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E . ; , . ; ' . " � ' � ' ` . , � '. : . . . . , . , , .. , . . { � , . ' � � , . , 1 . . . � . . � , ' � ' � • 1 , ' ' , , . F • � . . . . ' � ' . � . . . r;� + � . ' � � � . ' � • .. ' . . . . .3 ` . • ;l(;, . , � , . ' ' . . I , . , . ` ACTION AGENDA . , ' ' ° . � : , , , , . � . � . . . , ' Board oi �T��stees of tha �mp�oyees' Pension Funct � . , . . . �: � � � . � . ` ' � ' , Septeml�er 1 fi, 199G � , � � � : �� � . .'� , . , .� � . . - � . , � , � - . ', � '�. .. . � ` . , . ' '. , . , , � . . �,:� � , , . � � , � , . . , . � �°': ti ; : . . . � : , Cai# to order , .' . 1. 9:20 a.m. , � , � �r . � ' � � . 2. ' Approva� of Minutes � 2, qpproved aS submitted. � � ,�� , � . �� �� � :; . of 7129196 ,' . �. , �.: .; ., . . . , � � � ' �. , , � � . � 3. . � , Recammended budget fnr City of ' 3. Continued, ' . � � ` . ' � _ .�� '� Cfearrrvater Empfoyees Pen'sior� ' " , � ' � . '� . . . . • , Plar�; autharize expendit�re bf � - : � � ' � � � . �. ;, � , � ' f�r�ds within budget in accordance . . . � , - ' . . � with r�les for City pr�rchases � . . ' � � , . . . - •- .. . � � , .. � �. � � . ,. � . . . .., � . . � ;4: .� Contract with Ark Asset � � 4. Approvec�, ° � ' � � • . . � � , '- � , Management Ca., inc, as an ��uity ', . ' �, � � , , . . � . � , valt�e manager; provic�e far.smootF� � ' . ' . ' , � � � � � ' ' . , transitian far,the addit�on thraugh � � � . . � . � . '. , � opening'of a safekeeping aacaur►t � � - � , � � : . �, . .' st Sun Trust , ' � � . • � � �. � , �' . � . �5. Uther Business: . � . � ' S. Non�. ' . . � . � �' ` � , , ' 6. � � Adjournmentt : 6. �:35 a.m.. .� . • �� ' � . � ,'� - ' ' � , � • �. ' . � , . � � . � � � . �� : • ' � ' . �' • � � ' , . • ��� � �.. � ,� ; � . • . '' '• . . ,. . ;�� � . . • ' . � , ' �, , ': � � • . - �� ` : . ' I: � � . . . . . . . ��i � . ' � , ,. , �, , � • , i. � ,. � , . , _ . I . 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' � , ,. � � . :.2. � , Approval of Min�tes . . ; � . � , , ' �. , �„ ,. , •, . of 7/28196 ' , �, . , , . � . . i:,, ', : ' � ,,. . , . ,.. . � � � 3. �. . Recommended� budggt f�r. Ci#y af � . ` � . ' ' , � � � , . ��,.� , � , Clearwater �tnpfoy,ees Pension , : , � �. , � . . • - � � . ; !? ` • . � Plan; authorize exQenditure o# '. : � •, � . . �. � � � ; ' ' funds within b�dget in acco�rdance�' ' � . � � � , � , . � , � ��', `� ��. ` � with rUlss far City purchases . � . . . , . � ; ' , � . �� � , . . , . ,, •. . . . .. � '� � . . 4. � Cantract with Ark Asset � . . • ' . . . � � � ;,.�.�� . , . � � , . ... �,• Managem�nt Co.. inc. as an equity � �� ° • : �: ,. , . �, . . . , . � vatue manager; providQ far smoath .. � , � , � ', . � . , � ;;, � , � . . . transition for the addition thraugh . ; � � ` ,• '� . , . . � , ' � . i ., . � . � � . . , opening of a� safekeeping account � , • ' . " -� : � � . . . �' � ` , . . at Sun 7rust . : � , � � ,� .' 5. . Other Bt�sines�: � . .. . � , ' i. � 6. Adjoumment: � , . ' . �, , � � � � � . . . , . 1 . , . � .�,r �'�.� s . ��.. .. . . . 1 . , .�. , . �. :f. � ��.. ?• .. , . . _ . .. � � . , � � � , 1����� ' A � � Ii � . • �l ..r � . . .� . i�� � 4 � A""�.i'fi1 ;,4�'�}� S���R/�• � � • e e Trustee � Agenda Cover M�morandum '{fs.9�'! '5:1•..'���.� I1Q��! !/� �':':�t:(?'!�',t�.:�.4�k�" F , , .�.....+, ,�.�:.::.,.;:.: �;#,.i`:ry� ;'i:;i%,;�,r;�ls°tii�.I,. MeQtEn� Dat�: ;:;::::r.� �>>s�r.�,.�.: x''<: ��....�:.