HomeMy WebLinkAbout08231990 POPTMINUTES OF THE MEETING OF THE
BOARD OF TRUSTEES OF THE SEBASTIAN
POLICE OFFICERS' RETIREMENT TRUST
FUND HELD THURSDAY, AUGUST 23,
The meeting was called to order by Chairman Gregory Gore
at 3:02 P.M. Present were Gene Ewert , Greg Gore,
David Puscher, Earle Petty and Carol Carswell.
Gene ,Ewert made a motion to waive the reading of the minutes
of the last meeting. Seconded by Dave Puscher. Motion
carried.
The Treasurer stated that the money had been received from
the State in the amount of $12,553.25. The total of the
Funnd as of this date is $5~,242.
The next order of business was discussion with the proposed
money managers. Present were Carol Hesse of Investment
Counsel Company and.Mel Ratcliffe of Dean Witter Reynolds.
Discussion ensued on the legality of using Dean Witter as
custodian of the money. It was the consensus that it would
be legal as long as the money was held by Dean Witter Trust
Co.
ICC~s fee is .55~ o~ market value of assets. The first
year's fees would be waived. Dean Witter charges no
custodial fee. They would make their money on brokerage
fees throught the investments made by ICC~
Dave Puscher made a motion to accept ICC as money managers
and Dean Witter Reynolds Trust Co. o~ FL Inc. as custodian
for the Fund with procedures drawn up to have access to
checking account where the money would be transferred in case
of need. Gene Ewert seconded and motion carried.
Mel Ratcliffe was advised that the necessary documents must
be provided that state that the custodian o~ the ~unds is
Dean Witter Reynolds Trust Co.
A motion was made by Earle Petty and seconded by David
Puscher to authorize ICC to use Dean Witter Reynolds as a
brokerage house. Motion carried.
Gene Ewert made a motion that pti.or to signing any documents,
they should b e reviewed by the City Attorney. The motion
was seconded by David Puscher and. carried.
Both ICC and DWR are to supply corrected documents.
There being no further business, the meeting adjourned at
4:00 P .M.
Respectfully submitted,
CAROL CARSWELL
Secretary/Treasurer