HomeMy WebLinkAboutR-82-0651RESOLUTION NO.82-65i
A RESOLUTION RATIFYING, APPROVING AND CONFIRMING
2 ATTACHED CUSTODIAN BANK AND ASSET MANAGEMENT
EVALUATOR AGREEMENTS BETWEEN THE BOARD OF TRUSTEES
OF THE MIAMI CITY EMPLOYEES' RETIREMENT SYSTEM AND
2 DESIGNATED BANKING AND INVESTMENT ASSETS EVALUATOR
FIRMS THEREBY PROVIDING CUSTODIAL AND ASSET MANAGEMENT
EVALUATOR SERVICES TO SAID SYSTEM, USING MONIES THEREFOR
PREVIOUSLY APPROPRIATED FOR THE OPERATION OF SAID
SYSTEM.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA-
Section 1. The attached custodial and asset management evaluator
services agreements between the Board of Trustees of the Miami City
Employees' Retirement System and the following 2 firms are hereby
ratified, approved and confirmed thereby providing custodial and
asset management evaluator services to said System, using monies
therefor previously appropriated for the operation of said System:
Royal Trust Bank
Demarche Associates
PASSED AND ADOPTED this 22ND day of JULY 1982.
ATTE,ST":
MA. TY FIRM
ACTING CITY CLERK
PREPARED AND APPROVED BY:
ROBERT F. CLARK '
DEPUTY CITY ATTORNEY
CORRECTNESS:
GEORqq F. KNCK, JR.
CITY TOY
MAURICE A. FERRE
M A Y 0 R
CITY :SS'ON
IMEOFJU19822--6S�1
65
To Howard Gary June 18, 1982 ILE.
City Manager
Evaluator and Custodian Contracts
of the System for Commission Action
2,
C
Elena Rodriguezc7
Administrator
Pension Department
Recommendation
It is recommended by Miami City Employees' Retirement System Board that
the contracts with Demarche Associates, proJiding investment evaluation
services and Royal Trust Bank NA, providing custodial services to the
System, be ratified by the Miami City Commission.
Bdckground
Currently, Demarche Associates provide investment evaluation services and
Royal Trust Bank, NA provides custodian services. Their present contracts
are based on the employment of three money managers; however, as of
April 1, 1982 after ratification by the City of Miami Commission, the
System is employing one additional manager for a total of four money
managers.
The Miami City Employees' Retirement System, at their meeting of May 28,
1982, adopted the enclosed new contracts which take into consideration
the additional work to be performed because of the addition of the fourth
manager. Administrative expenses will increase by approximately $20,000.00
which amount will need to be appropriated by the City of Miami Commission.
Your attention to the above matter will be, as always, highly appreciated.
Should you have any questions, please contact me at 6371.
ER:js
cc Bob Clark, Law Department
82-6531
ASSET
AGREEMENT, made this day of _ _ , 1982,
by and between The Board of Trustoe s ("Tru.;tces") of The
Miami City Employees' Retircmc.nt ;'}stem ("Syst_cn:") and
DeI•iarche Associates, a g:.neral partne!r:3►.lily orcjan i zed under
the laws of Kansas, with its grin.--ipal ulace of busir►F_•:;s
In Westwood, Kansas ("Assot tiialago.:m-nt i;v"tI1l�ltCiT"" } .
WITNE'SSE`1'II:
WHERE -AS, the Trustees have the f i:luc i a ry (luty and
responsibility for the System's asset:, as to prc:rerv,ltion,
grcv. th and income; an
t•JHEREI,S, th:-: `i'ru�t:cc�� haV�' tic::i:;n�ltua �•�_•. }ai:l y•�ner.�l
investment advisers or I,icni_'y Ina nagcr:� to ill.lrlilCi..: pr)rt1Un.s
of the S, stem's asset.`; pursuaTlt to th(t In\��': t:n.:'ilt UI).�l'Ct1VCGS
ana guidelines adapted bi the TrusLc�c2:;; aritl
WHEREAS, t-hc i'ru..tce_- are duly authorized tci employ
professional e::perts to ,-ist th,2
the Ferf�-rmance of the yen oral �-r 'Hc • -,Y
manager in the nlanagerc,n.: of thc,
►WHEREAS , the Trustee_., Liinciful of t hoc r obligation
to monitor and cvaluato perforivancos of the :wtite::' :, general
investment advisers or ::ioncy manayc:r:: in orcl..:I- to assure
the protection, growth and prucluctivity of the S}•stein':;
assets; and
WHEREAS, after hearing numerous oral and written
proposals from
firms which evaluate the at::;et
:11,111agenlont
performance of
general investment advi:ers or
,;tnnoy
managers
and aftor reviewing hid:; made pursuant to sv,•cificat.ions,
the Trustees have heretofore de:,ignated and t.l:v commi-s:;ion
of the City of t`.ipm Ploriva Il.IS ;Ipj:rovL'd th. dc!: i:;rl.ic_icln
of Lie"•1ar:.t:c 11t;L;OCl3:�lS, l clL'II01':1I l�al'f:lc l:'I:] 1:iLI► 1L::
pr_ncii-al plaCL- G. at 1900 t:,•.•t 47t'►
82-651.
