05/25/1964
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POLICE
SUPPLEMENTARY
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PENSION
Minutes
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June 1, 1964
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
A meeting of the Clearwater Police Supplementary Pension Fund was held
at the Police Department on May 25, 1964 at 2:30 P.M.
Present for the meeting were: Police Chief W.D. Booth, Guy Kennedy, Jr.,
John L. Martens, capt. William McClamma, and sgt. E. Lester Marston.
Mr. Martens informed the group that all of the bonds were sold, and that
the money was in the savings Account at the City National Bank and that
on or about June 1, 1964 checks would be issued by the, Clearwater police
Supplementary Pension. Fund to the federally insured savings and loan
associations chosen by the Board of'Trustees at this meeting.
Mr. Martens suggested that one-half of the funds be placed in the high-
yielding California associations which are insured, and the other one-
half in Florida Building and Loans. He stated that letters should be
written to the banks selected, requesting the necessary signature cards
in order to open an account for the Police Supplementary Pension. The
entire transaction should be completed before June loth in order not to
lose any interest. Mr. Martens stated that the amount in the.Savings
Account at City National at this time is $92,493.00. Mr. Martens stated
that he thought it was a good idea to confine the maximum initial deposit
,with each bank to $9,000.00 rather than $10,000.00 in order that when each
account with interest accrues $10,000.00, all monies in excess would then
be placed in a local savings and loan institution. All members agreed with
the aforementioned recommendations.
The Board discussed the various suggested Savings and Loan Institutions,
and after a lengthy discussion, unanimously selected the following
according to geographic distribution:
First Federal savings & Loan, Orlando
First Federal Savings & Loan, Sarasota
Ocala Federal Savings & Loan, ocala
First Federal Savings & Loan, Melbourne
First Federal Savings & Loan, Winter Haven
Pasadena Federal savings & Loan, pasadena, California
First Federal Savings & Loan, Las Vegas, Nevada
Edward L. Johnson, Trustee for Financial Federation, Los Angeles,
California. It is understood that $9,000 will be deposited by
,Mr. Johnson in the three federally insured savings and loans he
represents that are presently reporting the highest divident yield.
sgt. Marston moved that the Trustees empower the Chairman and ~he Secretary
to open savings accounts in the above named savings and loan associations.
Withdrawals are to be permitted only upon'two signatures, that of the
~/. Chairman and the Secretary.of the Board of Trustees.. Mr. Martens seconded
the motion. Motion carried unanimously.
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June 1,1964
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',Page' 2
clearwater Police Supplementary Pension Fund
(Meeting held May 25, '1964) 'I'
'l?1ere : was
:~rus.tees .
that ,write
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as'towhat
. the amount
a discussion held on the subject of bonding the Board of
The Secretary was instructed to contact,s~veral agencies
Fidelity Bonds, and,.ask them to submit proposals in writing
the cost would be to bond each of'the Board of Trustees in
of $100,000'"
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There ,being no further business the 'meeting was adjourned at' 4:00 P.M.
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