TOWN OF I N D I A L A N T I C
Brevard County, Florida 32903
PENSION BOARD OF TRUSTEES

MINUTES 98-4

July 15, 1998, 10:00 A.M. Town Hall

PRESENT:

Alan Coburn, Chairman
Eugene Terkoski, Member
Richard Bailey, Member
Capt. Dennis Greehy, Fire Member
Shirlee Walker, Secretary

ABSENT:

Cpl. Kelly Sanders, Police Member

I. CALL TO ORDER

Chairman Coburn called the meeting to order at 10:00 a.m.

II. APPROVAL OF MINUTES NO. 98-3

Mr. Terkoski moved to approve minutes from April 22, 1998 as written. Mr. Greehy seconded. Motion passed unanimously.

Mr. Terkoski requested a follow-up on the request made of Mr. Foster at the April meeting. This request concerned necessary wording to amend the ordinance regarding tax deferred employee contributions. This would then be presented to the Town Council for approval.

III. REPORT FROM  AL  GLOVER

Mr. Glover reported that to date, there was no loss in any single month. The portfolio is up 9.01%. On Mr. Glover's advise the following motions were made:

Mr. Terkoski moved to invest $43,000, from the liquid asset fund, into the money market 5 year government mortgage with earnings approximately 6½%. Mr. Bailey seconded. Motion passed unanimously.

Mr. Terkoski made a motion to move $100,000 (10%) from the value added B funds, and invest $10,000 into each of the Dow Jones highest yielding stocks to be re-evaluated on an annual basis. Mr. Bailey seconded.

Mr. Coburn amended the motion to move this money from the value added Series B funds & if necessary, supplement by the Dividend Growth Fund with the proviso not to pay an exit fee. The motion with amendments was approved unanimously.

IV. INVESTMENT OF STATE FUNDS RECEIVED -
            FIREFIGHTERS $20,794.31 ,    POLICE 46, 828.76.

Mr. Terkoski made a motion to move $67,000 to the Dean Witter account for investment under a 60/40 bond/stock percentage. Mr. Greehy seconded. Motion passed unanimously.

V. ADJOURNMENT: Chairman Coburn adjourned the meeting at 11:55 a.m.

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Alan Coburn, Chairman

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Shirlee Walker, Secretary