1994-07-18 Police Fund MeetingCITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
JULY 18, 1994
TRUSTEES' PRESENT: LARRY MOBLEY, LARRY COONFARE,
STEVE PADGETT & JULIAN STINNETT.
MEETING IS COMBINED WITH POLICE, FIRE & GENERAL EMPLOYEES
BOARDS PRESENT.
OTHERS PRESENT: JANNA WOODS OF SMITH BARNEY SHEARSON, AS
PLANS PERFORMANCE MONITOR.
MIKE MATUS OF INVESCO, AS PLANS MONEY
MANAGERS.
SCOTT CHRISTIANSEN OF CHRISTIANSEN DEHNER,
P.A., AS PLANS LEGAL COUNCIL.
MEETING CALLED TO ORDER AT 7:08 P.M.
MOTION BY STEVE PADGETT TO APPROVE THE MINUTES OF THE
MARCH 16, 1994 MEETING. SECONDED BY JULIAN STINNETT.
MOTION WAS UNANIMOUSLY CARRIED.
MOTION BY LARRY COONFARE TO APPROVE THE FOLLOWING
EXPENDITURES: $700.64 TO CHRISTIANSEN DEHNER, ATTORNEY,
FOR LEGAL SERVICES RENDERED, $2,529.50 TO INVESCO, MONEY
MANAGERS, FOR MANAGEMENT SERVICES RENDERED, $994.33 TO
DiBARTOLOMEO, McBEE & SLOAN, AUDITORS, FOR AUDITING
SERVICES RENDERED. SECONDED BY STEVE PADGETT. MOTION WAS
UNANIMOUSLY CARRIED.
JANNA WOODS GIVES EACH BOARD MEMBER AN INVESTMENT
EVALUATION PAMPHLET IN WHICH INVESCO'S INVESTMENT
PERFORMANCE IS EVALUATED. PERFORMANCE EVALUATION IS GOOD
WITH JANNA WOODS ADVISING THAT THE FUNDS HAVE EXCEEDED THE
BENCH MARK BY ABOUT 1%, THAT SHE FEELS THAT INVESCO IS
DOING A GOOD JOB WITH THE INVESTMENTS IN SUCH A CURRENT
BEARISH MARKET AND THAT INVESCO IS ONE OF THE TOP
INVESTMENT MANAGEMENT FIRMS THAT SHE MONITORS.
MIKE MATUS THEN GIVES EACH BOARD MEMBER AN INVESTMENT
REVIEW PHAMPHLET FOR THE JUNE QUARTER OF 1994. MIKE
EXPLAINS HIS FIRMS INVESTMENT STRATEGIES AND WHAT HIS FIRM
FEELS THAT THE BEST INVESTMENT PORTFOLIO IN A CONSERVATIVE
INVESTMENT APPROACH SHOULD BE. MIKE REVIEWS THE INVESTMENT
REVIEW WITH THE BOARDS.
SCOTT CHRISTIANSEN THEN ADVISES THE BOARDS OF THE
FOLLOWING.
BOARDS ARE INSTRUCTED TO MAKE CERTAIN THAT SUMMARY PLAN
DESCRIPTIONS HAVE BEEN DISTRIBUTED TO EACH PLANS
MEMBERS.
CITY OF OKEECHOBEE
POLICE PENSION FUND MEETING
JULY 18, 1994
THE CONTRACTS WITH INVESCO, MONEY MANAGERS, AND NATIONS
BANK, CUSTODIAN BANK, NEED TO BE REVIEWED AND UPDATED
DUE TO POSSIBLE INVESTMENT POLICY CONFLICTS.
MOTION BY LARRY COONFARE AUTHORIZING SCOTT CHRISTIANSEN TO
REVIEW AND UPDATE THE CONTRACTS WITH INVESCO AND NATIONS
BANK. SECONDED BY JULIAN STINNETT. MOTION WAS UNANIMOUSLY
CARRIED.
SCOTT SUGGESTS THAT THE PLANS INVESTMENT MANAGEMENT
POLICY BE REVIEWED AND UPDATED TO PREVENT ANY CONFLICT
IN INVESTMENT PRACTICES THAT MIGHT CONFLICT WITH
STATUTORY PROVISIONS.
THE BOARD AUTHORIZES SCOTT TO SEND A LETTER TO JANNA WOODS
IN WHICH IT WILL BE SUGGESTED THAT THE INVESTMENT
MANAGEMENT POLICY BE CHANGED. SCOTT WILL REPORT BACK TO
THE BOARD AT OUR NEXT SCHEDULED MEETING.
SCOTT ADVISES EACH TRUSTEE TO READ AND FAMILIARIZE
THEIRSELVES WITH THE OPERATING RULES AND PROCEDURES
DRAFT SO DISCUSSION CAN BE HAD AT OUR NEXT REGULARLY
SCHEDULED MEETING.
MOTION BY LARRY COONFARE TO ADJOURN THE MEETING. SECONDED
BY STEVE PADGETT. MOTION UNANIMOUSLY CARRIED.
MEETING ADJOURNED AT 8:39 P.M.
POLICE FUND CHAIRMAN a
AR Yam. E
POLICE FUND SECRETARY,.
ARR 00INFARI