� �'j.i°:y ;4',=., .,..'3ri; .�Y'. ��� .J� City of Clsarwater Employ�RS' Pension P�an Budget for Fiscal Year 1996-1997 AECnMMEND�4Tit}NIMQTiON: � Appco�e the recommended btadget for the City of Clearwater Employe�s Pension Plan, �nd authorize the expenditure of funds within the budget in accordance with the �ules tor City purchases. C! and ihat the appropriatQ ofFiciels hQ autMnrixed to executQ same. BACKGA�?UNt]: In ttis past ali expenditures n�eded approval by the trustees, no matter what amount. Th3s is the first year thai staff is r+ecommend�ng that the trustees adapt a budg�t for the Employe�'s Psnsion Pian. This would allow those �xp�nditures unde� $25,000 to be paid with appropriate manag�m�nt review. Expenditure5 ovet $25,000 would stil� need to 6e approved by th� trustees. Attached is the proposed budget i�cluding historiCal numbsrs. Travel Expenses and Training is far members af the Pensinn investment Cnmmittee to a#tend t�e Callan Instituta, �isit Callan, the �'ensian Plan's PerformaRCe Measurement �irm, and vi�it ons of the money managers tsame tr9p}. The pension Investment Cqmmittee has nor traveled to attend the C�IIan 1n�titute in the rec�nt past and �as not recently visited any existing maney manager's at thei� faciiity. Staff fe�ls that this trip will be vaivable in providing needed ed�acation and information to the ln��stment Committee, Printing and Binding is for the annuai information�! distribution to the members of the pension plan. Membership is in the "Assaciation nfi Confederation �if� Contraci Hold�r" which represent the orgar�ization that the City is a member of in relation to the probfem "Guaranteed tn�estment Contracts" that the City owns. � �vi� ay: Ls�yN Bu��et i�urchasin� Walc M�t�f. 1S AC M �i�iff �riglnating DepuMment: Finance � !u# User Ocpartrt�ent: �lr�ance AdVBK�iCd: R�ate: ' T � P�p�r: Submittct! by: G� Nat itcqulred Afie�cteci PartlQS: Cl NatlMd Cl a IW i�ot Rat�ulred � Ptint�d on r�aycl�d p�p�r �;;�`. Caat:: Carnmisalon Actlon: 31,20B,530 ❑ qppravod Totat ❑ Apprcv�d wlCondltlona 0 � b�nlnd Currant Fiaca! Y�nr ❑ Gcntinuad to: �unding Source: ❑ C�pitd Im�rnvemont: ❑ op.►suno: 1� Gnntrib�tlons! AttsChments: 41h.r: Esrnln � prvparad budpat Appraprietian Code sa� ettnched C] Hor►� :p�t� � -g;�: . , • . . - ,.; � ��. - • . . . . . . - . , , � Z' JF � ,}�a` .�: � ' , �4, t. , . . ,{:.' . . „ , � . . . �.i°.s=�:�`_���, � . ei�'� � ` ' ' � ' � ., . , , � • ' � .�:[4;;r�tP" . . ��'.'!! . � ., , , ,. .i .. • � �j s. � . - � . • , . . , , :`�'. �,.r` ;}` � .,��y� �". � >�'r' l.}i. , ' , . � . ' , , . . ' ' . � ' ,.. • ,' ' � . ' ' '� ' � J.' . P }�• ° . . ;j , .. � � - , . . ' .. , . i r � . . � . . � � � • .� . ' . �. : . � , �i r• rF, E. % . . . � . � .'� ' ' : [ . .. . . ' . . . , .. . , . , . , . � . . '� �, , �� '�.` � t ' ` ' -.i . . � . � . . ,',-. . ., . � . . . ' • ' ' . . , � . , . ,''l,e� '1' ,f . , + 1. . �' . ' , . � ., � .. . . . � ,. . • . . . , � , .. .. . i �f. ��E 'ti" , ,Y ' .. ,:' ..i ,°� , . �s` � . . . . , . � � . . {� ' .. �xyr,v. . tF � , . .: , ., , � , .. . , . . . . , . �; , . �,i��, � � . .� j:�' z • . ' E. . 1 . .. ' .� i � . - • . v . 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" , ' �t�—Lt' : •�� � `f r ' .. . •�,'� �jl���lt�il .�[�. , � ' e . � . , . . ` ' � � ' ' ' . . , ! f,y� z.�q'r; :t},fL ' ,r 'f }: i/ �l, ..iMi w �. ..�:;�'b'. �;�,j'.i' 'j.�.?i�.'1.:'}: f� �i :;; •i.° . !(?t�" e�7,1 , . �:ii L ; i` �.. i� �-a'1,�.. - I. .1 . . ., . l,',. . e '}'' � s �5„#'. 