Suite 316, Westwood, Kansas 66206, anti ():-rlanizc!,i under
the laws of Kansas, to be asset management evaluator of
the System's general invcstmcnt advi_,cr;- ()r money r,anagers.
NOW, THEIIE ORL, in c rcrosidoration c,£ th:_, mutu-,l cr,vc�-
nants herein and other good and valuabl,, c m;i(icration,
the Trustees and the A:*,set M,in-3ye ,_nt: a;;
follows:
1. The Trustees appoint Dei•larcho Associate.,; to..
provide asset management evaluation of tl,�� fc;ur
(4) ge.►eral investment _i6visers or money manacers.
2. During the term of this Agreement Dc�I•Iarch,:! Ass o-
ciatos shall:
a. Consult with the 'Trustee:; or t heir dusiclnated
agent as to the Trustees' resjl onsibilitics in th,2 reporting
process of the investrn�_,ni: management of the System's assets.
b. Prepare periodic statistical reports for
the Trustoes' use in comparing the deci:,ic>n-makinq process
and performance of the Syst._,m's general invetr:,cnt advisors
or money ir,anagurs.
3. DeMarchc Associates shall ;provide t-h(� followiliq
designated services:
a. fund Diversification Monitor and
f
Portfolio Performance ASonitor
! b. fund Transaction Audit
as describctd in the written proposals dated February 23,
1977 and April 28, 1977, to the Secretary to the Trustees,
which proposals are attached to this Agreement and twee
a part hereof.
4. The Trustees shall compensate De -Marche A!;soci3tes
for the services provided. herein at the rate of `-v.enty-
Three Thousand and No/100 Dollars ($23,000.00) I),.r- year,
payable in four (4) gltrart(�rly paymont:; of I'iv, ;'lrou :rnd
Seven Hundred fifty any: No/100 Dollars ($`),7`)t).t►0) eact;.
82-651.
i
E
Suite 316, Westwood, Kansas 661.06, and organized under
R
the laws of Kansas, to be asset management evaluator of
the System's general investment adviser:; or mono y r:an iders.
NOW,
THEREFORE,
in consideration
of
thy• mutu-il cr,ve-
nants herein
and other
good and
valuahlf.,
ronsid(
ration,
the Trustees and the Asset M,-tn.-i«em%,nt a:,
f olloi:
1. The Trustees appoint DeIlarche Associates to
provide asset management evaluation of tl o Systc:m's four-
(4) geacral investment advisers or money managers.
2. During the term of this Agreement Dee-larche Asso-
ciates shall:
a. Consult with the 'Trustees or their designatcd
agent as to the Trustees' responsibilities in the reporting
process of the investn-ient management of the System's assets.
b. Prepare periodic statistical reports for
the Trustees' use in comparing the decis,io n-ma'•:ind process
and performance of the System's general invc::t;.lent advisers
or money mar:agers.
3. Dehlarche Associates shall provide the following,
designated services:
a. Fund Diversification Monitor and
Portfolio Performance Monitor
b. Fund Transaction Audit
as described in the written proposals dated February 25,
1977 and April 28, 1977, to the Secretary to the Trustees,
which proposals are attached to this Agreement and trade
a part herrjof. .
4. The Trustees shall compensate DeMarche Associates
for the services provider'. herein at the rate of Twenty -
Three Thousand and No/100 Dollars ($23,000.00) por year,
r
payable in four (4) • quarterly payments of Thousand
Seven hundred Fifty and No/100 Dollars ($ 1),'7')0.00) each.
fl' 2-6J1.
Suite 316, Westwood, Fansa_; 66206, and organic(,.l under
the laws of Kansas, to be asset management evaluator of
the System's general invest.m-rit advisor Or money r;anacjers.
NOW, THEREFORL, in ce)m;ideratic)n ref thy- mutu-i1 c�)ve-
nants herein and other good ;ind valilab],� Onsiele_•rat !iOn,
the Trustees and the A.,;se)t
follows:
1. The Trustees• appoint De:•larche ;essociates to
provide asset managcmont evaluation of tt,e, ic;tir
(4) ge.►eral investment jdviscrs or :Honey manacers.
