1997-03-19 General Meeting.
� CITY OF OKEECHOBEE
GENER.AI, EMPLOYEE PENSION PT.AN
TRUSTEE MEETING MINUTES
March 19, 1997
Meeting called to order at 7:07 pm. by Mr. L. C. Fortner, Jr.
Trustees Present: L. C. Fortner, Ricky Bonnell, Jerry O'Bannon, Roger
Jones, Lyn Lowe.
Others Present: Scott Christiansen - Christiansen, Dehener, P.A.
Juan "J. C." Campuzano - Invesco
Ernie Mahler - Smith Barney, Performance Monitor
J. C. Campuzano gave quarterly reports. He stated that while returns do
not show as well as in the previous two years they are still good because
of conservative investing.
• Ernie Mahler explained that the S. & P. performance this past quarter
centered on only a handful of stocks. He shared that while a
conservative philosophy on investing does not yield as big returns in
"hot" times it is much safer in down times.
J. C. shared :� Invesco was in the process of inerging with a mutual fund
group by the name of AIM(?). He stated that the investment discipline
and philosophy would remain the same and we would still be dealing with
the same individuals.
Scott shared that Nations Bank is our custodian and they are getting out
of the custody business so the custody part is being sold. He shared
that we may want to put on an agenda for a future meeting to discuss
whether or not we want to keep the new company who will take over or put
out for R.F.P�s. He stated that at times it is possible to negotiate
with the new company for a better deal on terms of their fees.
Jerry O'Bannon asked about the possibility of seminars dealing with these
investments. Scott named the Florida Public Pension Trustee's
Association. He explained that these seminars are specif ically for the
"lay-person" and are not highly technical. The cost would be considered
a reasonable cost to be borne by the funds. Scott said he would send
information concerning this L. C.
Motion was made by Ricky Bonnell to approve the minutes of the Nov. 1�
1996 meeting with the exception of changing the date from March 19th to
to Nov. 20, 1996. Second by Jerry. Vote was unanimous and motion
• carried.
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Motion by Lyn to approve the New Employees, Terminations and Expenses as
stated in agenda packet. Second by Roger. Vote was unanimous and motion
carried.
Larry Coonfare opened discussion on the need to a centralized person to
make up agendas, keep records, etc. After some discussion it was decided
that L. C. would check with Lola Paxker, City Finance Officer, about this
possibility and if she was unable to do this would begin to examine the
possibility of hiring someone i.
Scott informed us of a change in Chapter 1-12 of the Florida statute
dealing with "gifts". He explained that in the past" any meal or
beverage consumed at one sitting" DID NOT constitute a gift; however the
change indicates that "any food or beverage consumed at one sitting" IS,
by definition, a"gift". (These, of course deal only with those items
received by you from someone who stands to gain from the way you vote or
make a decision.) He stated that Chapter 1-12 - 313 of Florida statute
indicates that as trustees we are not allowed to be given anything of
value if given with the reasonable expectation that it might effect the
way we vote. His recommendation is that we accept nothing from anybody.
If the situation should arise in which it would be difficult to not
accept this item, (i.e. Christmas food basket), we could put it out where
all employees could share and thus WE have not received it.
Scott verified that everyone was only using the new disability
form,(should it become necessary). The difference is the new form has
a waiver of Right to Privacy Act.
Scott asked that each board provide him with a list of trustees and the
dates their terms expire.
Motion by Ricky to adjourn.
Second by Jerry.
L. C. Fortner, Chairman
Lyn Lowe, Secretary