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08/22/1973 C,Cl .'< " ~ :'.1 . : \~; .. .': ~r ~. :..,-:(~,~ ..,'~",'::</ "" j' . C, . '.' ~ " ...::....... ':'<:{"'I!;~' ::.::;,::;':';:f'i ,"::r:':;!;:?r~~;i;; :'\:'I~'\~. .: ~, ::~: "}; ,"l fill,~l":~j!!J;(~tr';;);,':,'~' ';\;;'::':;:'{'<>:";:' , ", :.' " ; t ; ~j/..::/:., ", ,; ,:: <> '.' ~r:/.,:'j"C. '<\; '1, '>';. <" '1.0">. . ~ :: '~.~':':J,~~.l~>:.,.. ',. .,.:.,:." :h~ :);,:;;,'';: ; "',c, , "':,' . ' , < ,'" 1""'.' {I' ~;~.; '.< "~~l" .~. .':', . ' .' ..' : ~%},. ,~>; h'~ '~..."'1.~h..,",,,,,,,,,' '".;,: ' i,," ,.:' ~. C , . < I ~ r " " .'/< '\ . ) '..,';.:>:.; ~',",~" '" <. ,+ \.' t', ", :.J ': : , ~ c;' .1.,;.; : 'j ,:' <,..' n ..::,,):', ,~ . .." ./.. '. , . \~'.' ':} C." .1,iJ " ., .' .:.... . . " ~: ~.~:~.........~.~f.'~~+. r....:..~,.".+. ~,; "f'r, L' 'r ..-1'..,-: . ~'w 'A". ~ ' i" ,1' 'I ; t. , , .', ,~. . f tJ'. 1; , " " ,'jl " , ' '1 POL,ICE. "... .1, .:SUPPLEMENTARY . .'} ,PENSION 'Minutes " , , :. " .\ .'j' '.." '~; u UATE rst 73 .' " , :;> .~. . . :. 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" , , " ,.', ",'"j. t} . ," '{ 1'1 . .....' < , , !' ~. ." > . ~:i:;;':';,,:';:"J,:., ..} .'~)'; ':' ','. . f,,":,~I/it<lI'!?l'~~f(.!:f!~V(W.1'Wi~, ,Uh~:!~1~1~~,:"!,,...;>I""_""""~:':" ',: ;~\::'J . . ,I ; . , '" :J'. > ,. , -,"" . .t '" "", ,11: . " c', ..... <. .,'>.".' "., , ., , . .. ~. ... ~'~,",:,"I'I.'\""/\:"'.l'l'? I~,; ~':'''''': "JJ<',~. i,;~.'",' ,IH.: I , " .' :... ...: '.' ., .... ,..' .' '. . , ,. f.' .^' -/.".'" ""';':,,"; '~'~'/~"'I>,t~";~ . '.:::>~E :...~~. " 'I. '~ " \~ . >. , '~~ } ~ ~ '"I" ,. . . . ..' " I I" " ~c"'~ I~.""'>> '-'! .. ~. .. t. ....' f ~~''': ;'{,~.t ~J~ '.': \.::~~,,<:~(1. 'tit;; \"" ,,: i.~, '1;-~ '.1." ~(~.., '. ". -'( .\ . . , ; - ,~j , " , :.; ~:~ ',~ AGENDA '.' , c"t '.'1' .1 Clearwater' Police Suppl ~m entary '.Pension.Fund, . , .: r~ MEETING, " <., . . ~ " " Wednesday; August 22, ~973 at 2:00 P. M. in Offic'e of Police' Chief 'Frank Daniels. , . .', ,I . ITEM ,#1 : \ Annual Report witli'r'espect to Cash Surrender Valu~ of . tnsurance Policies , 'i ITEM #2 ..~':'""""'.. . .~, " >.1 '-.:,..... , . 'PassbookSavings Accounts , ' ITEM'U3 , , '" Fisqal Year Reporting Date for Annual Report '.. -......" /-:'- i?t1..fJ<" "\) , .... ~ , ~~~ / RANK DAN! 5, Secretary ( learwater P ce Supplementary Pension Fund. Attachment: Copy of .letter from Mr. Marvin B. Clayton, Assistant' Director, ,Municipal Police Officers I Retirement Trust Fund, Tallahassee. , ., :.cl' , ',- ',."\ , ': I , '. ; " ,: i.. , .,1 ,,\~ ~ ~ . 1 0 '.~L~'~i:: ~'~. : . ...J. ,: , ....' '. ,'., ' ,., I h , t'. , ; :,,', . '".}' '. '\' 'j" . ,I,c,.' . I ,,"'1 , . , !,. ; , . ,;I~;~-(~t',~!~(t~~."'~~V"'~ll''''':-' ""'.. , . -~ .' . " : . ' ., , !), , \' Ii ' . t . v " e . i~ 'f I' '" ii' , . . 11 t.< ~ ~' . C ~ " \; .