2. During the) term oaf this Agreement D(•,March,D Asso-
ciates shall:
a. Consult with the Trust_ce or t Irc'ir LIQ:;icInat(-,d
agent as to the Trustees' responsibilities in th, reporting
process of the investn-,unt maimgonient of the Syste=m's assets.
b. Prepare periodic statistical reports for
the Trusto-es' use in co:eparinq the deci:,i(>!)-ma';ing process
and perf7.rmance of the System's gone?ral inve.ti.iont advi ors
or money inana 3er s .
3. De_Marche A:,sociate:; shall ;)r(:)v;dc the followin,
designated services:
a. Fund Diversification Monitor and
Portfolio Performance Monitor
b. Fund 'rran_;action Audit
as described in the written proposals dated I'ebruary 25,
1977 and April 28, 1977, to the Secretary to the Trustees,
which proposals are attached to this Agreement and mi-.16�
a part hereof.
4. The Trustees shall compensate Det•:archo Associates
for the service:; provide(. herein at the rate of T;:enty-
Three Thousand and No/100 Dollars ($23,000.00) 1)(•r year,
payable in four (4) quartc:•rly 1)aylnent:; of I'ivi— phousaild
Seven hundred Fifty zinu No/100 DollarL. ($1),7')O.c)t)) e?acll.
82-651.
Payments shall be due and payable to Ue';3rche A;s()ci,jte:;
within thirty (30) clays of receipt by of. the puriorlic
reports provided for herein.
5. The Trustees that all rop,irt pr(:rl,ared
by Det-iarchc Asscciates :;It<:rll be u!.- �d oi,l y fc-Vr t llw intc2r:ial
operating needs of
the
clef ;ili-
i
I{ tiona1 system wi 11
not
bo w• i 1 1 ft:l 1 •;• ;:t.id-- rrv;t i l ,.rkl c Lo
ony
person or parties
not
a mend)ur of th,� 'I'ru ;tern:.' staff
car
organization, other than► :;pec.if is inv-.:;tiliont_ under
contract to the Trustees and for whom DeMarchic has prepared
its comparative reports.
6. This Agreement shall bo effective fror.; April 1,
1982 to the period ending May 311, 1 9b3 , and :nay be modified
at any time upon the mutual written agreement (-)` the Trustees
and Deblarche Associates after May 31, IN83. ''h i . Agrt.om,�nt
shall continue in force any cf fact until modified or terminated
by the Trustees or DeMarcho Associate,:; up-n t1;Jrty (30)
days written notice and shall be subji ct to retiTiew t%..,-) (2)
years of ter the offectivo date..
7. This Agroon--o:;t is executed and in
the State of I'lorida and shall. be go%%ernoj by t.ho 11-rw:s u,`.
the Sate of Florida as to valiclity and construction.
0. All terms and provision:; of this A(: t-oomunt shall
be b .ndi ng upon, inure to the benefit of zin:? Ue cnfurcoable
by the respective succes.;ors of the piart. ies hc�rotu.
9. No agreement or provisions of thi:; Acjr-eement
may
be changed,
waived, discharged or
tern;in.ited orally,
but
only by an
instrument in writing
signed by the party
against which enforcement of the chanc;c•, wa i vor, u i scharde
or termination is sought.
10. This tAgrooment may be executed _;i;,ul t.aner.u:;1y
in two or more counterparts each of which shall ho deo:r,ed
-3-
82-651
. •. .. l , . . 1(.,.., J .. 1 1 . 1.1 ,. .
an original but all of which to(jether sliaii itut,•
and the same instrutixrit.
POAVD OF TRUSTEES
MLAJ-41 CITY Lt-111LOYEE'S' RET1Pf;,,,*-,'1'1' SYSTE.N,
y(Seal) Py /L,/tf-W J/ le/ll�f— (Seal
Bc
Plu,wrncf, Jr. Chairman
B y le'. U (Seal)
-E—arla Bernahei
BY (Seal) By- (Seal)
Tyrone Kbriziccly
r.
B - (Seal)
(Soa 1) 11
6r"-L gone Robei't Weilbacher
By (Seat
Mark. 'ilisner
Witnesses as to 12rustoc-s-
ATTEST:
S'�Cretary
Witnesses as to DeMarche Associates:
ik T TE ST:
t r ator
DEIMARCHL'. A';aOCIATLSI
a JArtited Par tncr;hip ,
Asset Manaqoiiient valuator
B\j Seal)
11 r es i (if, 11 t
E-xecutivu vice President
82-(;Sl
0
CUS'i0D1,-\h ST:RVIi F
AGREEMENT, made a.,i cif _ _ , 1 9j, 2 , by and
between The Board of Trustees ("Trustees") of Mial,ii City
Employees' Retirement System :►n+l 1-hi, 'Trust
Bank, N.A. , a corporation organized and cal)+>rat i]l(I un+Ior tho
laws of the State of Pl orid-i, here incl ter rc,fc,rrd to a-, the
"Custodian."
tv I'I'Nh;;SI::TI?