1 rt" � '2� f ! .� S � . � ' '.�. iit .�. �'��" ri::;; ,. � <'1 f�f• , ' ', ! `+,1'�:if,�, , a �:;�.;�,k .�1.. � � !€ .�,t..e�. r.S„ �:L:�'�t.�y::o a�stiK... ....��.:�a� .'t�'tfi'��5 . � ��. i , . �i .. � �� . � . � • � � � � . ��l ,� , . . ' . . . � . ' ° . , ,. i. st'' ,. 'u,. .�' � � ,y�a.' . , � . . . 11 . P ' ' , ' ' , , � . � . - . . , . . -.. The big�est, chan�e in the budget is the atlditi4n of a Pensfon Administrator�� whlch is currently ou# - to bid: ,. � • � . ; . . � , � , , . � � ; .. � , , � , . : ,. , . ., � , ,; ,, .. ��', . ���. . . ' . ; . ., ` ,� , , � , . . ft��� � The�.Employees',�Pension P�an h�s��ssets �€n�estments),totaling $286 million�(market.value} a� of •� '' �fil30196.; ; . . � , . ' � � . � . : . . ; � k . . � � . , . � ,. � � . � . � . � . . ;,�: � � � . ` f � � - � � . . . , �. . ; . . , : . �. . :.j��. • ; �. .` �.� .���, , �. , ;, . . . _ .�, �� . . . . . . , . . , °, � ' . � . . . � , ' , . .. , . . .� . � . � : . . �. ' ' ' � � � . . ' . , � . , . ' . � , ' � . . ' � . ' . ' .• . . • ' � . ' � � � , ' , � . . . . . r .. ' � . . .. . . . . . � . f' . . � . . . ' � . � � � . .. , . '" . . . • � . ' . , ' . " . . . � . E' ' . , . .� . . .. , . , i . ° .. � . ' ' . ' F. ' .� ` ' .. • ' � . . ' ' . ' ` . . . , f , � ' 1 � . . . .. . • � , • . . , . � . . � . . � .. � � . . . . . . '�.. . ' 4 ., • " ,,, � i. . . !" . . ,.. � • ' . � , ' ` � , � , ,.. � . � , ;F�, : . .. .' ` .' . l . �. . ., ,, . . " .' ., ' .. � . .." � i ' � ,. . 1 � . , 1 , . ,{ , � . ' ' . � i .. � j . . �� ' • . ' • • .. . . , . 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W C � � OO�O�pN� � • OMOON , = O v� J `Q Q� �� r M N f� Lf? � 07 � (q r N � N l� 1 � � V � � � � OD C7 00 Q �� � L� � f� N O 0 C7 �O ti� C� e- O O w C� Vi � a (MO M N d' I.�t) �7 � W o� � , a c i�— N oa � `^ °r° c � . , O� � Q I"� 04 �D . a *-" y (a z � z � � o ~ au •`—' `�° � � � � � � n a � n. c�i� �u''E �, � �m �, . o Q � � Q � � `� � nr � �" F � a� m o X c�n r` n �. a�u o�' ti ia a W c' .n .c U� �3} � •tn � cti3 � Q � i=� E .0 O��*� �� 1-� cv .� Q� c0 �cna.�¢..�i� ° hti�t= 00000c� o 000ca O O � O O C3 O O Q O O 0000+c�o o vooc� � , �. � , � , � � � � �n u� �n u7 �n u� �n u� u� in �n 0o ao 00 0o po co 00 0o co 0o ao 4n�ur��n�nu� �n �nu�u�� � 000c�c�v o aooc� � o00000 0 000 o .-- ,�- �- �- �� t- c� d� r- ch ((�7 M C'') L� M C�r} M '�' t�[? ll tn Q lC} lt3 Il'� LLi lr7 U) lt� t!� lC) LL� lt'� a . . � � . t .�fr i � , . � . . t � .�� �' S';;iy�/ij ,t �� � � � ''��; j�!'►�► � 'Y"ntStee •� Agcnda Cover Memorandum item #: Meeting Date: . ' i SUBJ�CT: Selection of Ark Asset Management as a eyuity, v�lue manager. RECOMMEND,�►TIONIMOi'I(}N: Approve the contract with Ark Asset Man�gement Co., Inc. as an equity �alue manager, prawide #or the smooth transition for t�e addicion through the opening ot a satekeeping acco�nt at Sun Trust, . L and that the appropriate ofticials he authorized t�a execute same. BACKGROUND: With the Trustees app�oval, Callan cond�cted a s�arch for a �alue equity manager. Cal�an presented the #oilowing f�rms tn the Pens�on {nves�ment Committ�e: 1. Ark Assei Management �o., Inc. � 2. Brinsan partners, lnc. 3. Sanford C. BernstQin & Co., fnc. . 