1989-10-17 Police Fund Special MeetingPENSION BOARD TRUSTEES MEETING (POLICE)
October 17, 1989
Trustees Present: Larry Mobley, Larry Coonfare, Jerry O'Bannon and
Steve Nelson
Meeting called to order at 7:00 P.M.
The minutes of the July 27, 1989 Trustee Board Meeting were
reviewed with a motion by J. O'Bannon and seconded by S. Nelson to
approve the minutes as written. Motion carried.
After discussion of Management Firm proposals submitted, the
trustees agreed on the following 4 firms to give presentations: The
Investment Council Co.; Investco Capital Management; Wall,
Patterson, Hamilton and Allen, Inc.; Davis and Hamilton Assoc..
The next scheduled meeting of the trustees will be November 13,
1989, at 6:30 P.M. This meeting is scheduled to interview the above
money managers with each presentation lasting no more than 30
minutes. Meeting to be advertised as required by law.
Pension plan monies are currently in CD's which will mature near
the end of October, 1989. Discussed how the monies should be
invested until the trustees can decide on which money manager would
be selected.
Motion made by S. Nelson and carried by J. O'Bannon to transfer the
Police Funds to a Money Market when the Cd's mature at the end of
October. Motion carried.
The trustees present discussed the agreement between the City and
Shearson Lehman for the purpose of consultation services. The full
agreement was read aloud by L. Coonfare. Motion made by J. O'Bannon
to approve the agreement between the City and Shearson Lehman.
Motion carried.
Trustees present discussed an Agreement between the City's pension
plans and Hill, Barth & King, Certified Public Accountants. The
agreement is to provide an annual audit with a fee not to exceed
$1,000.00. Motion made by S. Nelson and seconded by L. Mobley to
approve the agreement between the City and Hill, Barth & King.
Motion carried.
Motion made by J. O'Bannon and seconded by S. Nelson to approve the
following:
New Employees - David Wilbur
Terminated Employees - Total refund $328.24 - Willie Griffith
Expenses - Actuarial $534.08 Motion carried.
Meeting adjourned at 7:35 P.M.
These minutes approved and adopted
Police Fund Chairman /
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Police Fund Secretary