie Mullis, Chairman
Jerry O'Bannon, Trustee
Linda Tewksbury, Trustee
Kevin Barbour, Trustee
Betty Clement, Trustee
OTHERS PRESENT: Scott Christiansen, Attorney
Tim Nash, The Bogdahn Group -Monitor
Basil Coule, Financial Liaison
David Kelly, Bowen, Hanes & Co.
Mr. David Kelly gave an overview from Bowen, Hanes & Company. They feel the cloud has lifted somewhat, and
that easy money has been made. He reported the City and OUA have 25% cash and have maxed the stock
requirement of 60%. Mr. Kelly stated it was irresponsible to lock up the bond market at 34%u, so they are monitoring,
reporting, hopefully what will drive the portfolio are the stocks now owned. Mr. Kelly said the next time we meet,
;*40W should be fully invested in both stocks and bonds. Mr. Tim Nash with the Bogdahn Group presented his report.
Mr. Scott Christiansen stated Trustee 0' Bannon, Trustee Mullis, and Trustee Barbour's terms were up the end of
this year, and the next meeting will also be time for election of officers. Mr. O'Bannon was uncertain of committing to
another four years, due to possible retirement and relocation. The meeting dates were distributed for 2010.
Mr. Christiansen also reported, City Council passed the proposed ordinance Amending and Restating the City of
Okeechobee and the Okeechobee Utility Authority Employees' Retirement System at their last meeting on November
3, 2009. Mr. Christiansen requested the Board be prepared to vote at the next meeting to approve the International
Contribution go from 10% to 15% cap. The ordinance allows for this cap.
Revised copy of the General Employee's and OUA Pension Fund Board Members and meeting dates were
distributed and are attached.
Trustee O'Bannon moved to approve the August 10, 2009 minutes; seconded by Trustee Tewksbury. Motion carried
unanimously.
Upon motion by Jerry seconded by Jamie, the Financial Reports items 1-6 of the agenda, as presented were
approved.
There being no further business, the meeting was adjourned at 6:00 p.m.
Respectfully submitted
Betty J. Clement, Secretary