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

Brevard County, Florida 32903

PENSION BOARD OF TRUSTEES - POLICE/FIRE

MINUTES 03-01

October 23, 2002 10:00 A.M.

I. CALL TO ORDER AT 10:15 A.M.

MEMBERS PRESENT MEMBERS EXCUSED

Eugene Terkoski, Vice Chairman                                     Alan Coburn, Chairman

Sgt.. Mike Casey, Police Member (Secretary)                 Richard Bailey, Member

Capt. Dennis Greehy, Fire Member

Al Glover, Financial Adviser

Shirlee Walker, Recording Secretary

II. APPROVAL OF MINUTES 02-04 July 17, 2002

Capt. Greehy moved to approve Minutes 02-04, seconded by Sgt. Casey. Motion passed unanimously.

III. DISBURSEMENT OF STATE FUNDS

1. Firefighters refund - $27,434.45 (Premium Tax Distribution)

2. Police Department refund - $50, 831.59 (Premium Tax Distribution)

3. Firefighters refund - $15,208.30 (Supplement Compensation Trust Fund)

Capt. Greehy moved to keep the total amount of $85,208.29 liquid in order to cover normal monthly expenses. Sgt. Casey seconded. Motion passed unanimously.

IV. REPORT FROM AL GLOVER

Scott Glover gave the financial report recommending no changes to the Asset Allocation Model. Yield for the third quarter 2002 down 10.94% proxy down 12.65%.

V. OTHER

1. Acceptance for participation-Brian Amerson, Fire Department

2. Acceptance for participation-David E. Murtha, Fire Department

3. Acceptance for participation-Jeffrey R. Zipperer, Fire Department

4. Acceptance for participation-Brett M. Freeman, Police Department

Capt. Greehy moved to approve all of the applications for participation in the Indialantic retirement system. Sgt. Casey seconded. Motion passed unanimously.

VI. ADJOURNMENT

          V. Chairman Terkoski adjourned the meeting at 10:45 a.m.

                                                                                                          Eugene Terkoski, V. Chairman

          Shirlee Walker, Secretary