W11E1rZ_,%S, The Mizuii City I'il►hlO}'Ct '' h 't l rl_'i'.1 '!i :iV;il" :111
is ar irrevocriule Tri:Nt 1,%F
Deceriaer 6, 1.939; and
WHEREAS, the Ci t}' �'i. ion c)f t h(, C i t-v ,? ,til i.ltn i
did appoint a SUCCOS:;:Jr Ti,1Jtr,: tc adr,iniStor th '217113t
previously created by Ordinance. The Succe sor Trustee,
knoa:n as the Board of Trustees of The Mi,+mi Ci t / hmp1uyeos'
Retirement System, having been appointed by Ordinance 8207
("Ordinance") d,lted November 21, 1973, a copy of which is
attached hereto as Lxhibit "A"; and
WIIEREAS, Section 7 of the Ordinance appo.i.nting the
Successor Board of Trustees reserve:; to the Trustees the
right to employ persons or firms to assist th;.' Ti-us;toes
in the performance of Trustees' duti.os;
NOW, TIIi REi•'ORE, tho Trustees and the, C►l:,t,�dian aclruc
as follows:
1.
The
Trustees
hereby appoint
the
Royal
Tru:;t
Bank,
N.A. tc act
as
CustOdiall
of. sccuritio ;
and
funds
of
System
and to perform certain othor duties and fund i1..)rls Zls 1110J.- :
fully seL forth below.
2. `I'ho CusLodian ac:knewledcjes, having rec:oivcci and
taken into it:; possossion cor to in �-,ocur it yes aIl(I f uncL;
r
by the Trustees. A. I i :it ()f as ;ets is at tached hort't(:,,
,narked as Exhil_)i t "B" , r 0 l OCt l tlg all aCCUra L,' 311d CO"Ni,1 t'te
i-nvaatory of these a ,sots, 'Ail" n, lei+' a 1„,I t ul'
, . ,. -F 1.i-rA"t. c>
i
tiv .»Ur1 , 1 .;,, . M . A * - , .f .
82-651.
The Custodian :,hl-iII accept r :,c� ,::;il)i 1 i t � � t `,• ): 1�,
securities and otht'r" proport`; ui. t l:,)-v.,tk,iii ii!i�icr ? ilu t i-1rmis
of this Agreement. In ac3•_litic)ri, the 'I'ru:,i :, it dk-Aivc!r
or cause t:i be do1iverod to the Custodlan, oth•'I- ?Cul'itie!;,
cash and other prop(-rt, f rant time to t i m 2 , hi .:it :,hLit 1 tae
acquired and held, pur:,uant to the tormn l of t}r i:, vjr(-emc•rit .
3. Safol;ucv 1 11r7. Pile C U:;tc)tt7._rn :;h.1 1 I };Stet) i_ho SUcur i ties
cash and proberty ("Trust of th,� un i
System safe, secure and see paratfrom the -,�t-�cur.iLi�s, ca:;h
and property of its o:•rn or other account_ or account!-, uncic!r
its custody or trust res pon:,ibil ity, it beinc-; t-hc� into!rest
of the parties to this A,,.-ecmerit th',t at nca t i m., :,hall the
Custodian co -mingle the 'i17115t Proporty with .�in,, otl.cr property
wha tsoevor .
4. Insurance. Prior to that cxecution of. i_hia Agree,,tent,
the Custodian shall provide the `1'rustcQs with %•:ritten proof
that it hz adequate in:trance coverinc, the Trust Pruperty
and adequate fidelity bonds coverin<-F thair offices and employees
who will be handling the Trust Property. The Custodian
shall at all times during the term of thi ii Ac7reem(.:nt maintain
adequate in.;urzinco and f idu1it; Lund- .r:s roqui reel heru.i.n
and shall iwmc.diatuly noti.Ly the 'Trustees of any chanqe:;,
modifications or C,1nCL-1l:.1LiO11 of :,uch i11:,1ar,1I►c0 Auld 1)Ond5
which shall reduce covoracjo of: Trust Piop--rty a:li- n :-,uch
shall occur.
5. Reclistraticii of 5ecuritju:i. The Cu:,todicin :;hail
hold all stacks, bond:, an,- all other 17(2Qistc.17i111)1-0 sOcu):ittc:
in one. of tho following rodi.str.ation.;:
(1.) Tri.tstees of. thr! AIi:a,ni. Cit;• E►uulo ee5'
S,,stum, or
(2) PIPO C(.):m),lpy, ate u:;clusivi` n�rlllalli'cr name
to be. uses: ,cal_ ly by the custodian I.Ind
I:XCl,u:iLVuly for the Tru:. Leo s sand Sv:steni.
