HomeMy WebLinkAboutR-79-066079.660
RESOLUTION NO.
A RESOLUTION APPROVING THE EMPLOYMENT BY THE
BOARD OF TRUSTEES OF THE MIAMI CITY GENERAL
EMPLOYEES' RETIREMENT PLAN OF THE FIRM OF
COOPERS & LYBRAND TO PERFORM A STUDY OF ALL
BROKERAGE TRANSACTIONS COMPLETED PURSUANT TO
THE DIRECTION OF THE INVESTMENT ADVISORS EM-
PLOYED BY THE BOARD OF TRUSTEES OF MIAMI CITY
GENERAL EMPLOYEES'RETIREMENT PLAN COMMENCING
JANUARY 1, 1974, UP TO AND INCLUDING THE DATE
OF THIS RESOLUTION: PROVIDING FURTHER FOR AN
EXPENDITURE OF A SUM OF MONEY NOT TO EXCEED
FIVE -THOUSAND ($5,000.00) DOLLARS.
• • -
WHEREAS, the .:BOard-.-bt-Tr'ustees: of ..the-.Miarrii:,,,City••,General.;.:•,:.
Employe.
• ••• ,••••••:-
KEMPER :FINANCIAL SERVICES; •••,INC:.-••,-'.1/10NTAG--'& CALDWELL and BANKERS
• •
TRUST CO.; and • . .••••
::•-• WHEREAS, the BOard of Trustees, Of Mlarni City General .
• .,. • .••
Employees' Retirenient Plan einployed the SOUTHEAST FIRST NATIONAL
BANK OF. 'MIAMI.' as • custodian
the PAN -• AMERICAN
of sai.d..:.triUSt• funds, andWHEREAS, the purchase and sale of varlous stocks and bonds
• • .
have • been completed between-T.January 1, 197i up to and lncluding the
date ofthls resolution, and
WREREAS, varlous brokerage transactlons have taken place as
- .
a result'2 of the bale•and....Purchase.'of sald stocks and
WHEREAS, Trustees of.-t, he Mlarnl Clty General:.;
• . . . • • , , ,
• „.
Employees' ..:„
responsibilities believes that a periodic review should be undertaken
of all brokerage transactions completed by the i.nvestinent advisor's,
TO WIT.:-:',.KEMPER-FINANPIA1-i-SERVICSTNc.;:14POTAPc4PYT-44a);30!Ts
TRUST CO , and recorded by the
•-••••
NATIONAL BANK-. OF MIAMI and PAN AMERICAN • • , • •,
for the perlod
• :•...-••.••,,• •••• •, • •• ••
. . .„ . .
of time,:.COMmencing January 1, 197L up to and Irieluding the date of
this repOlution;.... and
•'. .
.ol • r, .•
• H: 0 C rim ".!1- 1VnEV
• •
••- • • •, --•ITEM NO. PI
H.:....••-WHEFEAS„-jaidH.Ou'clyhOill.a,..iridlude,but•sha 1 ndt be limited
to the following: the date of the transaction, the name •ond or
stock purchased or sold, the brokerage firm involved in sffritc91/41SSION
MEETING OF
SEP 7 1979
-1- MUM I. 66?
Mat .....
•••••••••••••••
actions, the individual broker who handled the transaction for the
brokerage firm involved, and the amount of the cornmissi.on and any
other expense paid; and
WHEREAS, the Board of Trustees desires to employ the firm
of 'COOPERS-;:f&Y.,'LYBRAND-,.to-PerforM":,thei:;:!afOretileritiOned-,IttildY:1f0ii."-:.::-....--'.:iyi:::::.::
• ,••, • _ • • . •
. ..,.... • , • •
- , „.,
not tO,'"eXCeed:'".FiVeThOurSand'. (45300.0 00,),',',Dollaraand
WHEREAS,the Boardof Trustees of the Miami. City General
Employees' Retirement Plan recommends to the City Comml.ssiorl that it
is in the best interest of the City that a study as heretofore t
mentioned be made; and
WHEREAS, the City C OITIThi S S 1.0ri finds it in the. best interest
of the City to approve the aforesaid recommendations,
NOW, THEREFORE, BE IT RESOLVED BY COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
Section 1.. The employment by the Board of Trustees of the
Miami City General Employees' Retirement Plan of the firm of COOPERS
& LYBRAND to perform a study of all brokerage transactions occurring
between January 1, 1974 and up to and including the date of this
resolution and completed by the investment advisors, KEMPER FINANCIAL
SERVICES, INC., MONTAG & CALDWELL and BANKERS TRUST CO, and reported
by the custodians, SOUTHEAST FIRST NATIONAL BANK OF MIAMI and PAN
AMERICAN BANK N.A., it is hereby approved for a sum of money not to
exceed Five -Thousand ($5,000.00) Dollars.
PASSED AND ADOPTED this 27th nay of September , 1979.
Maurice A. Ferre
ATTEST:
PREPARED AND APPROVED BY:
ICHAEL HAYGO
ASSISTANT CITYUATTORNEY
APPRO
GEORGE
CITY
MAYOR
AS TO FORM AND CORRECTNESS:
I 1111111111N
-2-
79-60u
TO:
FROM:
CITY OF MIA MI, FLOlit OA
-UNIT 1IR-O F1{=_ C::"•.:;i dDUivi
Joseph R. Grassie
City Manager
Cfr AT •.:
Elena Rodrigu'z, &cretary
The Miami City Employees' Ret..
System & Plan
Rei
September 12, 1979
: UJJCCt: Resolution Approving the..
Employment by the Board of
Trustees of the Miami City Gen.
xxxxxxxmployees' Retirement Plan of the
Firm of Coopers & Lybrand, to
Perform a Study of All Brokerage
xxxxxx.�
Transactions Completed
prPnc.es ! Pr-aposed-Resat- tlan
FII-C:
It is recommended a resolution approving the employment by the;. Board
of Trustees of the Miami City General Employees' Retirement Plan of the
firm of Coopers & Lybrand to perform a study of all the brokerage
transactions completed pursuant to the direction of.the investment
advisors employed by the Board of Trustees of Miami City General
Employees' Retirement Plan, commencing January 1, 1974, up to'and
including the date of this resolution; providing further for.an-
expenditure of a sum of money not to exceed five thousand ($5000.0•
dollars.
The Plan Board,at their Trustee Meeting of 8-31-79,moved to hire the
auditing firm of Coopers & Lybrand to study the transactions.the.
Money Managers have entered since 1-1-74.
Funds to cover this expenditure will be available after: a;`s,upplemental
appropriation ordinance is presented to the Commission at their: meeting
of 9-27-79.