03/09/1976
"I
! ".
lttl.~~.f."'}\':",:, "', ..j,..<!,.;....,',' . ,',"",'" .;., ":""'",';-"
~~..~~\fl\~~. \. \\( .. .'\ .' \ \.'., ~~'"t ;Jt .... .'1' ~ ~~. :' .'I:",V~:,;r::.
'~'::0,~;',::..;:-',;~: ; >- 'i, ,~~'.:':';;-, .,'....,'..,::' ,......
~,~:;,'."';.~':~ .
'. ' ~:
~ . . ~. t.~ .".
. . ."'. .
. ',' .
;\
"',
';, .~: '"J,
1
\: . ~' .
"1.:; :.;, '.
'.";~\' P,'
~~~'~'~.L. ~,~.':, "'.;, ;,
'I
'"
., '
..' ,
~", . ~'
l~/' ~.~" .. ~
T<": ~. :, ~,' "0 "
'J' .
, ,
','
\:.c'
, "
I, :
"
'. . ~ . ~' I " !", ; +
,'"I' ,.
, "
. ~ j..
, .
'I,
. ~' I.' . ' .'
,". ,
','
.\; " ~
c'.\
..."C;" .
, '
+ I . ~. I
, "
>~
. "I.
.' . .
, ,
::.~,::""",,,,,,~~;~~u:"'~\~~ic~~...t~'t./~l~..~.....':t!~."'4...;t'"'t-~ ~:.;..,:,.~f,~~t ~~/'I'. . "I' ....T,'~.., t ~.t. .~,
, J
\ . ~ ",' ,n
"
1,;,
I:.
POLICE
,>SUPPLEMENT ARY
PENSION
, Minutes
"DATE
Mareh ~ 19?~
0/51
~~rif*i';"~$.~t':.'1t'.$~:' ,'Ii":, .. ,....4UI~..'~I~.\-~. ~,\..ILJ: f".1-. .." ..'~ ,~ .'....., ~ r .
'f'\4t.~ 'l.::~t~~.....~ iJlI "~"'H.r..~~ ,.~~--l:;({';, '" .1'. ,:", J ~....\ ,. ......'" \ :h""~'1'~~
:ii;~}:~(};);~:::,::\::.~:';\~?::.~;::;r.:":':':J/::~.~:!s~; :,:':'; ,,;,,,:::: ,n';.i. ,!\\':, ~:," '. ,:..:, : ." ";.,,
}~,j:~:.;...,...r...c ,. ~c:.,1 .' ~ . .
~;;n'.:i: "'" ..' ,
r~.!':":"::":: ',' ' , ",,,,;'
l ' . . , . , . t ~. .
'~'.'~.:':,,':~~:.<: e~.,c. '.1":' .~.." .,<.... l'~.'
~,';@;,'}'),:;,; :ji ....,.. .'.; :,', ,; ,.,;"'.",.,,,', ,.I,""
_ ' .~. :..' ...', . , . . " I '. I
'~*f"m.~~;;~~",~l~;'!f",;'; · .' . ,:,.
:~~1 ,f:.;'t ~~ ." ~,\"-)!',,,.1J1 .'r, d '7f'::~. :-'i1 r~;p~~~;,,~;'i"'\:-~ II~r.,\J.l;"~'''' '.Ti'l-~:~'~~'>'ri"'I;.,,,,, e" .'
'if;y.:,:,:. ".,....' """"'d"",:
i.ill' "
'~'~).',' ,
.<' "!" ,'; '<:'.":<:;:':~"?i~';:-:;'F",:,:'~;;:\:>~:::;t;\'r;(,:!'~S1~!:::?V:'>?";!i~
>1'-
.< ,"
· ',,<<n
:':<"'>)i
,"
,'," .\'
<,,: :t
.". I.:.
\ :
.' ,t,:"
. '.' c~_~
,.
I'
., ~ .
, 'L.
'"..
C, II . '~.:
'i
.,'.:
,,::'; .' ,',
. ".<\, '.
,"
!
"C,,"'\
.t .'
"
. ,- '.
. i
:~' ,:; ,:t;;i
.,,, '~i~
I',
,"
<,'
, "
, '
f,'-.,.
"
.\+'c
, .
,/"
" ,
<, .
",j"/
.' .<' . :.. '. :~'~j
I .J' ""~:;J
,: :~."c,',,~~',,;~;,,;,~;:,,;,/::
!: >.'1 ~
., ,< f:'
.> j v;
','S !:
"
:'.~ ... . '''I.t..~:"~.."i:i:.';' ;.""...1. ''''~''!d."..~.~........'':'... '''.,1,._ ~,
I'
'I"
,( ./
: :~<
"
, '~
.:~
'1'.
,',
I,..
~,
.~
, '!..:
'"I'
, ,
" .':'tf
'. \."".
. . , ,: ~ .
, 'I'
, !:
.." .
";,\: ..
1:"7'>,
',/ "
"I .'
~:>l!O .r
,',
r \ :. . .
"0'
,..f.
.;.:.
!( ,
.~ \ ~', .
/" '/
AGENDA
Clearwater Police Supplem~ntary Pension Fund
II~' I,~
"iO~JO'A..M.
'0.." .
I," ..
i'
....' <
Meeting:
March 9, 1976
',.
,.