6. Purchaso_.. Upon rucuipt crf writt,.lt direction.,;
as defined by par;agrliph 15 h'r0Of, ter- 1->y ai1icanclMer1t:s
_2_
82-6s 1-
lic-reto, :1(l in_;o.,"11" .r:; fUa:�: cIL- •:• ALI.-Ild , ' h
tha CustJai.ail steal } i);Tr fol :1111 t :!.,, i _ I i I ,art I ;'I PI iO (.,lit
purcha.:;oa for th,? acco'_IT1t of tll,i
b:3in g ml-ido to the l)�ln ; , :'CCU1' 1 L LuN C?+ ,l 1! •r 1' I I';li:!'r' �.'jJT' ' ;(:nt3I17
the seller only upon receipt by the in -ir t-heir ago -lit
of the :;ccuriti�.!s acid form f(,�r Iran.;fc ::l,.i: f.1 tc)r:' t )
the Custodian.
7. E::(-.11ancTe
of S(2cur 1 t i;`:S,
U17- 11
L"JC(_ i t)t of
}Ji"of) ' 1-
instructions,
tho Custodian shall t2xchange
portf ;lio
socuriti, s
held by then for the account of the Trustcte:= for secur. itiu ;
in connection v it h any reorganization, m!'_I"gCr, consolidation,
stock split,
change
in ;)ar value,
conversion or otherv.i.sr.
The Custodian
shall
deposit any
such, Se ur. itiuc - .i:; :lr(2 1:oquired
in acccrdanc`
-with
the terns of
iny r);' })rutective
plan. w'ithuut :.urthci instructions, the Cu:;t- Ai,;r1 is authori cd
to e:{c'.�anye s !curitic:.: in tevipor :ry fci�,,i for ,u,.-uri.tzeS
in dofinit.ivc form, to effect all exchanl .je of Shari .-; b:hCn
a ;gar -,tlu,3 of stock has
in current funds tht.�rofor. , to surr.e::c?_r bf-Inds or othcl- Securities
at maturity or. ::lwt1 adViSC.-d Of earlier call for re(:ertl)t.ioll.
} The Cur;tadi.an accopts responsibility for b0in�1 :.:arc of
any such -,Ills and for taking such appropriate. 6ct:iun as
is required and authorized under the ter-,,:; cif this A91-C-•cment.
S. Sales of Sccur.itios. Upon receipt of propor
instructions, the Custodian shall make delivery of portfolio
securities sold for the account of thy' TrusLee:i such delivery
to be m:.tde only upon payment tlI(D!:cfor .in 1:1c:Cul inc)n_,y of
the United state,; paid to the Cwitodiarl or its aq(•tit. Tile
Custodian shall arrange such stock or bon(i transfers as
are necessary prior to sale in order to effort delivery
to the buyer.
9. i:011-Discrc!tionarV in Portf )) io ;;c.,Ttrities.
The Custodian :}call in acner_ll atteii(i r.n all ;,Iit1i,;torial
-3-
82-6 1
I '• •1, 1 f - t -- (A I L.•.'U'.fj J ��.'. , 1 1.,... i . M:.% i . , • ] 14 1
r::attcr s and makc all mini::t.('ri I i lee i s iloll
Wlti1 til3 511:1, C::CiI_ti1QC l:b.:t.lttltl )il, j)UI'i'ha:itl !`r" r)4
deal inas :rich securities ind otll_r. prc�pertTrustees
except is may be otherwise providod in tel: i s A,;i _: u'l1t or
direct'o,.l frval time to tl iiic by the TrLIsL'2, ['h+1 t�'r^l ";'linis-
terial" shall i.leail acts 1,'hOrcl)7, iIl carr'.'in',. Vl1L thC_' d1ltie-3
^nt:lerat�d in this Cu�t�xlial Services A(jr--ment r h Cu:;todian
is not pr,''sontod ;Iith a cho'LCC betwC'_'ll two or i.inr o ,11 t,.'!-nclt.LV(3s,
each of which has independent economic
Tha Custodian shall attend to the full -)win(, rrlttk�r.,
and decisions whethor or riot they arc dccir.cd ministerial:
A) The Sale! of an,,- fractional interest in stock
recoivcd for the account of the Trustee:, resu] tirl�l frc,;;l
3 stock dividond or stocr: split, crrl�i tl.,^ credl L 1 n(.a t.() t11(3
principal of this account With tho proceeds.
B) To e:%chanqu- sectll-itie:. wher.o th(� e::cllan<r i:;
purely ministerial.
