1995-09-20 Police Fund MeetingCITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
SEPTEMBER 20, 1995
TRUSTEES' PRESENT: LARRY MOBLEY, LARRY COONFARE, KELLEY AMMONS,
STEVE PADGETT, STEVE NELSON, JULIAN STINNETT
OTHERS PRESENT: ERNST MAHLER III OF SMITH BARNEY, PERFORMANCE MONITOR
JUAN C.CAMPUZANO OF INVESCO, MONEY MANAGERS
SCOTT CHRISTIANSEN OF CHRISTIANSEN, DEHNER, P.A.,
LEGAL COUNCIL
MEETING IS COMBINED WITH POLICE, FIRE & GENERAL EMPLOYEES BOARDS
PRESENT.
MEETING CALLED TO ORDER AT 7:00 P.M.
MOTION BY JULIAN STINNETT TO APPROVE THE MINUTES OF THE
AUGUST 09, 1995 MEETING. SECONDED BY STEVE PADGETT. MOTION WAS
UNANIMOUSLY CARRIED.
MOTION BY LARRY COONFARE TO APPROVE THE FOLLOWING EXPENDITURES:
$996.65 TO CHRISTIANSEN, DEHNER, ATTORNEY FOR LEGAL COUNCIL,- $163.00
TO DiBARTOLOMEO, MCBEE & SLOAN, AUDITORS. SECONDED BY JULIAN STINNETT.
MOTION WAS UNANIMOUSLY CARRIED.
MOTION BY LARRY COONFARE TO ALLOW THE FUND SECRETARY TO PURCHASE A
FOUR DRAWER LOCKING FILING CABINET FOR FUND USE WITH PRICE OF FILING
CABINET NOT TO EXCEED $350.00. SECONDED BY STEVE PADGETT. MOTION WAS
1%w UNANIMOUSLY CARRIED.
ERNST MAHLER OF SMITH BARNEY PRESENTS BOARDS WITH THE SECOND QUARTER,
1995, INVESTMENT EVALUATION. INVESTMENT EVALUATION OVERVIEW OF INVESCO
IS FAVORABLE WITH INVESTMENT RETURNS SHOWING ABOVE AVERAGE RETURNS.
JUAN CAMPUZANO OF INVESCO PRESENTS BOARDS WITH THE SECOND QUARTER,
1995, INVESTMENT REVIEW.
SCOTT CHRISTIANSEN OF CHRISTIANSEN& DEHNER, P.A., DISCUSSES THE PROXY
VOTING POLICIES AND GUIDELINES, THE OPERATING RULES AND PROCEDURES AND
REQUESTS THAT BOARDS READ AND BECOME FAMILIAR WITH THE AMENDED
ORDINANCES PERTAINING TO THE PLANS SO AMENDED ORDINANCES CAN BE
DISCUSSED AT THE NEXT SCHEDULED MEETING.
MOTION BY JULIAN STINNET TO ACCEPT THE OPERATING RULES AND PROCEDURES
AS WRITTEN. SECONDED BY STEVE NELSON. MOTION WAS UNANIMOUSLY CARRIED.
MOTION BY STEVE PADGETT TO ACCEPT THE PROXY VOTING POLICIES AND
GUIDELINES AS WRITTEN. SECONDED BY STEVE NELSON. MOTION WAS
UNANIMOUSLY CARRIED.
CITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
SEPTEMBER 20, 1995
DISCUSSION IS HAD CONCERNING THE IMPLEMENTATION OF A C.O.L.A.( ANNUAL
COST OF LIVING ADJUSTMENT ), FOR THE POLICE PENSION FUND. TRUSTEES'
ARE AWARE THAT THE POLICE PENSION IS PRESENTLY OPERATING WITH SURPLUS
FUNDING AND BENEFIT ENHANCEMENTS SHOULD BE IMPLEMENTED. IT IS AGREED
THAT LARRY COONFARE SHOULD CONTACT THE ACTUARY TO SEE IF THE
IMPLEMENTATION OF A C.O.L.A. IS FEASIBLE.
MOTION BY LARRY COONFARE TO AUTHORIZE THE ACTUARY TO PERFORM AN IMPACT
STUDY TO DETERMINE THE COST AND FEASIBILITY OF IMPLEMENTING A
C.O.L.A.. SECONDED BY STEVE PADGETT. MOTION WAS UNANIMOUSLY CARRIED.
LARRY MOBLEY ADVISES THE BOARD THAT PER UNANIMOUS DECISION OF THE
OKEECHOBEE CITY COUNCIL, STEVE PADGETT AND STEVE NELSON HAVE BEEN
RE -APPOINTED TO SERVE AS TRUSTEES' OF THE POLICE PENSION FUND FROM
OCTOBER 01, 1995 THRU SEPTEMBER 30, 1997.
MOTION BY LARRY COONFARE TO ADJOURN THE MEETING. SECONDED BY STEVE
NELSON. MOTION WAS UNANIMOUSLY CARRIED.
MEETING ADJOURNED AT 8:25 P.M.
POLICE FUND CHAIRMAN
POLICE FUND SECRETAR
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