2002-07-02 Police Fund Special MeetingCITY OF OKEECHOBEE
POLICE PENSION FUND
July 2, 2002 5:OOpm
OCPD Training Room
MINUTES
NOTE: The combined pension board meeting took place on May 8, 2002 in the
City Council Chambers but the police pension fund did not have a quorum
present and were not able to conduct their business. A makeup meeting
was scheduled for July 2, 2002 at 5:OOpm for the police pension fund
Board of Trustees and was held in the OCPD Training Room.
Trustees Present: Dennis Davis, John Zeigler, and Tommy Raulerson
Trustees Absent: Steve Padgett and Steve Nelson
Note: the fund attorney and the portfolio manager and performance monitor were not
present at this make up meeting.
Meeting was called to order by Chairman Dennis Davis at 4:55pm.
Motion by Tommy Raulerson to accept and approve the minutes of the 2/13/02 Police
Pension Board Meeting. Seconded by John Zeigler. Motion was carried unanimously.
Motion by Tommy Raulerson to approve retired members payments and expenses for the
period of February 1, 2002 through April 30, 2002 as follows:
Weyman Arthur ($1,425.62 x2 plus a $28.37 COLA adjustment) $2,879.61
Lawrence Coonfare ($960.81 x2 plus $956.03 plus $19.12 COLA adjustment) $2,896.77
Rehmund Farrenkopf ($2,359.89 x2 plus a $46.96 COLA adjustment)
Janis LeVin ($841.19 x2 plus a $16.74 COLA adjustment)
Larry Mobley ($2,534.74 x2 plus a $22.92 COLA adjustment)
Eugene O'Neill ($1,151.77 x2 plus a $22.92 COLA adjustment)
Overall total of retired members payments 2/1/2002 through 4/30/2002
Accountant fees $ 385.33
Actuary fees $ 565.00
Pension payments $19, 688.62
Trustee school expense $ 1,278.22
Total expenses $21,917.17
Seconded by John Zeigler. Motion was carried unanimously.
$4,766.74
$1,699.12
$5,119.92
$2,326.46
$19,688.62
There were no new or terminated employees during the period of February 1, 2002
through April 30, 2002.
John Zeigler provided trustees with copies of Revised Administrative Forms Packet dated
April 8, 2002 received from fund attorney Scott Christiansen. Trustees reviewed the
Revised Administrative Forms Packet.
Motion by Tommy Raulerson to accept and approve the Revised Administrative Forms
Packet. Seconded by John Zeigler. Motion was carried unanimously. John Zeigler will
Retain a copy of the Administrative Forms Packet and also provide a copy to Marita Rice
at UOA for her use as needed.
John Zeigler provided trustees with copies of the "Operating Rules and Procedures for
the City of Okeechobee Municipal Police Officers' Pension Trust Fund" as prepared for
the Board by fund attorney Scott Christiansen. Trustees reviewed the "Operating Rules
and Procedures for the City of Okeechobee Municipal Police Officers' Pension Trust
Fund."
Motion by Tommy Raulerson to accept and approve the "Operating Rules and Procedures
for the City of Okeechobee Municipal Police Officers' Pension Trust Fund" in its entirety
with the exceptions below:
1 Amending Rule 7.3 to read:
7.3 USE OF THE OKEECHOBEE UTILITY AUTHORITY (OUA) FINANCE
�,,' DEPARTMENT
The Board shall be authorized to utilize the services of the Okeechobee Utility
C}\{).//_d Authority (OUA) Finance Department for the performance of banking functions
,Yo of the Board. The Okeechobee Utility Authority (OUA) Finance Department
Ishall have no discretionary authority with regard to the utilization or direction of
funds of the Board. The precise duties of the Okeechobee Utility Authority
C(OUA) Finance Department shall be reduced to writing the same as any other
contract for services entered into by the Board.
6")
And amending Rule 7.4 to read:
7.4 USE OF INDEPENDENT CUSTODIANS
The Board shall be authorized to use the services of any duly qualified custodian
in lieu of the Okeechobee Utility Authority (OUA) Finance Department the
performance of banking functions of the Board. The custodian shall be duly
licensed, insured and bonded and shall meet all of the depository requirements of
Chapter 280, Florida Statutes.
And amending the Table of Contents to read:
7.3 Use of the Okeechobee Utility Authority Finance Department
Seconded by John Zeigler. Motion was carried unanimously.
John Zeigler will advise attorney Scott Christiansen of the Board's acceptance and
approval of the "Operating Procedures and Procedures" along with the amendments as
stated above. A copy of the Operating Rules and Procedures will be retained by the
fund secretary and also a copy will be provided to the members of the fund for their
review.
John Zeigler provided trustees with copies of the Independent Auditor's Report dated
March 5, 2002. DiBartolomeo, McBee, Hartley & Barnes, P.A., certified public
accountants, conducted the independent audit.
Motion by Tommy Raulerson to accept the Independent Auditor's Report. Seconded by
John Zeigler. Motion was carried unanimously.
John Zeigler reminded the trustees of the remaining scheduled meetings of the combined
pension boards in 2002 as agreed upon by all members of the combined pension boards:
August 14, 2002 at 5:OOpm in the City Council Chambers
November 13, 2002 at 5:OOpm in the City Council Chambers
Motion by Tommy Raulerson to adjourn the meeting. Seconded by John Zeigler. Motion
was carried unanimously. Meeting was adjourned at 5:50pm.
Respectfully Submitted
avis, Fund Chairman
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