10. Ban';-, Account . The CL::tUcll.11i Bank ;,ha l i o'-)On
and maintain In their Custodl."Ir) :lCT;'lI't:lr'nt i111 acc-ulit or
accounts in the name of thy: T'.-u:_' •GCS :;�;1� j,2� :t ()-Ii')' to cira�t
or or:��r by trl� liana; as Cu:;todiall or Njont u{)c!l the= tJt' i tt:E:I2
directio;: of the Trust,.!e:_;. All mulljC1 roc:� .ivr_1 b1, thy! Cust.,�dian
from or f,Dr t11c' account of the '1'ru:3tees will be ci-.positud
in such account or accounts as the Truut-ees VrW,' cii r,.C,t..
11. Collections. The Custodian shall coiled, receive
and depo_:it for the account of tho 'PrusLoes all and
other payrr,ents with resp`ct t,-) the securities d0po sited
under this Agreement, and shall exocut` uwnerrthip and other
cortificatus and affidavit::; for all fi.dc�ral , ,tat ` ar local.
tax purposes and for tho c;ol1e tion of bond and not.n coupolls.
The Custodian shall take ,A l oth(.•r ac L it)n nee(,:;::a! y
pr.oner in connection wi tli ti:
:)f such 1ricQ:1�? i:r::1 uther paymozit:' incll1din-i bUt. rl(31: 1 1It11tC C1
to 411e presentatn or c.:,yr:,,nt ;f al i C-_-,i l c,l'! ,111 ;ther
82-651.
. .. _. , .. J (".r , . . ' T i .!A i i.:.
s
6
income items requiring pro,,entatiun c)n al 1 socur. itie.; which
may mature or bo c:alltA, rrdeemeci, r,J.ircd or otlierwise
become payable, and the fcr in the
name of the I'ruetces .)f all rh-:,ck,, draft, and o0i-,�r ncgot:able
instrumQnts . The Cu---,LU(1 ian (;ha t l rt.c:e i ve and I 1 ec. t- j I 1
stock divid,-:!nds, r.i -lit, and ot.h'er :;;tnitar it..:er:; .in'1 :;I:al I
deal with tilt tG t.I.? (1L::'._(:t i( It t il.:
12. Pro:ties, Noticus, Etc. `I'h2 Ctlt;t(-):I�cln ;;hall
promptly dollver cr mail to the I'll 1"ti:�toe:, all fovm:; or prcxi"S,
all notices of :ileetings, all pru::,t ;LaLI.Iit(nt:. and al I (01112r
notico_, request:; or annol:nce:nents (Af"ecti.nta Or relatinct
to securities held in their custc-cil for the Tru_;tl_(,s and
shall, when directed by the Trustees, execute or deiiver
such proxies or other authuri zations as In-ly 1)'_: rr_yuir.cd.
Except as provided by thiL3 Agreement or pursuant to direction:_;
from tho Trustees, the Custodian shall not c�:crcise any
power inherent in any such securities, including any pc�;rer
to vote the or exocute anv prony by po,.-Xr of attorney
or any similar instrument or give any consent, Approval
or waive with respect thereto, or take any other similar
action, without direction front the Trustee.
13. Disbursoment-s. The Custodian shall only pay
or cause to be paid insofar as fund:; are available for the
purpose, such bill;;, statements and other obligations of
the Trustees (including but not limited Lo obl i cl at ion ; in
connection with the conversion, c:xchancge or surrender c;f.
securities owned by thc', Trustees, interost char(te:;, nail
or insurance experls :, tlividond disburscaiL:Ilt:;, ta::c?:;, anj
other similar expels:;o:.) that are approved :;pecificall.y by
the Trustees. No riisbursemont shall be III,-1clo- u111L sL; t1jo
Custodian has rL!mivcd rrr ittoll diructic;ns front the Truc:tvcs.
14. I3ocs;cs, Rpc,,rd:3 and A(,CGLIIIt::. ` 110 CU.'AtAiars
shall maitltain aCCL"C"tt. :u.cl dC't'Ii lc,i :l(.CUur)t (A- LiOCoUllt.:;
r.
82-651. .
I .. ., r ;F 'l
_iris I ..
. i �.�r-.
• Id l'I I t t ..
and
complete records of all transactions
in Lh., in•:o- trtl•nt
account
or accounts of t} '['I u:�tc, :;, rin(i
shall
rt ndc�r �;tat,--
ments
or copies thereof t: art time LO tirn_•
ill; r
,t!"! :;t=�"i by
the
Trustees or their desi�jno(-.,. ` 11,2 Cup;tr;(li,Itl
in
t:,:, preparatic,n of report::, rind aLidit ;
of ac-coullts
of
the
Trust--los .lilcl oth ,r si;:ul ar ;r.afi t t:! :; i ti
c (,nn-e!.
ic>n :. i t"l;
the
dut cs of C usf--ouian herut!nt_ler :
A) ';'hu Cust_udi an :;}lI-I } l t,t"
:I :i;t.
