1989-11-13 General MeetingMinutes of Pension Board Meeting
November 13, 1989
Those Present:
General Employees - L.C. Fortner, Jr., Charles Elders, Rick Jordon,
Roger Jones
Police - Larry Coonfare, Jerry O'Bannon, L.C. Fortner, Jr., Steve
Nelson
Fire - Rick Holt, Keith Tomey, Clayton Williams, Bill Douglas
Others present - Bernice Elders, Janna Woods, Rock Tate
The meeting was called to order at 6:45 PM.
The Board of Trustees met to discuss the hiring of a Money Manager
and heard presentations from the following firms:
1. Wall Patterson
2. Investment Council
3. Davis Hamilton
4. Investco
After discussion with each firm represented, the board of trustees
heard from the representatives of Shearson Lehman concerning the
past performance of each firm and their investments.
After further discussion, a straw vote was taken to rank the firms
as ##1 and ##2 based on majority of trustees present.
The majority of the trustees selected Davis Hamilton and Investco.
After further discussion the following motions were made:
Firemen - Motion made by Rick Holt and seconded by Keith Tomey to
hire Investco as the pension boards money manager. Motion carried.
Police - Motion made by Larry Coonfare seconded by Steve Nelson to
hire Investco as the pension boards money manager. Motion carried.
General Employees --Motion made by Rick Jordon seconded by Charles
Elders to hire Davis Hamilton as the pension boards money manager
but was 2 yes and 2 no, motion did not pass.
General Employees - Motion made by Rick Jordon seconded by Roger
Jones to hire investco as the money manager. Motion carried.
The trustees discussed the requirements for a custodian of the
pension funds.
Motion by Rick Holt seconded by Keith Tomey to designate C&S Bank
as custodian. Motion carried.
Motion by Larry Coonfare seconded by Steve Nelson to designate C&S
Bank as custodian. Motion carried.
Motion by Rick Jordon seconded by Charles Elders to designate C&S
Bank as custodian. Motion carried.
Meeting adjourned at 11:15 PM.
These Minutes Approved and Adopted
General Fund Chairman_(---�)'C
L.C. Fortner, J .
General Fund Secretary
Charles Jo. fXbn
Police Fund Chairman. !�
Larry ley '✓
Police Fund SecretaryN�-^-
r .C. or ' , Jr
Fire Fund Chairman
Rick H It
c
Fire Fund Secretary
William Douglas �-