TOWN OF I N D I A L A N T I C

Brevard County, Florida 32903

PENSION BOARD OF TRUSTEES

MINUTES 00-03

April 10, 2000 10:00 am

MEMBERS PRESENT MEMBERS EXCUSED

Eugene Terkoski, Member                           Alan Coburn, Chairman

Cpl. Kelly Sanders, Police Member             Richard Bailey, Member

Capt. Dennis Greehy, Fire Member

Shirlee Walker, Secretary

I. CALL TO ORDER

In the absence of Chairman Coburn, Mr. Terkoski called the meeting to order at 10:00 AM.

II. APPROVAL OF MINUTES NO. 00-02 FROM FEBRUARY 16, 2000

   Mr. Greehy moved to approve Minutes No. 00-02 as written. Mr. Sanders seconded. Motion passed unanimously.

III. APPROVAL OF RETIREMENT BENEFITS FOR CPL. SANDERS

  Mr. Greehy moved to approve the retirement benefits of Cpl. Sanders as of May 2, 2000. Mr. Terkoski seconded. Motion passed unanimously.

IV.     REPORT FROM AL GLOVER

Mr. Glover advised the Board that the common stock (majority in blue chips) was at 58.58%. Bonds are at 41.17%.  The portfolio is balanced with a value of $1,870,541.00. He recommended no changes.

V.      OTHER

Mr. Terkoski, on behalf of the Board, extended deep felt gratitude for all the work Cpl. Sanders has done over the years. The members were in agreement that he should be thanked for a job well done and that he would be missed.

VI. ADJOURNMENT

Cpl. Sanders moved to adjourn. Mr. Greehy seconded. Mr. Terkoski adjourned the meeting at 10:25 am.

                                                                                                _________________________

                                                                                    Eugene Terkoski, Vice Chairman

__________________________

Shirlee Walker, Secretary