~, F " '1" ',.r ~ . ~ . "I . .. ~ .,," .' .J' ; ~:> ..' C :~ ,,' 'c' . 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'., t l .'; .... 1 "t,L" ,",,'." ", ,,\ '.'" " , , .. ~.... .,. "' ,'" (:) MINurES Clearwater Police Supplementary Pension Fund. August 22. 1973 at 2:00 P. M. held in Office of Police Chief Frank Daniels. Meeting was brought to order at 2:00 P. M. by the Chairman, Mayor H. Everett Hougen. Those present were: Chairman Hougen, Chief Frank Daniels, Patrolman Jerry Roberts, Donald Hibbard, Captain Bernard Enlow, and Guy Kennedy, Jr.. Assistant City Attorney. .Minutes of meeting held January 9. 1973 were accepted by motion made by Donald Hibbard' and seconded by Jerry Roberts. Motion carried unanimously. First itern on the agenda was the annual report with respect to cash surrender values of the insurance policies. Chief Daniels referred to a letter he had received from Marvin Clayton. State Treasurer's Office, Tallahassee, in' which I .' . M.r. Clayton stated that the cash surrender value figures the auditor had . submitted were different from those submitted by the Annual Report. Chief Daniels advised the Board that a letter had been written to Don Owenby. of the Provident Insurance Company.' Chattanooga. whose firm had furnished the ......\. figures, requesting an explanation of the cash surrender value figures. Mr. ,_..' Owenby answered the letter direct to Mr. Clayton with a copy to Chief Daniels . in which he explained that the difference in the figures was due to the fact that the cash values furnished the Auditor ($157,268. 84) represented the cash values as of September 17. 1973 anniversary date of the plan. Cash values furnished for the annual report ($136.804.91) were the figures as. of the September 17. 1972 anniversary date of the plan. . Item Number Two on the agenda concerned the Passbook Savings Accounts. Mr. Clayton had noted in his letter that there is an excess of $140~ 000. in Passbook Savings Accounts. He suggested the Board consider some other investment with a higher yield. Jerry Roberts had facts and figures from First Federal Savings and Loan ASElociation of 'rampa with regard to $100.000.00 Certificate of Deposit. Mr. Hibbard advised the Board that he had conferred with'investnlent counselors at his bank. the First National Bank of Clearwater with respect to certificates of deposit. Mr. Kennedy felt that the Board should invest only in amounts which are insurable. Chief. Daniels advised that he'had talked with Raymond Lee, President of the First Federal Savings and Loan of Clearwater who quoted the following yields for C. D. IS at this time: $1.000. CD for 12 months-5. 5%; $5,000. CD'for 30 months-B. 75%; and a $10. OOO~ CD for 48 months-7%. The Board also discussed the fact that early conversion of C. D. 's the rate reverts back to ~assbook Savings rate for swn converted and you lose 90 days interest. u \, "'.' ,.; . " ~. . . .... t '.: . . ~ .. '. , . "F ...' , ., ',' . 