01/02/1981
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CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
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MEETING JANUARY 2; 1981 AT POLICE DEPARTMENT, 644 PIERCE
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STREET, CLEARWATER, FLORIDA AT 11:15 A.~l.
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AGENDA
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1\~ .. ,'Approval of minutes of meeting,'held' November 7 ~1980.
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2~ ,;Ce~tificates of Deposit maturi~g.
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Ratification'of CD transactions made by Be;tty Ward.
Disbursement of monies to'provident ,covering Frank
'Dariiels'~ retired Police Chief, pension benefits.
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w. H .t1cCLAMMA, Secretary
Board of Trustees '
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CLEARWATER POLICE,SUPPLEHENTARY PENSION FUND MINUTES OF MEETING
HELD JANUARY 2, 1981.
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A meeting of the Board of Trustees was held on January 2, 1981 in
the Conference Room, Police D8partment, 644 Pierce Street,
Clearwater, Florida.
The following Trustees were present:
CHARLES F. LeCHER, Chairman
WILLIAM H. McCL~rnA, Acting Secretary
DONALD HIBBARD
RAY KAMINSKAS'
~'lILLIAM SEORIeK
Also present was Betty Ward, secretary to Interim Police Chief W.H.
McClamma. Richard Griesinger, Assistant City Attorney,was absent.
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Mayor LeCher called the meeting to order at 11:15 A.M., and called
for approval of minutes of meeting held November 7, 1980. 'William
Sedrick made a motion that the minutes be approved. Motion
seconded by Donald Hibbard. Motion carried unanimously.
The second item on the agenda concerned two money market certificates
of deposit maturing January 8, 1981. Betty Ward reported that the
following money markets mature on that date:
First Federal S&L, Largo
Franklin Federal S&L
$80,000
80,000
Sergeant Kaminskas reported that the cn's could be renew~d as there
would be sufficient balance in Barnett savings account to cover the
lump sum payment which is due retired Police Chief Frank Daniels.
Sgt. Kaminskas made a motion that the two CO's be renewed, and that
Betty Ward take the necessary action to renew both CD's at the
highest rate of interest possible at maturity date. Motion
seconded by Donald Hibbard. Motion carried unanimously.
Item number three on the agenda was the ratification of the following
certificate of deposit transactions made by Betty \~ard.
$20,000 money market at Guaranty Federal S&L renewed
November 12, 1980 - interest rate 13.519%
$40,000 money market at Tallahassee Federal S&L renewed
by mail November 29, 1980 - interest rate 14.804%.
$40,000 money market ,at Florida Federal S&L redeemed,
December 12, 1980 and proceeds deposited Barnett Savings.
$20,000 money market at Franklin Federal S&L renewed
December 13, 1980 - interest rate 15.319%.
Due to the merger of Guaranty Federal with Fortune Federal it
was necessary to remove the Guaranty Federal money market from
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MINUTES January 2, 1981
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the safe deposit box at Bank of Clearwater and have a new one issued
at Fortune Federal. This was taken care ,of on December 9, 1980.
Item number four on the agenda was disbursement of monies needed to
finalize retirement benefits for retired Police Chief Frank Daniels.
Acting Secretary McClamma read a letter from Provident Insurance
Company. dated December 4, 1980 showing the various options to which
, Chief Daniels would be entitled. The lump sum payment to Chief
',Daniels ,would be $64,276.36~ The cash value of his insurance pol~cies
would be $25,'189.23. After the cash value monies are received from
Provident the Board'would need a total of $39,087.13 from the 'trust
assets to complete thi's transaction. Betty Ward advised that Frank
Daniels had completed ,the paperwork and had chosen the lump sum ,
settlement. Sergeant Kaminskas reported that there was sufficient
balance in the Barnett savings account, after the cash value of
insurance policies is received from Provident; tO'pay the lump ,sum.
and he made a motion that Betty Ward make the necessary transfers
into,the checking account to pay the benefits to Frank Daniels.
Motion seconded by Donald Hibbard. ,Motion carried unanimously.
The Board than~ed 'Major McClamma for his services as Acting Secretary
for the past six months.
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\..;,). There being no further business the meeting was adjourned at ll: 45 A.'H.
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SID KLEIN, Acting Secretary
Board of Trustees
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