01/19/1967 ?
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POLICE
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SUPPLEMENTARY
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JL-d
]PPENSION
Nflnutes
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DATE 1q, ?6117
Cl 0.3 `~I
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IMinutes of the meeting of.the Board of Trustees of the
C learwaer Police Supplementary Pension Fund, held January
19, 1967 at 10:00 A.M.'in the office.of the Chief of,Police.
Those present at the meeting were Mayor Turner, Assistant
City Attorney Guy L'. Kennedy, Captain William McClamma and
Det.Sgt. E. Lester Marston. Mr. John Martens was unable to
attend.
The meeting was called to order by Mayor Turner, Chairman
at 10:00 A.M. The minutes of the meeting held September 28,
1966 were read and approved.
Mayor Turner advised the Trustees that all deposits are now
insured up to $15,000.00 and that perhaps the Board would like
to adopt a Resolution stating that the monies now on deposit
in the various savings and loan institutions be allowed to
accumulate until they reach $15,000.00, rather than at $10,000.
as they now are set up.
Captain McClamma made the motion that the various Savings and
Loan Associations where deposits are held be instructed that all
future accruing and payable interest dividends be added to the
principle balance in said account, and that this procedure be
-- followed until the principle balance amounts to $15,000.00, and
that a certified copy of the Resolution be furnished to these
Savings and Loan Associations authorizing them to send all funds
in excess of $15,000.00 to the Board of Trustees. The motion
was seconded and carried unanimously.
Sgt. Marston made a motion that the Board of Trustees at its
discretion be authorized to purchase certificates of deposit in
various financial, institutions as funds are available up to a
maximum of $15,000.00 in any one institution. The motion was
seconded and carried unanimously.
Since the Board of Trustees are limited in their investment
powers, Mr. Kennedy asked whether or not the Board would like
for-him to check into the possibility of their broadening their
investment powers . Mr. Kennedy stated that he recently had
worked on such an act for the City Employees Pension Plan. The
Board agreed that Mr. Kennedy should investigate this matter and
that a proposal be drawn up and brought back to the next meeting.
Chairman Turner read a letter from Mr. Don Owenby of the Provident
insurance Co. regarding officer Melvie Dyal's retirement. Capt.
McClamma and Sgt. Marston both questioned. the legality of paying
out of the Auxiliary funds the amount needed to purchase the
paid-up annuity for Melvie Dyal. The Board requested Mr.Kennedy
to telephone Mr. Owenby in Chattanooga, Tennessee in an effort to
obtain something in writing which could be presented to the Board.
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