1987-10-29 General MeetingCity of Okeechobee Pension Plans
Trustee Meeting Minutes
October 29, 1987
A joint meeting of the Board of Trustees of the General Employees, Fire
Department and Police Department was held with the following trustees
present:
General Employees: L.C. Fortner, Chuck Elders, John Bennett
Andy Rubin
Firemen: Billy Douglas, Lynn White, Tracy Haberlandt
Police: Larry Mobley, Larry Coonfare, Steve Nelson, Jerry
O'Bannon, L.C. Fortner
Others Present: Bernice Elders - Paying Agent, Dick Fleurant
and Mona Smith
The meeting was called to order at 8:10 AM, for the purpose of discussing
the funds involved in the current CD's, which will mature November 2, 1987.
Ms. Mona Smith of Palm Beach Capitol Investments Group, gave a short pre-
sentation on short term investments. Ms. Smith briefly explained the
Bankers Acceptance Instruments, which may yield from 7.50% to 7.75%. She
also explained briefly the Commercial Paper that was available for short
term with a yield of 7.00% and Treasury Bills with a yield of 5.00% for
90 days.
The current CD's are with Naples Federal with a yield of 6.80%. The Trustees
can invest the CD's with Naples Federal for 90 days with a yield of 7.10%.
The trustees discussed the various options that are available at this time
for short term investments and each trustee board agreed to re -invest the
monies in the CD's presently with Naples Federal for the 7.10% for a
90 day period.
The trustees also discussed the possibility of having several investment
groups make a presentation to the trustee board concerning investments.
Each trustee board agreed that the number of firms making a presentation
would be limited to 5 firms. These presentations would be done during
the month of January_, 1988 with one presentation at the time on Tuesdays
and Thursdays at 8:00 AM. The firms will be limited to 30 to 45 minutes
each. The local firms as well as out of town firms will be contacted
to determine their interest. All trustees will be notified of the dates
for the presentations.
Their being no further business, the meeting was adjourned at 8:40 AM.
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