4. Morgan �J.P.j Investment Management, Inc. � 5. DoPrince, RacQ & Ze�to, 1nc. 6. Trinity Investment Management Corp. The Pension �nvestment Commiitee ranked these #irms and received presentations from the four #op ranked firms. As a r�sialt of the presentations, Ark was the top ranked firm. On August 15th staff visited Ark's offices and re�+i�wed their facilities, equipm�nt and personneL Staff was #avorably imp�essed by Ark's abi�itiss, resources, and past performance. Ark Asset Managerr�ent Co., lnc. was tarmed in '3 929 as l.ehman Management Gompany, lnc. In � 98J the employe�s purchased the �usiness from Shearson �ehman Brothers, Ark is 100% employee �wned. Their sEnior in�estment professionals Ma�e been together .since 1975. The iarge cap value team has besn together for 10 years. Qf the 522.'! biltion that Ark manages S'i 1.5 billion is in the large cap �alue styls. 6tevfawed by: Lega1 8udqet Purcha:ing Fticic Mgrnt. .� AC M Ckher Submltted by: QI9�cr an er nla nl� �2 Orlginating Re�ar �'r�i1a FlnancQ �ser Oepartment: Ffnance Aclvertlsed: Wte: P'a�er: 1� Not Requlr'ad Affect�d Part€e�: I� Not�fied �BI Not Requlrcd Cuate: Comml�dan AcUon: �126,000! �� O AppFoY/d Tosai L1 Appiay�d wlCordtlona D L} »ed�d Cunrnl Rrer Yw C7 Condnu�d W: �und[nQ Bourc�: L7 C�dW �*ww�m�n� d ov«sr�c: � drh.rs ContriLudarn! Att�ChtMntsp Fiidn Prvpos�d budp�t Approprlatinn Cod� e�a-0�� � a�� o � ao�aa s-0oa 0 N«� ; l,+ .'t;d.;<. .. 3 �� � ,'' .. . .. • . . ' . . . . ' • �. ,' . ` , ' . . .. � ,, '� , . '�� .�:' . :i . � .� , . . . � . • • . . . .. , . . . � . . . . . ' .. . , ;r . . . �. . . , . .. � . . ' , . . . . � � . .I . , ' ' ^ �� ,. .. , . ' . . '. .. � . . . ' , . , . . , . + . . � � . �. � � '' . ' . . , ' y . . . . � . . , . � . • , t� � ' � ' � � � ' � � yr�i� ..�. .. . � .. ` ' ;�r, 't ..' ... � ' " . • . .. '� ' . ' ' , � ' . . , ' ' ' � , .. , ° ' � I , �.', �,`F 1. ''- � .,. ,�....''.�'tt . . � eJ5 . ' .� ��.f �'i' � � ' �. .. ° ,.. ' � 1 � , ' . . . .I '. . , .� , ' ' , �.'� SS �tl�� �, t , . .:r• 4 �.�. ,�'�.. . . � ( ' . . .. . . r� , . ., ' . . . � : . P ` ' ' . 1 .. " , 3� �� ,��,'.r' �t , �f� � ' �r •� , , I ' 1•Y�'.� 3' ' ,. .)' �1'" �i� �E •. .�1 . ' � { . . . ' ' _ .. .1 . . � , ! •o _y % ' � ' ` � ! . . ' t': . . .. , ,�4. r. . ;t, s...� , � ' , . ' � , � f . . '.� ' ; 1;.. .�i �i . . . ' . � „ � � ' . . ' � � �� . ' � . . , f�t �i `��.. e. k,t�� > £�`1'£ . ' 4, � � > . � � r� � i� , . . � . , � . .• . . ' .. � 1. • Vf•�' ; � �.. �`''_ �. . , k . . � ... , , .. . , �'�;e � . � , . . � ; � .. � ' �� . , , , ' ' . . . , > , .. , . , . . , �`r. . � • . €' � � . . . . , . . . . , , . � !� , . s i - . . . . , . 1. E��'. .,� , . . u° .�,,. , , . , .. . . . • . . _ � , .. , ' . � , 5 .' . l ., .d` ' �....t, � '.": , t�.'1. �' � . 'e e 'z ' �. . �' .. ' ,. • � , .. . ' ., . ' . , . . . ' : KH�Y:or...e�.n#N+r.�°:r�:Bt!!e.,�`zi�'eS};r„ta... . I: ..—.�....4:' ....._...._..,.... , F, � .i ,:[.� � .i. .si.�r,., .t/� ;' ....� . s . , . . . �.. .i,,r ., � .... .r' . , . ... . . . . . . . . r n^.:, ; . i � I � �• ' ' ' .. ' . ' ' . ' . - , _ . . . .. . . � . . , . . . � . . `°i. �� „ � • �� 1 ; �, � ' ' . , , i, .� ' 1 . .. . . ' , � � I ' � ', • ' ' � t ' ` • ' � ' . I . . I • . . . • ' • ' . ' i , ' . . / . . . . , . . . ` �. . E ' , . . .. . . . . . . . . ,1 . : . f � . . i . . . . J'� � . � . � ' ' • . . ; . • • , ' . ' � 1 ' . ' , �!' I 1 i . ,� . . � � . ' . I. ' � ' .. . ' . . � ' ' . ' �'• Ark's nyanagement,fee is :5°% o� the account per. yaar which compares vary favorably to the � , industry and the other. equity managers that th� City has. , This �es is also the lowest fee that they. il cha�rge: � � � � ' , � � ' � , - �. Sisff recornmer�ds that the�current equity pjartfolios be�rebalariced and #hat S25 milli4n be glven to " Atk: � . � � � . . �� � Sta#f wi�� open a safekeeping account at Sun Trust, our, safekseping ser�ice, and facilitate the t�ansfer. � � � � � , � � � . � , .