11-12-1993 Regular Meeting•
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MIAMI SHORES VILLAGE
PENSION BOARD MEETING
NOVEMBER 12, 1993
The regular meeting of the Village of Miami Shores Pension Board
was called to order by Mr. William Heffernan at 8:05 a.m. The
following were in attendance:
Board Members:
Also Present:
Richard Trumble
Timothy Dearden
Steven Johnson
William Heffernan
Joseph Charles
Walter Latimer
Michael Couzzo, Jr.
Patricia Varney, Plan Administrator
William Fann, Village Attorney
Karen Cole, Merrill Lynch
Raymond Dunleavy, Sun Bank
Don Bryant, Barnett Bank Trust
1. Introduction of new Village Mangaer, Mr. Michael Couzzo, Jr.
to the Board.
2. QUARTERLY INVESTMENT REVIEW
A. Barnett Bank Trust Co.
Mr. Don Bryant reported on the fourth quarter performance of
Barnett Trust Company. The fund performance for the quarter was
2.83%. For a twelve month period, the fund had a total return of
10.74% Fixed Income return for the quarter was 3.59% compared to
3.32% of Lehman Gov't/Corp. Equity return was 2.15% compared to
2.58% of S&P500
B. Sun Bank
Mr. Raymond Dunleavy reported that the fund earned a 2.54% return
for the fourth quarter. For year-to-date the total return was
13.54%. Equity return for the quarter was 2.14% compared to 2.58%
of S&P500, and fixed income return was 3.06 compared to 3.32 of
Lehman G/C.
C. Merrill Lynch
Ms. Karen Cole from Merrill Lynch reported that both manager had
performed well in the past quarter as well as year-to-date. The
real estate portfolio still continue to offset any investment
return to the Fund.
Ms. Karen Cole informed the Board that NationsBank is in the
• process of negotiating a huge sale of improved properties to
Patriot American Acquisition Corporation. If the sale is
successful, the City should receive some distribution in late
December or January. Board members raised some questions of
concern about the Fund. Ms. Karen Cole suggested that at the next
Board meeting, the Board should request a representative from
NationsBank Real Estate Division to be present to answer any
questions that the Board may have.
3. DISCUSSION OF QUARTERLY MEETING DATES FOR 1994 PENSION BOARD
• MEETINGS.
Board members unanimously agreed the dates suggested for the Board
Meetings in 1994:
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February 10, 1994
May 12, 1994
August 11, 1994
November 10, 1994
_4. REQUEST APPROVAL OF PAYMENT TO BARNETT BANK TRUST CO. IN THE
AMOUNT OF $6,957.65 FOR QUARTERLY MANAGEMENT FEE ENDING
9/30/93
Mr. Heffernan moved to approve payment to Barnett Bank Trust Co. in
the amount of $6,957.65. The motion was seconded by Mr. Charles
and it was passed unanimously.
5. REQUEST APPROVAL OF PAYMENT TO SUN BANK IN THE AMOUNT OF
$8,363.41 FOR QUARTERLY MANAGEMENT FEE ENDING 9/30/93
Ms. Varney reported to the Board that Sun Bank has quoted her an
incorrect amount on the telephone for the quarterly management fee.
She received a fax copy of the invoice the day before the Board
meeting and the amount was $8,560.20 Mr. Heffernan moved to
approve payment in the amount of $8,560.20, seconded by Mr. Latimer
and it was passed unanimously.
6. REQUEST APPROVAL OF REIMBURSEMENT TO MIAMI SHORES VILLAGE IN
THE AMOUNT OF $465.00 FOR SERVICES RENDERED BY KRUSE O'CONNOR
AND LING
Mr. Heffernan moved to approve the reimbursement to Miami Shores
Village in the amount of $465.00 Mr. Latimer seconded the motion
and it was passed unanimously.
7. REQUEST APPROVAL OF REIMBURSEMENT TO MIAMI SHORES VILLAGE IN
THE AMOUNT OF $893.00 FOR SERVICES RENDERED BY CARSON, LINN &
ADKINS.
Mr. Heffernan moved to approve the payment. It was seconded by
Mr. Trumble and was passed unanimously.
• 8. APPROVAL OF AUGUST 12, 1993 MINUTES
Mr. Latimer moved to approve the minutes, seconded by Mr. Trumble
and was passed unanimously.
The meeting was adjourned at 8:51 a.m.
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Michael Co rz_-; Secretary
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William Heffe na ', r ayor