F,~
'! ~
'['-
..
,,'
, .
~,
Conference Room, Police Station
M,AI~~*j , !l P JAN. /)-
of Certificates of Deposit ./
A f I' yo, II' K. /;':
katur~ng
!f )6
:".
\:,'
yt.
~. d '
'.d.
:';"
'I,
, "
j,
3.
Approval
Life. and
in the
premium
Donagan
of Invoice from Provident
Accident Insurance Company
amount of $Si7.13 for insurance
for Police Officer Kenneth H~
::l.c
~ 1 I'
I,
.~ :f. IT
,.0
.,1.
-.
"
.....,..
LS, Secretary,
Police Supplem~ntary Pension Fund
"
'-'
o
"
\._ .', r" I >
", . \' . \ ,,' .....~ '_. ~
. ..", ".,
MINUTES OF niB MEETING OF BOARD OF TRUSTEES OF CLEARWATER POLICE
SUPPLEMENTARY PENSION FUND HELD MARCH 9, 1976.
I' 'J I')
'\'VJ,'./
A meeting of the Board of Trustees of the CLEARWATER POLICE
SUPPLEMENTARY PENSION FUND
I
was held on March 9, 1976 in the Conference Room of the Clearwater
Police Department, 644 Pierce Street, Clearwater, Florida.
The following Board members were present:
GABRIEL CAZARES, Chairman
FRANK,DANIELS, Secretary
DONALD HIBBARD
RAY KAMINSKAS
WILLIAM SED RICK , Jr.
IJ
Also present were Guy Kennedy, Jr., Assistant City Attorney, and Betty
I Ward, ,Chief nariiels 1 Secretary.
Mayor Cazares, Chairman, called the meeting to order at 11:30 A.M. and
requested approval of the minutes of the meeting held on January 15,
,~'"'\1976. 'Donald Hibbard made a motion that the minutes be approved. Motion
, "-Jseconded by Officer Sedrick. Motion carried unanimously.
Chief Daniels advised that the five Certificates of Deposit which were
purchased September 14, 1973 mature on March 14, 1976. Mayor Cazares
asked Donald Hibbard for his thinking with respect to what the alternatives
would be as far as the investments were concerned, since Mr. Hibbard is in
the banking business. Mr. Hibbard stated that the Board could increase
their certificates of deposit to $40,000.00 each, which is the amount now
insurable. He also stated that the Savings and Loans are paying a higher
rate of interest than the banks, and would think that the Trustees would
wish to close out the two certificates of deposit at the commercial banks
at the time of their maturity. Mr. Hibbard recommended that the Board of
Trustees purchase short term investmen'ts such as one year certificate of
deposi ts and see what 'the market brings. The Chairman asked for the' .
Board's thinking on this matter. Officer Sedrick inquired as to whether
the Trustees had ever looked into placing the assets in bonds or hiring
an investmen't firm. Mayor Cazares and Guy Kennedy both said this aspect.
had been investigated. Mr. Kennedy reminded the Trustes that they must
act in a, fiduciary manner, applying the "prudent man rule", and that
Section 2-21 of the Clearwater City Code is very restrictive as ft applies
to ,investments. Mr. Kennedy d,id not think that the cash surrender value
-J
~
Officer Sedrick made ,a motion that the Secretary be authorized
to reinvest the certificates of deposit coming up for March
renewal at a rate of, no less' than 6~1o for one year, and to
consolidate where feasible, with preferance to financial
institutions located in the City of Clearwater. Mr. Hibbard
seconded the motion. Motion carried unanimously.
"
~ ''1 . ~
, ,
,
,1,.: .1.
,
, ,
'2:.,~' '
"
.'
';> >;:, , '~,,' ;: ,
t;' ..
,'. .'
, :'
. ','I
" '
.',
, \"
i, '~~.., \'.i- 4.n}.l.l ~ oJ. .), ,~ . .
~{~~~.~~;~"/,'1~!)"~~':\~)";~;~,~;i'l~h"J.t, t."~",, "",~"".' ,
.' \. ':-'
'."
". '> ~ '.r" ~ , .' ,. , . . ,I.",..' ,', :::~'/I).'h' Hi
I
, ,
" , N
',\. ,
iO
" ";'J.'
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
Page Two - Minutes of Meeting'March 9, 1976
of the life insurance policies should be counted as assets for
investment purposes, and he felt that an investment firm would
be hesitant to handle this account.
Mayor Cazares recommended that the Board take short term
investments -- certificate of deposits for one year.
" Chief Daniels made a motion that those two certificates "of
deposit which mature on April 24, 1976 be reinvested in the same
manner'as in. the previous motion. Mr. Hibbard seconded the motion.
Motion carried unan~ously.
(""" '
~ Chief Daniels presented an invoice from Provident Insurance Company
in the amount of $517.13 covering the first year life insurance
premium for Police Officer Kenneth, H. Donagan. Donald Hibbard 'made
a motion that the invoice be approved for payment. Motion seconded
by Officer Kaminskas. Motion carried unanimously.
Chairman Cazares adjourned the meeting at 11:55 A.M.
/
I
(
0.._.,/
"
Respe~~ SUbmitted(
. J -::--~ \
'/./;)14- /' V \...l ~_______~.
ANIELS, Secretary
Police Supplementary Pension Fund
I'"
V