� � , ;.. � � . _ . � , - . , , , , , � , ... . � , , • , , . .: . . , . . � _ � , , . . � �, � , , . . � ,� � � . , ' � , � � . � � .� � ,� � � , .. � . . �`. . ., � ; ; � ,� � . � � � , . �. , � , . , ., ' , � . . • . . � . ;� , � . . . � , � , I' . � ` . � , . . , • � , . .. , . . . . ` I . , ' � ' � � ' , . , ' f � . -°7� x.� �. , ' ' . . . . .., .... . � . . . �. � , � � � • . v • � . � • ,I , . . .. � �s.�. �� , f ... . . . . 4. . . .• � i ( <.. ..�. ,. ♦ � . . . .. . . . . . . .. . � . , , , . . � , i .� - ' . , ' f , .. ARK ASSET MANAG�MENT CO., INC, . � � On� New Yvrk P�azA New York, Ncw Yark i0004 This will corsfirm th� agreement between Ar�C Asset Management Co., lnc. (the "Manager"} and the r�n�fersigned �Genk {the "Ciient") wf�e:eby the Manager will act as investment adviser with respect to certain of the Client's nssets designated as t�e City of Cle�r,�vater Ftorida Employee Per�sion F�nd, � i. APPOiNTNiENT OF'I'H� MANAGER (a) 'I'he Ciient hereby appoir�ts the Mariager and the Manager hereby accepts such appointment, witla respect ta the Account (as defined in paragraph (b} o£ this SeCtion �, �elow). The Manager shall mana�e #he investment and reinvestment of the �ssets in the Account; generally in accordnnce with the tcrms a�d conditions of this Agreement. (b) 'Ii1e term "Acca�nt" sh�ll mean or�Zy those ass�ets of the Client designated by the Client and he�d at Sun Trust. � The Account shall consist of such assets which, from time to time, the C�ierit places under the sup�rvision of ti�e Ma�ager, and whic� are ucceptable to the Manager, and such additions�l assets which shall result from transactians iri the Account. The Client sh�ll have ti�e righE to make witf�drawaSs from thc Accaunt a#�er giving Rdequate writter� notice to the Manager in lig�t oi norma� setilemer�t praccdures, 2. DISCRETIONARY AUTH�RITY. The C�icr�t hereby appoints the Mar�ager ta z�ct as the C1ie�t's agent and attarney-in-fact with Eespect to t�e inv�stment and rein�estment of assets in the Account with full power and authority (s�bject to Section ?;�creof� to direct any custodian of the assecs di the Account ta purchase, s�ll ar eacchange any-stocks, bands, options or other securities or such ather nssets wliich �re accept�ble to the ManAger rndividually, "Security" ar►cl coliectively� "S�urities") and to issue d�irc�tly to a broker or dea�er suc3� orders for ti�c purchase, sale ar exchangc of Securities ar other property, as the Manager may deem appropriatc nnd without prior consultatian w�th the client. 3. CLIENT 1rTEPRESENTATI'DNS. The Ctient represents and warr�ts to the Manager that: (�} the assets which car�stitute thp Account, and any custodial agreements w�th respect chereto have been �rovided to the Mans�ger; {b} if the Ctient is an entity, the person{s} executing this A�reement on �ehalf of t}� Client has full pawer and auth�rity to execute tl�is Agreement on beha�f af the Ciient and � the �lient's execution, delivery and performance of ti�is Agreemcnt will b� bindin� upor� th� Client in accardarice with the terms i�er�;af, �.nd w��l not vinlate any obli�ations by w�ich the Client is bound, whether arising by cnntract, operatian of law or othcrwise. 