HomeMy WebLinkAbout10121990 POPTMINUTES OF THE MEETING OF THE
BOARD OF TRUSTEES OF THE SEBASTIAN
POLICE OFFICERS' RETIREMENT TRUST
FUND HELD OCTOBER 12, 1~90
Meeting was called to order at 2:15 P.M. Present were
Gregory Gore, David Puscher, Earle Petty and Carol Carswell.
Stephen Cochrane of Investment Counsel Company was present.
Dave Puscher made a motion to waive the reading of the
Minutes of the Meeting of September & and approve them as
submitted. Motion seconded by Earle Petty. Motion carried.
A motion was made by Dave Puscher, seconded by Earle Petty
to approve the Treasurer's report which is attached hereto.
Motion carried.
OLD BUSINESS
The selection of a custodian was discussed. Stephen Cochrane
was called upon to give his interpretation of the Statute
as regards the selection of a Custodian and to tell us what
other Chapter Plan municipalities do. Cochrane spoke Of the
pros and cons of both Banks and Brokerages. He stated that
the way Chapter Plans could and did place their moneys with
'Brokerages was by using the Treasurer of the Municipality
as stated in the Statute. Carol Carswell expressed concern
that she,as Finance Director, did not have the authority to
place the Fund's money in any way other than that
specifically stated in the City's Code of Ordinances. She
felt she would have to go to Council to get that authority.
There was a motion by Gregory Gore, seconded by Dave Puscher
for the Chairman to send a letter to Charlie Nash, City
Attorney, asking whether it was a conflict of interest to
designate the Finance Director as agent to deposit funds
into account of the Board's choosing. Motion carried.
The City's Ordinance No. 0-89-15, Section ?C would have to be
amended where it states that the Board must invest money only
with State or National Bank. Dave Puscher made a motion,
seconded by Earle Petty for Gregory 8ore to write letter to
Charlie Nash concerning the changes to said Ordinance.
Motion carried.
Trustee Matters
Carol Carswell brought a letter to the attention of the
Trustees concerning the moneys received from the State. The
letter was in response to one where we stated we did not
think the amount we received was correct. The letter stated
that the amount was only for a portion of the year since
the City's Ordinance authorizing collection oK said moneys
was dated May. The moneys are collected on a calendar year.
There being no ~urther business the meeting adjourned at
2:55 P.M.
Respectfully submitted
CAROL CARSWELL
Sec ret ary / Treasurer