04/22/1986 (2)
Minutes
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'SUPPLEMENTARY',
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PENSION
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POLICE SUPPLEMENTARY PENSION
, MEETING OF APRIL 22, 1986
AGENDA
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,,1 . ~pproval of minutes of meeting held January 7, 1986
,,2. 'Report from Patricia Buze,k, Internal AUditor, reference
Florida National Bank financial reports for months of
January, 'February and March, 1986.
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3. Approval of Request from retired Officer Alan Kronschnabl
for benefits.
4. Correspondence from Arvel Gschwend, Florida National Bank.
Letter dated February 28, 1986
Letter dated ,March 25, 1986
5~ Correspondenc~ dated March 24, 1986, from 8ill Gunter,
State Treasurer.
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6. Status Report reference the John Borsch case - Robert G.
Walker, Police Legal Advisor.
7. Approval of invoice from Betty Ward for semi-annual payment
of $500.00 due April 1, 1986.
8. Discussion of Share plan Ordinance - feasibility of
changing the date for allocation of shares from
September 17th to September 30th. :
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SID'KLEIN, Secretary
Bciard of Trustees
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POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD APRIL 22, 1986
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A meeting of the Board of Trustees was held April 22, 1986 in the
second floor conference room at Police Headquarters,
644 Pierce Street, Clearwater, Florida.
The following Trustees were present:
Police Chief Sid Klein, ,Secretary
Donald Hibbard
Sergeant William Sedrick
Mayor Kathleen F. Kelly, Chairman, was absent.
Captain Ray Kaminskas was absent.
Also present were Robert G. Walker, Police Legal Advisor,
and Betty Ward, secretary to Police Chief Sid Klein.
Guests present were Patricia Buzek, Internal Auditor, City
of Clearwater, and retired Police Officer John Borsch.
In the absence of Chairman Kelly, Chief Klein, secretary, called
the meeting to order at 9:00 A.M.
The first item on the' agenda was the approval of the minutes of
the meeting held January 7, 1986. William Sedrick made a motion
,that the minutes be approved. Motion seconded ,by Donald Hibbard.
Motion carried unanimously.
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Acting Chairman Klein advised John Borsch that the board would
schedule a special meeting for his case, due to the fact that a
full board was not present at this meeting. John Borsch agreeq
to this~ and left the meeting.
Chief Klein introduced patricia Buzek, Internal Auditor" and
advised the board that Pat had studied the financial reports
submitted by Florida National Bank and was prepared to make a
report on the January, February and March statements. ,Chief
Klein stated that he had gone over the reports with Mrs. Buzek,
and since he had to leave the meeting at. 9:30 AM in order to
attend another meeting, he would go ahead with other items and
Pat could make her report at the end of the business meeting.
The board went on to Item #3 on the agenda, which was a request
from Alan Kronschnabl for supplementary pension benefits. Chief
Klein reported that retired Officer Kronschnabl has twelve shares
at a value of $17,360.88. His official retirement date is
May 23, 1986. William Sedrick made a motion that the benefits be
approved for Alan Kronschnabl. Motion seconded by Donald
Hibbard. Motion carried unanimously.
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Item #4 concerned correspondence from Arvel Gschwend, Vice
President, Florida National Bank, Tampa, Florida. Chief Klein
advised that the correspondence dated Febl*uary 28,' 1986 contained
the 1985 Annual Report. for the Florida National Banks of Florida,
and that anyone wishing to read it may pick up the copy from his
office.
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MINUTES OF MEETING HELD APRIL 22, 1986
Page 2
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(~ The second letter from Arvel Gschwend, dated March 25, 1986 was
an information letter explaining one of the services their bank
provides which is called "cash sweeps" - this means that cash in
$1.00 increments is swept into high quality competitive yeilding
money-market accounts in order to eliminate uninvested cash in
the account. The bank requested that the letter be acknowledged
and signed by ,the secretary of the Board of Trustees and returned
to the bank. Donald Hibbard made a motion that Chief Klein sign
the letter and return it to the bank. Motion seconded by William
Sedrick. Motion carried unanimously.
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Item #5 concerned a letter'dated March 24, 1986 from Bill Gunter,
State Treasurer. Mr. Gunter enclosed a check in the amount of
$1,417.38 and explained that these funds were made available
'based upon a premium tax investigation performed by his office
whereby insurance companies reported allocation errors in the
, forms submitted ior 1984. Mrs. Ward advised that the check had
been deposited to the Fortune Federal money market account.
Chief Klein went on to Item #7 - semi-annual payment in the
amount of Five Hundred Dollars to Betty Ward for secretarial and
bookkeeping services. William Sedrick made a motion that the
payment be made to Betty Ward. Motion seconded by Donald
Hibbard. Motion carried unanimously.
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~-~ Item i8 concerned the share plan. Chief Klein advised that the
'-/ September 17th anniversary date of- the Plan and the fiscal' year
date of September 30th was creating a problem which necessitated
two annual reports having to be prepared rather than the usual
one report. He inquired as to whether the board felt that the
Share Plan ordinance should be amended or could this be done
administratively. Robert G. Walker, Legal Advisor recommended
that the board go ahead and pass a motion as to how they wished
the change to read, and that he would look at it and review the
present Share Plan ordinance before proceeding with this matter.
William Sedrick made a motion that the date of eligibility and
the date that any new shares are allotted remain at 9/17, and
that the date that the value of all shares is computed be changed
to 9/30 for continuity and reporting purposes. Motion seconded
by Donald Hibbard. Motion carried unanimously.
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The meeting adjourned at 9:30 A.M.
patricia Buzek, William Sedrick and Donald Hibbar4 remained after
the meeting to discuss the financial statements prepared by the
Florida National Bank.
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SID KLEIN, Secretary
Board of Trustees
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