4. R�PRCSENTATIONS 4F �NVFSTMENT MANA�ER The Manager repres�nts an� warrunts to the Client that it is registcs•ed as an investment adviser under the Investment Advisers Act of I940. � � ` �t�` . . , . � . 5. ALIACATION OF BROKERAGE. Th� Managcr may setect brokers ar dealers to �xecute orders for the purchase, sa3� or acchange of Securities far the Account� so lon�q as thc Manager uses its best eff'orts in see#cinng a combinatian afbest price und executian. Moreover, tize Manager is expressly authorized to cartsider the �tci that a braker or dealer has furnisheci statistira� reseArch ar other inforn�ation or services which enhar�ce the Manage�s investmer�t researc� und partfolia management eapability genc�r�ily. Notwithst�di�g arsy other provision he�eof, the Manager, where possible, may n�Botiate with and assigri ta a brokex a com�nissic�n which may exceed the cam�nission charged by another brok�r, where such commission r�suits from t3te Mar�ager reasonably ta4cing i�tto accaunt the qu�lity �nd reliability of the brakerage and r�search servic,es provided by ihe 5ro;cer, v'scwed in terms of either the partiGUlar transactions o= t�e Manages's o�erall respansibilities wsth respect to the accounts us t4 which it exerciscs investment discretion. 6. PR�CEDURES Wl'T�I RESFECT TO SECURITIES. The Manager sha11 not act as custodian for th8 Account ar take or hava possession af ariy assets t�ereaf, instructions of the Manager to the� Client (or, if' so directed by t}ie Client, to any custodian af t4�e Accaunt) shall be in vrriting, or by e]c�ctronic mc�ia recc�gniz�e�i by estnblisfied inctustry practice, or shall be made orally arsd confirmed i� writing as saqn th�xeafter as may b� practicablc. The Ma�ager s3�a11 instruct �1� brokers exccuting orders on b�half af the Account to farwa�•d to ihe Cti�nt (and/or, if so directed by the Client, to any eustodiar� fvr the Account) copies af �li brokerage cor�f�rmations promptly after exe,cution of all transactians. 7. INVES'I'MENT OBJECTIVES. Tfie Clierit represents and warrants that a true and complet� statement oFthe inv�stment abjecti�es of the Account is attached hereta as Exhibit A. The Manager shall he respa�'bi� orily for the management of the Account in a manner gsneraily consistent with Exhibit A, or as Exhibit A may be subseques�tly revised ar replac�d in writing by the Client, r vi d, aw v r, tnat the Ciient s�ail �at instruct tf�e Manager as to specifc Securities to be purchasad, so�d ar exchanged. E111 Securities ucquired far th�: Account and pasitions �eflecteri in any periadic report furnished to the Clicnt will be deemed to be in compliance with the investmeni objectives set forth on Exhibit A un�ess written notice from the �Client to the contrary is received �y the M�a�cr within 30 days of the first not:ce ta the Client of �ny such acquisition or pasition. 8. REPQRTS'�'Q BE �l'JRNIS�iED B�l TIiE NIANAGER. Fo��owing the close o#'c�ch fiscal quarter� a summary valuation of'the partfolio wil} be submittecf to #he Client ar�d a represeniaiive of the Manager wilt be available for personal cansultatiar� with the Ctient or individu�ls dcsi�nated by the Client. Th� scheduiing af these mcetings wil� be at the canvenierice of both parties. 