1989-10-30 General MeetingMinutes of Pension Board Meeting
October 30, 1989
Meeting was called to order at 1:30 PM.
Those present:
General Employees Trustees: L.C. Fortner, Jr., Charles Elders, Rick
Jordon
Fire Fund Trustees: Rick Holt, Keith Tomey, Steve Weeks, Clayton
Williams
Police Fund Trustees: Larry Mobley, L.C. Fortner, Jr., Steve Nelson
The meeting was called to order to discuss the investment of the
pension funds during the next 30 days. At the previous meeting of
the trustees, a decision was made to transfer the pension funds to
Shearson Lehman Money Market Account until the money managers could
be interviewed and a selection made by the trustees.
The requirements of the Florida Statutes was reviewed and the
transfer of the pension funds to Shearson Lehman Money Market
**M,, Account was not possible at this time. Before the funds could be
transferred, the City Council must approve an ordinance authorizing
Shearson Lehman to accept the funds. This requires a new decision
by the trustees concerning the investment of the pension funds
until the meeting could be held to interview and hire a money
manager.
After discussion with the trustees, the following motions were made
and approved:
Police Trustees: Steve Nelson made a motion to invest the pension
funds for 30 days in Banc Florida with an interest rate of 8.05%
and investigate other options for investments in the event the
money manager is not hired within a 30 day period. Motion was
seconded by L.C. Fortner. Motion carried.
Fire Trustees: Keith Tomey made a motion to invest the pension
funds for 30 days in Banc Florida with an interest rate of 8.05%
and investigate other options for investments in the event the
money manager is not hired within a 30 day period. Motion was
seconded by Steve Weeks. Motion carried.
General Trustees: Motion by Charles Elders to invest the pension
funds for 30 days in Banc Florida with an interest rate of 8.05%
and investigate other options for investments in the event the
money manager is not hired within a 30 day period. Motion was
seconded by Rick Jordon. Motion carried.
There being no further business the meeting was adjourned.
These Minutes Approved and Adopted
General Fund Chairman
L.C. Fortner, Jr
General Fund Secretary
Charles Jor n
Police Fund Chairman
Larry Mobley
Police Fund Secretary
.C. rt , Jr.
Fire Fund Chairman
Rick holt
Fire Fund Secretary+
William Douglas