12-16-1993 Special MeetingMIAMI SHORES VILLAGE
PENSION BOARD MEETING
DECEMBER 16, 1993
The special 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:
Richard Trumble
Timothy Dearden
William Heffernan (Chairman)
Joseph Charles
Walter Latimer
Michael Couzzo, Jr.
Also Present: Patricia Varney, Plan Administrator
William Fann, Village Attorney
Absent: Steven Johnson
1. REPORT FROM MR. MILTON HODGES, NCNB REAL ESTATE DIVISION
Mr. Hodges informed the Board that a sale contract has been signed
on July 30, 1993 and that the liquidation should be completed by
December 1993. He indicated that a distribution should be received
by the Village around end of December.
Mr. Hodges also updated the Board on the establishment of the
Standby Trust. It is a mechanism that NationsBank will provide
liquidity for the remaining assets of the Real Estate Fund. It
consists four options:
1. Standby Trust Alternative with Reservation of Rights
A participant will accelerate the liquidation of its
investment in the Real Estate Fund by transferring and
selling its units to the standby trust at their then
current value. A participant selecting this option will
reserve all rights it may have with respect to the Real
Estate Fund, NationsBank and all other appropriate
entities.
2. Standby Trust Alternative with Release
A participant will accelerate the liquidation of its
investment in the Real Estate Fund by transferring and
selling its units to the standby trust at their current
value as described in option 1 above. If, two years
after the sale, the then current value of the units sold
by the participant to the standby trust is greater than
the price paid by the standby trust for those units,
NationsBank will pay participant the difference.
3. Continuation Alternative with Reservation of Rights
A participant will continue its investment in the Real
Estate Fund through the end of the liquidation
process.
• 4. Continuation Alternative with Release
•
A participant will continue its investment in the Real
Estate Fund through the end of the liquidation process.
For participant electing this option, NationsBank will
guarantee that the participant will receive through the
liquidation process at least the value of the
participant's units on September 28, 1990 ($502.00 per
unit, less cash distribution).
Mr. Hodges then updated the status of the standby trust. He stated
that the standby trust is still under the consideration by various
regulatory authorities, including Department of Labor, Treasury
Department and Internal Revenue Service.
2. Request approval of Ms. Josephine Church's Retirement Benefit.
life
Mr.
Mr. Richard Trumble moved to approve Ms. Church's straight
annuity of $248.07 per month, effective January 1, 1994.
Latimer seconded the motion and was passed unanimously.
3. Approval of November 12, 1993 Minutes.
Mr. Latimer moved to approve the November 12, 1993 Minutes with the
following amendments:
For item 5, 6, and 7, Mr. Charles moved to approve payment and
not Mr. Heffernan.
The motion was seconded by Mr. Trumble and was passed unanimously.
The meeting was adjourned at 8:45 a.m.
Michael Couzzo, Secretary
William teffli/
n, Mayor