I i y :;!. r! t" .-IM2III
of--,_ncipal ind inc:omc� account cii:,CIO.';i;:t, ID.t; rtn.i
all trap sact whi,.}"1 Oc,currcd c'ltr. in(i t:h,• :a„Trt ft.
B) ' llu c'u:;Lodi.;ut :,hall ( 1 i.;t ()f a.,:;Ot:_;
hold by the Custodian for t-h�.: Trustees as cif• Poct�mbcr ;lr,t
of each year, and on thoae other occa t c.n_; a:,
by the Trustees.
C) All bUokj, rCcorcls, accuunts in(! 'trust Property
held ay the Custodian shall be open to Inspection and audit
at all reasonable times by the City of Miami, rho. Trustees,
or persons dusicnated by the Trustu•. s.
15. Wri..ten Directions. The term %rittt2n direction"
or "written direction-" as used in this; Agreemont shall
include Gaither (1) "written directions" from the '1'lllatl'('S
or (i) directions" from a person allLhrr.i.zu(I to
act pursuant to a ros.olution of thu Tru:;tuo.s certifi, d b-
the 3e•cretar.y of the Board of 'I'r!lst,.t s. Th(, :;}:all
cortify to the t-'usLodian in iin inCLIOIl JC'nuy cer. t i t icat•:; tlt-_
actual r;uccimon Fignl-rturo of each of tho inctimbt!:It Tru_; oo!,
and such peroon ur person,.-, who may from time to ti.r.lc. be
authorized by the Trustees to act purf;uant to any "�.1-itten
direction" or "written directions" of thcr Tru:;Lees. The
Custodian shall be entitlod to rely upon such i.ncul!".bency
certificate provitdc d by the: Tr.usLec'S ill detorininincl wh0thc!-
any "written dir,.;cti-on'l or "'rlrltten are in fact
authorized by the `Trust es. `I'hc= Trust.. c:.. .;hall L. solely
-6-
S?-651 .
, .. ..,, .i i1.1.11.., .. t'5 �I i, l)N•.! . •A; ..., ,. , .,
r-2 i;porlsiblc.' -For i:t'epin(1 Lht' i nc,1!:11),'II( r-t i t, i.•,II , Cil►-VII11,1-
at all tit~(3C,. Tho ian :.ha1L1 ln' -•rlt LtlI'll fW-thtNr 1-o
assume in cCood faith any such "'.Iritten tlir�'c;t.lt ll" (jr "written
directions" of the TrAstees comply wit:h all or,iin,:inccs cif
the City of Miami in existence from tinge to [_fine. In tho
•I
event the Custodian :,hall have any doubt as tI: the intcrnre•-
tation of meaning of "written dir:'cticn" nr "writ tell dir ctions"
hereunder, it shall request t..'NPI-05S Wr itL('I1 aLlt}lc:i:' Lty From,,
the Trustee: -.for clarification. In any i:vt�ut th, c;uslc)cliarl
shall have no liai)ility if it acts on "wri-tten 0,l.rr'rtioni:,,11
and the `1'rusteor, h,:n:oby L'nd,22'tako to hc)IU Lll.`
harmless and indemnify it i.i ro.,;poct (-)f, a11. act.i.r,;i�
lt). Cc;-,, L on of the, C:ustod i an U1.110:;:, and, i.ltlt.i 1.
changed by mutual c :)nscnt, t}ic, custc)o-l.lall, s co.111>olisat Lori
shall be in a-lccorcl:ancc with their sc,h.cdul e of foes, a copy
of which is attachod, 1;1ar;;cd a.; 11`::hibit "C" and incornorat-,d
herein.
17. Termination. E.i' 1:�:� party to this Agrocrient
may terminate the same by notice, in writinu, delivered or
mailed postag•a prepaid to the other party hereto nct less
than thirty (30) drays prior to the elate upon %vll.icil :.ucll
termination shell take effect. Upon termination of this
Agrecnlo-nt, the Trustoes dial 1 }day to tll,.' C u.,3t(_)cli.:111 SLK:11
compensation a:; may be clue a_, of th-� data of suc'.j t.c�t-111inati.ol1.
