07/31/1991
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SUPPLEMENT ARY
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PENSION
Minutes
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AGENDA
CLEARWATER POLICE SUPPLEMENTARY PENSION FUND MEETING
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POLICE HEADQUARTERS, SECOND FLOOR CONFERENCE ROOM
July 31, 1991
9:30 a.m.
1. Approval of the Minutes of the Meeting held on May 14,
1991.
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2. Update on Investments by Susan Mitchell and Tom James,
First Union Bank.
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3. Report by Bishop Smith, Southeastern Advisory Services,
Inc.
4. Progress Report by Lee Dehner on 'Policy Statement and
P Ian Summary, I
5. Ratify the Payment of $50/483.24 to Francis J. Prioli
for his Share Value upon his Retirement Date of May 28,
1991.
6. Ratify the Request for the Payment of Share Value to
Richard J. White and Payment of $50/788.73 for Share
Value upon his Retirement Date of June 23, 1991.
7. Ratify the Payment of $779.10 to
Professional Services.
Lee Dehner for
8. Approval of the Payment of $875 to Southeastern Advisory
Services, Inc. for the Quarter beginning July 11 1991.
9. Distribution of the Monthly Reports from First Union
Bank for the Months of May and June 1991.
10. Acknowledgement of the Entry of New Officers into the
Plan.
11. Other business.
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WILLIAM SEDRICKI CHAIRMAN
Board of Trustees
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IF A PERSON DECIDES TO APPEAL ANY DECISION MADE BY THE BOARD,
WITH RESPECT TO ANY MAT'rER CONSIDERED AT THE MEETING OR
HEARING, HE WILL NEED A RECORD OF THE PROCEEDINGS, AND THAT,
FOR SUCH PURPOSE, HE MAY NEED 'ro ENSURE 'l'HAT A vERBATIM
RECORD OF THE PROCEEDINGS IS MADE, WHICH RECORD INCLUDES THE
TESTIMONY AN EVIDENCE UPON mIlCH THE APPEAL IS TO BE BASED.
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CLEARWATER POLICE SUPPLEMENTARY PENSION
MINUTES OF MEETING HELD JULY 31, 1991
9:30 a.m.
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A meeting of the Board of Trustees vas held on July 31, 1991 at 9:30
a.m~ in the second floo~ conference ~oom of Police Headquarters, 644
Pierce street, Clearwater, Florida.
The' following t~ustees were present:
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Sergeant William Sedrick, 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
item on the agenda was approval of the
May 14, 1991. A motion to approve the
Horton and seconded by Donald Hibbard.
order at 9:30 a.m. The first
minutes of the meeting held on
minutes was made by William
Motion carried unanimously.
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Item f2 on the agenda, report from Susan Mitchell and Tom James of First
Union Bank on investment status and item H3 on the' agenda, report by
Bishop smith, Southeastern Advisory Services were combined for
dIscussion. Tom James and BIshop Smith revIewed the most recent
quarterly performance report prepared by Southeastern Advisory Services.
Discussion was held on bond investments, fixed income, asset allocations
and the conservative basis of investments.
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Item #4 on the agenda was a progress report by Lee Dehner on a polIcy
statement and plan summary. Mr. Dehner stated that there vere several
areas that needed to be decided upon before a formal policy statement
could be formulated - including asset allocations, types of investments,
quality standards, etc. and what performance Is being expected from the
money managers. After discussion, a motion was made by Roy May and
seconded by Donald Hibbard that Bishop Smith; Lee Dehner and Chairman
Sedrl~k meet to format a formal polIcy statement. This statement is to
be presented to the Board at the next regular meeting.
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Item #5 on the agenda was to ratify the payment of $50,483.24 to Francis
J. Prioli for his share value upon-his retirement date of May 28, 1991.
A motion was made by William Horton to ratify, the payment. The motion
was seconded by 'Richard Breest and carried unanimously.
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Item 16 on the agenda was to ratify the request for payment of share
value to Richard J. White and payment of $50,788.73 for share value upon
his retirement date of June 23, 1991. A motion was made by William
Horton to ratify the payment and seconded by Donald Hibbard. Motion
carried unanimously.
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'. 'Stephen T. Bohling, Louis Garras! and Jarrett B. Seal
Thi Board acknowledged entry of the above officers into the plan.
Item Ili on the agenda was other business. Chairman Sedrlck advised the
Board that he had received a request for Raymond Piper for payment of
his share value upon hIs job-related disability retirement date of ~uly
29, 1991 (end of day). A motion to approve the request was made by
RIchard Breest and seconded by WIlliam Horton. Motion carried
unanimously.
There being no further business, the meeting was adjourned at 11:20 a.m.
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Minutes'
Supplementary Penalon Fund'
Page 2
Item. 87 on the agenda was approval of the payment of $779.10 to Lee
Dehner for professional services. A motion was mage by Donald Hibbard
to approve the payment. Motion eeconded by William Horton and carried
unanimously.
Item H8 on the agenda was approval of the payment of $875 to
Southeastern Advisory Services, Inc. for the quarter beginning July 1,
1991. A motion was made by Richard Breest to ratify the payment and
seconded by Donald Hibbard. Motion carried unanimously. 'I
Item i9 on the agenda was distribution of the monthly reports from First
Union Bank for the'months of May and June 1991. The Board acknowledged
receipt of the reports.
Item U10 on the agenda was entry of new officers into the plan. The
following new offIcers are eligible for entr~ into the plan.effective
07/29/91:
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RICHARD BREEST, Secretary
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