1~' ~ ~ /!>) . . ~', ;'. . ..' 'j.:. . ~~ . ~l, '. I~'~: "';1 , :,;'::~ ',' , 'oe , /. ~ .~ '1< ! " , ,~c~. " ,.':','r '>,'.:: : i, .':! ~,r: "X' !r~t'\~C<':j"" ""I~,",";- ~. ~. ; . ' : . . , . '," ,," :.;~./:.;.. " ,..-,:.. ::<):.;:'::::"""I"~:f1' . j" '. ., ;:\: '. 'l' , 'I . .'" . '\-' " -. '." . ,'. ,,", ,I 1.R.' ~ . .' t, '( ". ~. " ' . r".. .; -: ': . .' , :".: . ': r ... ., < ,I.", . : , ", I. . I' . .' [ I ~. l::....,:':\::.. -I.' . . ., , I .'. . ~ . ; ~. . ,.... "" : : ~ . .', , .... L'," I, . . ,~ . .~;~ ..~~'_~.r.:.. ~ ~~"'.~'J:."~'M,"",:1:,~41~MH~"'" ~~~~~:.~;..., '~Id . .~ c,_.,. ,h~'l" ~'''''_~''l'~''': <. <' "~I' . .. ~. !~ ....,;,) MINUTES Meeting held August 22. 1973 J~\ . '..1; '..( ~~ :~ Page Two .' :~ .' , Clearwater Police Sup'plementary Pension Fund . . I' ,:Ii . ,':.';, , :.,,\, . "I , ""0' , ,:. ., ".. Captain Enlow made a motion that the Board invest $100.000.00 in selected local Savings and Loans or Commercial Banks paying a minimum of Six. and Three Quarters Per Cent for a maximum of thirty months and that the Secretary be authorized to complete thes e transactions. Motion seconded by Jerry Roberts and carried unanilnously. ,>,: '- I' .' '1,.- ., ;> .1 > ., Jerry Roberts made a motion that the two Passbook Savings Accounts in California. namely the Prudential Savings and Loan of San Gabriel and the Pasadena Federal Savings and Loan of Pasadena. be closed out and monies returned to the Passbook Savings Account' at the ,Barnett Bartk in Clearwater. Motion seconded by Donald Hibbard and carried unanimously. 'M~. Kennedy brought up the fact that perhaps the Board should consider 'ren~ing a safe deposit box for the safekeeping of the certific,ates of deposit and passbooks. Jerry Roberts made a motion that the Secretary be authorized to rent a safe deposit box and that Frank Daniels I name and . that of his secretary. Betty Ward appear on the bank's records. Captain Enlow seconded the motion. Motion carried unanilnously. .,. '., .'" " , " 'c:"\ ::,>:~':;' " . . . ,,'.' : ;':" ~ ~ I ~ . ,There being no further business. "'" the meeting adjourned at 2:35 P. M. . R e~pectfully SUbmit~d. ..,:-~ ' \ ' . ,...-,' "........, l..."'" ... . J.lU 1J{.., l,.......'\....--.:--\............~' .' FR~NK DANIEL. Secretary Clearwater Po1ic~ Supplementary Pension I ,/ " , ... . ",)' ., , " " .... " :' 'j -'. '. , ,'. .' . ~.<.', '. , ,"; Copies: H. Everett Hougen,' Guy Kennedy. Jr. ",-~., . Donald Hibbard . Jerry Roberts ,B ernard Enlow I ~~ : \,:.. :' .1" ',," :.;1 ..-J : ,t. ....\, .... ~ ",'" ~ ~ I : :~',' .' '. -. ~ . . ", '"_. , ~'''' ,'; ~ ,", I......> <',"')":" '" .-,. ,. . ~~', '., . , ",,' .1....:....".....'.... ..',\ .". .... . .' '.. .."-,;'.',.:,u::...',..!:.' 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