Pursuant to writl:ell Of the Trustee-., Lhe C ustodi in
shall deliver to the 'Prustc'es or the Successor c'ustoci furl
appointed by the Trustees, at tl;e Cust()(lian 1 s o, f.Lce, a1 l
securities held by the Custo di:i21 Ilureun�l,�r, lul} nclor's,cf
and iu form satisfactory for tramfor, all fL11)dt;, secuL i tic�:i
or Trust Prop,:�rty of the Tru:�t eL :; del�otii ted ,�_i th c)r he 1 ci
by the Custodian her-eullder, as, wo-11 a:; Lill book.;, record:;,
I
entries, accounts :gild .italtt21iutiLs hQ 1d by L-ho CUstudi,111 l)ul'SUaI1t
to this Agreement.
-7-
L8. dotico
vOt1Lt .,, , L,;, illt.t i t:11)tt:, ;1f:1
other *•II cil C_ lt'; 1t;111 ,
3500 Pan .",miiorican brit:-, i•iia.11!i, PIoridA _331 13, or nail( (1
no:;tago prepaid to t1 Tru:;tt,cy at such ;i[It3rc :::;, car to :;uch
oth,.r address that the Trust,-.:r2s may have to thu
Custodian in-':ritina :hall be C1QC.mc(1 to be ')rol)('rly d(l iv.!rrA
or given to the Trustees hert2undcr. , and noti cc:;, reUilests,
instructions and ocher writing dcliverod to th(� C'u �Loc3i._in
at their office at 027 South-west 27th Avonllc I'ti.:m.i, Florida
33155, shall be dac,itcd to bc! properly d1,1 i.vcrcd or g ivcn
to the Custodian horcl.lnc;er.
19. This .-lnreenlen t i:. c:;ecuted and d(? 1 i verccl i.Cl
t11c. ai:at, Of i"lol:1, ;-1 rind :ih,lll 1?e [lOL' `Yll('(1 hy ..11t'
..911C111 .`state .
20. ,,1] term:; and 1:rt71'1: 1U:1 (.7:. till:, .;Ur''['.!'lc'11t Shal"
be bina:in3 upon, inure to tho betle`it of a:l 1j'
by the respective Succ,2.,:,sor , and of tht.' partic.;
herctc;. This Agreement stlall continue in force and of £cct
until inoJificd by mutual -writtun a(3rc.cmc!lt )i tho parties
and shall be subj[!ct to mandatory review by Lhe parties
every three year:. beginning June 1, 1985.
21. No agrcerticnt or provisions of this i,:lr� cmcnt
shall be changed, waives?, dischargc.,d or tcrminatacl orally,
but only by an instrum,_—nt in writing sicine'd by the party
against— whic:-i onror :elt,cnt of talc: chancjo, waiver, discharge
or termination is sought.
22. The capticolls of tlll:; :11'[' hk,ltdci for
conv'?nie nce of refcroncc� only, and in no -way do f ins or de 1 imi t
any of the provi.,.Aon:.) heroof or othort'.'ise elf`(:t_ their C()rl-
StrUCtiOn or 01L1�.L't:.
23. `i'hia tldrt.r:!lncnt tr.y be e::ecutLcl siwult..ln olisly
a
in t-•.'ci ':r mcirt'. cotintornart's cn1Ch ot` :;Ili.Cil !Alal I bt( d[lomocl
82-bt I
ti
but III of -o-'hich
0110 and tF- sanic iri-stru.mont.
BOARD OC TRU;-ITE'LS
MIANI CITY
V
Y
t
1 ultmac'r J r
Dmi'lld
B (S
c a iFl-a—L; e r n a 6 o.
i Ll ki'l C'A L7 t-
By
By (Sca I
Tyrone
it
Mpe ff Mcclj�_'
B kl�-- (Soa 1)
A
13V S'2z' 1
i 1-1'aci'ier
(Scal
I -1:a r k 11 sner
w i t n cl s z :3 as to r u.,-* t o u
Elena Rodriquoz, Adlilin.11-
s t. na to r
ll(-)Yi',L TPU31' BAN'lh, N.A.
Cu., to(l i "-n
BY
Prosident
Sc�cretar. y
(Corporate soal)
Witnes-c'es a.,; to cu:.;toLiiajj:
82-651
1 . z '1.1, " (,Cf, 1. I . 1 ''.' . ?" '*' 14, 1 . , 1 . 11.1 1
f7c'.3 will foll c
TA ;A710',1 CTAT,-;:
$ LL.00 cr tr:ir.7,ncti,,:n for ',:"o 200
IG.00 pc-
(3 . Cc :-or -&'!;:7ut2 of or botid.,
i NCCCU !'AI"4THN'tIN,7
n:)ycvcl
s%:!FLE c1t,
I, n q Imp v;
200 20.00 ci.
IG.00 ca.
ISSUE
20 i n 6.00 ell
ACCOU-NT
F,
TOTAL:
3, P2.1. r)"
G X H a 2 1 T C9 C 11
I
82-c- 54
4