1997-08-27 General Fund MeetingCITY OF OKEECHOBEE AND OKEECHOBEE UTILITY AUTHORITY
GENERAL EMPLOYEE PENSION PLAN
TRUSTEE MEETING MINUTES
AUGUST 27, 1997
Meeting called to order at 7:00 pm. by Mr. L.C. Fortner, Jr.
Trustees Present: L. C. Fortner, Ricky Bonnell, Jerry O'Bannon, Roger Jones
Others Present: Ernie Mahler of Smith Barney, Performance Monitor
Juan "J.C."Campuzano , Invesco
Scott Christianson, Christianson & Dehner, PA.
J.C. reported that this had been a very good quarter for equities. It was the
best reported in the past 24 1/2 years.
Ernie Mahler reiterated what J. C. had already stated concerning the good quarter
and also gave a brief "mini -lesson" on what Invesco's investment policy is and
of what his job as performance manager consists.
J.C. explained that because Invesco has worked so closely with NationsBank and
had used them as custodians for so many clients they had also sent out for
R.F.P's. He explained that as a group we had the option of choosing our own
custodian or going with the custodian set up by Invesco. Following some
discussion Roger Jones made a motion to approve one of the replacement banks
that Invesco is currently negotiating with as long as the basis fees are less
than five (5) basis points. This approval would be subject to the bank being a
qualified Florida Depositor and review of the written agreement from that bank.
Second by Jerry. Vote unanimous, motion carried.
All three boards, (Fire, Police and General), approved the same motion.
Motion by Jerry O'Bannon to appoint the firm of Dibartolomeo, McBee & Sloan as
auditor for year ending 1997. Second by Ricky Bonnell. Vote unanimous, motion
carried.
Motion by Jerry O'Bannon to appoint Gabriel, Smith & Co. as the actuary to do the
September 1997 evaluation. Second by Ricky Bonnell. Vote unanimous, motion
carried.
Motion by Ricky Bonnell to approve new members as outlined in agenda packet.
Second by Roger Jones. Vote unanimous, motion carried.
Motion by Jerry O'Bannon to approve expenses as outlined in agenda packet. Second
by Ricky Bonnell. Vote unanimous, motion carried.
Meeting adjourned at 8:40 pm.
L.C4 C. Fortner, Chairman
YOL Lll�
Lyn Lowe, Secretary