05/14/1991
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POLICE
SUPPLEMENTARY
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PENSION
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AGENDA
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND
Meeting of May 14, 1991
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l~ Approval of the Minutes of the meeting held on
'March 5, 1991.
2. Approval of the Request for Payment of, Share Value
to Prancis J. Prioli upon his Retirement Date of
May 28, 1991 (end of day).
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3. ,Ratify the Payment of $856.10 to Lee Dehner for
Professional Services.
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4. Ratify the Payment of $875.00 to Southeastern
Advisory Services, Inc. for the Second Quarter of
1991.
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5. Approval of the ,Payment of $850.00 to Cindy Hicks
for Bookkeeping'Services.
6. Notification of Rate Increase for Services Rendered
- First Union Bank.
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7. Discussion of Percentage for Equity Investment.
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8. Ois'tribution of the Monthly Reports from First
Union for the,Months of February, March and April
1991.
9., Ent'ry of New Officers into Plan.
10. Other business.
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WI LIAM SEDRICK, Chairman
Board of Trustees
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CLEARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD MAY 14, 1991
10 a.m.
A meeting of the B6ard of Trustees was held on May 14, 1991 at '10 a.m.
In the second floor conference room of Pollee Headquarters, 644 Pierce
street, Clearwater, Florida.
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The following trustees were present:
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sergeant william Sedr.lck, Chairman
Roy May, Vice-Chairman
Richard Breest, Secretary
Donald Hibbard, Trustee
William Horton, Trustee
Lee Dehner, Attorney for the Board
Cindy Hicks, secretary to Chief Sid Klein was present to
record the minutes
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Chairman sedrick called the meeting to order at 10 a.m.
on the agenda was approval of the minutes of the meeting
Harch 5, 1991. A motion to approve the minutes wag made
seconded by Donald Hibbard. Motion carried unanimously.
Item #2 on the agenda was approval of the request for payment of share
value to Francis J. Prioll upon his retirement date of May 27, 1991 (end
of day). A motion was made by William Hoxlon to approve the request.
The motion was seconded by Roy May and carried unanimously.
The first item
held on
by Roy Hay and
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Item #3 on the agenda was to ratify the payment of $856.10 to Lee Dehner
for 'professional services rendered. A motion was made by William Horton
to ratify the payment. The motion was seconded by Donald Hibbard and
carried unanimously.
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Item "4 on the agenda was to ratify the payment of $875.00 to
Southeastern Advisory Services, Inc., for the second quarter of 1991. A
motion was made by ROy May to ratify the payment and seconded by William
Horton. Motion cat~ied unanimouoly.
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Item #5 on the agenda was approval of the payment of $850.00 to Cindy
Hicks for bookkeeping services for the period of April 1991 through
September 1991. A motion was made by Donald Hibbard to approve the
paymen~. Motion seconded by William Horton and carried unanimously.
Item #6 on the agenda was notification of rate increase for s~rvices
rendered by First Union Bank. Chairman Sedrick advised the Board that
he had received a letter from First Union Bank that their rates for
services rendered were being increased. After discussion, the Board
requested that Attorney Dehner contact other agencies to determine the
present Ngoing rate" for this type of service and also begin prelIminary
contract negotiations with Flrst Union Bank. Mr. Dehner 15 to contact
Susan Mitchell at First Union Bank for an explanation of that portIon of
the letter relating to '''45% discount. II
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Minutes
Supplementary Pension Fund
Page 2
Item .~7 on the agenda was discussion of the percentage of equity
investment allowed by the Board. After much discussion, Richard Breest
made a motion that the percentage of equity be increased to 33%. The
motion was seconded ,by Roy May and carried unanimously.
Item ~8 on the agenda ,was dlstr Ibutlon of the monthly reports from First
Union Bank for the months of February, March and April 1991. The Board
acknowledged receipt 'of the reports.
Item #9 on the agenda was entry of new officers into the plan. The
following ne..., officers were hired under "comparative compliance,"
graduated from the required portion of the Police Academy and are
eligible fo~ entry into the plan effective 04/26/91:
Donna M. Bianco; Nicholas Brems; Jeffrey K. Rawson
and William K. Tomkiel.
Upon advice from Attorney Lee Dehner that it is not necessary to make a
formal'motion to ratify officers' entry into the plan, the Board
acknowledged entry of the above' officers ,.into the plan.' I
Item 110 on the agenda was othet: business. Based on his review of
submitted mat~rials, Attorney Dehner made several suggestions to the
Board ..Atnong' h is proposals were: formulate a forma 1 "polley statement; n
post announcements of the upcoming meetings including a "disclaimer
statement" on the agenda page; and development of a "rules document."
Hr. Dehner is to bring a draft policy statement and draft plan summary
to the next Board meeting. Mr. Dehner 15 also to check on liability
insurance for the members of the Board, which would be paid for by the
fund.
There being no further business, the meeting vas adjourned at 11:10 a.m.
RU~7!:ftretarY