9. SERVICE5 TO OTSER CLI�NTS. It as understood tHat ti�e Manager, its affiliates, ofYicers, directors and/o� employe�s perforn� research and in�estment advisory serviccs far clier�ts ather than the Accour�t and may purchase arid se�! Securities for their awn accounts. The Client agrees that the Manager may give advice and txke actian in the p�fom�ance of its d�iies to oiher clients which may difl�'er from �dvice given, ar the #iming or natu�e afaction tak�n, with r�spcct to the Accaunt. Nothing in tlus Ag;reement shall bc deemed to prevsnt thc Manager or any of its affi�iatcs, oi�icers, directars or emplayces fram engagirig in such activities for any other Glient ar for their own accounts, or to impass upon the Man�ger any obligation to purchase ar sell or to recommend for purchase or sale for the Account any Security or other property which the Manager or its a�ili�tes, o�cers, directors or employees may purchase or sel� far thcir own accounts or for the accaunt aFany other c�ient; ro�a�a, owever, that no such transactian s�all violate any app�ica�2e faw, By reason af its research and invesiment advis�ry activities, the Manager, its afTliates, offscers, directors and employee� m�y from kime to time acquire informatian abaut corparatior�s or other entities s�d their Sec�rities. The Client recagnizes that the Manaser may not always be free to diwl�;e suc� information, ar to act upon it, nnd the Manager sha11 bc undec no abli�ation ta do sa. _2.. , , . . 10. LIAB�ITY. The Msnaga' shall c�rry out iis duties with the care� skill, prudence ar�d diiigenee � , under the circumstances th�a prevai3it�g that a prudcnt man acting itt a iike capacity and familias w'st� such matters waul� use in thc conduct of an eritcrprise aFlike chsirracter and with like a1ms, The client underst�ands that risk is sstherent in s�ny ��►vcstmer�t process and t�at ti�� Manag�r cAnnot guarantce profit�bility, � 1�. CONFXDENTIALRELATIt�NS��. All in%rmatian and recommendatians furnished by the Manager ta the C�erit sriall be regarded as confidential and fc�r use on4y by the Clisnt or such persons ss the C�ies�t may dcsignate; and �oniy in connection with t�e Account, except far aI1 documents cnvered by Florida Public Records Law c�Apter 1 i9. Thc Marrager sE�all regard as confidcntial all information furnished io it here��s�der conccrning the ai�'airs of ths Account and the Client. . 12. FROXIES. Tf�e Mariager will nat be required to take any actian or render any advicc with r�.sp�ct to the votin� oiproxies solici#ed by or witl� res�ect tn tSte issuers of securities in which the C1ier�t's asseta may be invested hom time to time. However, EHe Manager may, at its discrction, advise the un�ersigned andlor the cx�ta�ian �of the mar�er in which tn vot� any particular praxy►. In #he nbse»ca of any cantrary decision by the ur�dersi�ned or contrary instructio� by th�m to the Cu�todian, the und�rsigned or Cu�todia� shall vote such proxy in the manner sdvis�d 6y the Manager. The undersigned sha�1 Enstruct the Custo�ian dithe Manage�s discret'sr�n�y autharity as provided herein. 13. �"EF.S. `I'�e camp�,5at'son of the Mviager far its sesvices hereunder shal� be calcuSate� quarlerly and paid in accordance with tf�e Schedule nf Fees attached hersto as Exhibit B, i4. TERMINA'TIUN. Tlus Agreement shall continue in effect unti� terminated by eitlier party by givang to th� ather party #hirty days' prior written riotice af such t�rnnination. Fees owed hereunder will be pro-rated to tHe date af terntination as sgecified in notice af ternunation. Na assignment, as defined in t�ie In�+estmer�t Advisers Act of ] 940, of this AgrEement, shall be made by t[�e Ivianager without the cansent of the Client. Ttus Agrcement sha!! t�e ei�ective for a period o� f ve {5} yea�s commcncing an t�e effe.