10/22/1968
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'POLICE
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,'"SUPPLEMENTARY
PENSION
Minutes
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DATE
Oettllb- d.~1 /968
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AGENDA
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Clearwater Police Supplementary
Pension Fund.
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For Meet~ng of 'Board' of Trustees
to be; held in,Offi6e of Police
Chief: Frank Daniels on October 22,
1968 at 10:00 A.M.
Consideration of ~ benefits
participants. p---.....--
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Review of investment
of. Deposit which
1968.
of
expire
certifica tes'
on October 26,
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
Board of Trustees Meeting.
MINUTES
Minutes of meeting held on October 22, 1968 in the Office of the Police
Chief Frank Daniels, Po1ice'Headquarters.
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Meeting was called to order at 10:15 A.M. by the Chairman, Mayor H.Everett
Hougen. Those present were'Mayor Hougen, Guy Kennedy, Jr., Assistant City
'Attorney, Frank Daniels, Secretary, Mr. Jack Martens, Captain Blaine
LeCouris and Officer Joseph Molnar, Jr.
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Minutes of meeting held October 1, 1968, mailed previously to each
Board member, were approved as received.
'T_"
Item Number One on the agenda was the consideration of adjusted benefits
to participants. Cap'cain LeCouris made a motion that the Trustees approve
,the adjustments recommended by Provident and to authorize the additional
premium necessary to provide this coverage. Motion seconded, by Mr. Martens.
Motion carried.
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Item 'Number Two on the agenda was a review of investment of Certificates
of Deposit which expire on October 26, 1968. Mr. Martens asked Mrs. Ward "
to advise the Board what the Certificate of Deposit investment'consists
of, and Mrs. Ward reported that the investment consists of seven
Certificates of Deposit, each in the amount of $11,000.00, a total of
$77,000.00. One Certificate of Deposit in the amount of $11,000.00 is
invested in each of the following local banks at 5%.
Clearwater Beach Bank
First National Bank
Gulf to Bay Bank
,Bank of Clearwater
City National Bank
2nd City National Bank
American National Bank
Mr. Martens made a motion that the Certificates of Deposit investment
totalling $77,000.00 plus accrued interest be allowed to terminate, and
these funds be invested in United Sta~es Government Securities guaranteed
as to principal and interest by the united States with a matur~ty not to
exceed two years at a rate of 5~/o or higher, possession of the securities
will be maintained at aNew York Bank, and we will have evidence of
ownership through their receipt. Motion seconded by Captain LeCouris.
Motion carried.
Captain LeCouris made a motion that the American National Bank, of which
Mr. Martens is president, handle the purchase of the Government Securities.
Motion seconded by Officer Molnar. Motion carried. Mr. Martens advised
that his Bank would be happy to handle the transaction at no cost to the
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PAGE 2
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Meeting of Clearwater Police Supplementary
pension Fund on October 22, 196B.
Board.
Mrs. Ward advised the Board that' the balance in the city National
Bank Savings Account is $33,365.49 in the event the Trustees might
wish to invest a part of this balance. Mr. Martens made,a motion
that the City National Bank Savings Account be reduced by $30,000.00
and these additional funds which are paying 4% be als~ invested in
united States Government Securities guaranteed as to principal and
interest by the united States. Captain LeCouris' seconded the motion.
'Motion carried.
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There was an informal discussion regarding a 'lump sum settlement
for people retiring from the program for reasons 'other ~han disability.
'Mr. Kennedy was asked to check into this matter and to report further.
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Mr. 'Kennedy reported that Mr. Harry Boggs of the state Treasurer's
Office, Tallahassee had suffered a serious heart attack and would
not be available in his office until the early part of November,
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~erefore a few items are pending awaiting Mr. Boggs' return to
his office before Mr. Kennedy can report to this Board.
The Chairman called on Officer Molnar who had been appointed at the
October 1st meeting as a committee of one .to investigate the duties
of Vincent E. Schineller in his present employment at Sunshine Mall
Shopping Center. A report was made by Officer Molnar.
Chairman Hougen asked each board member if there was any further
business to come before the board. There being no further business
Mr., Martens moved that the meeting adjourn. Meet was adjourned at
10:50 A.M.
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E K DANI L , Secretary
~earwater Police Supplementary
Pension Fund.
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