�tive date of this Agrcement. ' 1 S. NOTT�TS. Ali �atices specified herein shall be decmed duly given if trarismitted by first class mai3 to the Manager at the address set forth above; and if to the Client at the address shown belnw; ar to such other addrasses as shai� be speci6ed in each case, in � natice duly given. 1 G. GUVERI�EI�IG LAW. Unlcss unet�'or�eablc due to federal or state law, a�y contro�e;sy €uising out of or relati�g to the CGenNs accoun� or Ea tc8rrsactions witi� the Manager for the Client or this Agre�ment ar i�e breach thereo�, sha�S b� settied �y a court a� comp�teni jurisdi�tion in Pineffas C�vnty, F��rida. This Agr�emern sl�ail be govaned by, and construed in accordancc with, the laws �if the State nf Florida, withput regard to the conflicts of law princip]es thereof, ar�d th� federal securities laws, l7. R�CEIPT OF DISCI.OSURE DOCUMENT. 'T�e Client acknowtcdges tE�at it receiv�d a copy of Ark Asset ManagemenE Ca., Inc.'s disclosurE document under Rule 204-3 of the Ir�vestment Managsrs Act of �94� at leasi �8 haurs prior ta entering into this Agreement. -3- .. ,. ._, ... .. ... .. i , � . �, . .. , • .. . �r .� ,, •,r�, ., ��,`'.�. .'%��;�;, i,�' 1.��. . "l' 4 '�.l�. . . .. , i .. � ... • � . ` .. ' . , ' .; .. ' 1i ' t . . � . , f ''' .� � t ��`.t'1r, � .i � " . . � . . . . _ ' .. 2 . ' � . . � � . . " � . � ` ,r� 1 ' �. 4 . . ' . , , , � � . , � . � . • • . . • • I , , � � . . 3'.1 1 � .,� , ' � . , � . . � ' , ' ' . ' Y . . � � 1 �' ' � ' • . � ' �r'�. �'. . . ' .�� . . �. 4� � " 1 � . . � .. . . , . . . ' � ' ' , ' , t` . . . � . .. �'F � • . � � .' , •'' � . . � , • . . ,� . , . ' . ' � � ' , i, ,` ��,' , ' ' •,. � � ` 1 .. � � 1 �1= � ' . . . .. � . ' � ' , ' , . `f . ' ' . . r � E,� ;V",�, 4.. ,, . � � .']. � . � j � J .. -E: ,' .: � , ' , � ' ' ' ' , , , �., , , ,.� .'�• � • j' � •�� 5 '� ' , � ' . • ' , ' ' � . � , ' � ' . , ' t,, � ` r. ' : ' . � ' ,t � . �' ' • . . , . , ' � , ' : . , � ' . .. ';� :' , .. � ' $ . ' .,�.,f,�:. �, ' . [, � ,, ., ' .., , - . �:;�' �. r � ��'. .. .�'f �� '. � � . � . � � , ;, .. . ;.,� ., , ... ..,. .,, .s,�w r•r�*''�i�YJdr.,�•�'...:1s�.iY�.�`t5��...., �. � .,a.i...r.z.F_�.,..«���:• �-a� ..,. .�ia. .,.�,�r,, ., .: �i•. .:�' . ' . . ���... .: . .. �I ' . , � . . . . ' . ' , ' ' ; . . ' ' • . . `����.' .� If the �'aregaing is �n acx�orclan�c with your understartdirtg; piease sign nn� return thc enclosed ca�y of ,' . � this Agrecmcnt, This Agrecment shall became a biriding agreement betwee� us as o�'the �atc accept�d in ' . ,� . writing by the M�nager. � . � � . .�, ,. . . . , , �'" � � � .. � . , . , , . . °. � � -. Countersigned: � � ' � CITY OF CLEAR.WATE,R, FL�RIDA, � , � BY:. � . --.. _ = ,� . ' '. � � ' Rita Garvey � � , � � . �lizabeth M. DcFtula �, ' . � � Ma�►or-Commission�s - City Manager , , , . , . ' . � . , . . . . � . 1 � . ' �� A�Proved as ta form,and'. , � � Attest: � ' . . � Zegal sufficiency: , • . � � � . � . . � �� Tohn Carassas . � � , , Assista�t City Attorney � Cynthia E, Goudeau ' � � � � Ctty Clerk � . , . - '. ACCEPTED: � �. . . �. A,�k Asset 'n nt Co,, Inc. ' . , By: . : � � Dat�d: '�i � . � 3, �Y Meqmetstein � • Chd�f �perating Otiicer �... _. . _ . ,. . -4- , `��A,if; ,,i i,: _ ; < .. �-t.. .. . ' . 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