HomeMy WebLinkAboutM-76-0696CITY OF MIAMI, FLORIDA
INtER-OFFICE MEMORANDUM
TO.
FROM.
P. W. Andrews
City Manage r
r,�,.• (1)
Irwin Mazin, Se retary
Miami City Employees' Retirement
ys
DATE. May 3, 1976
SUBJECT Re: Custodial of
Portfolio
REFERENCES!
ENCLOSURES.
FILE:
The Board of Trustees of the Miami City Employees' Retirement
System has engaged Bankers Trust Company to provide custodial
services for their security portfolio.
Proposals were received from six bank, including the present
custodian,
t. National Bank of Miami. The bids
custodian, Southeast F'ir:, 'quarter
were base�ion the investment transactions,f "o�iher' thirde Board
of 1975 • The cost, saving
of Trustees will be approximately $14,000 annually.
-
z6
Southeast First National Bank of Miami
Jtity 9, 1976
Mr, Irwin Mazin, Secretary
Retirement Board
The Miami City Employees' Retirement System
City Hall
P. 0. Lox 708
Miami, Florida 33133
Dear Mr. Kazin:
0n April 20, 1975, the Southeast First National Bank of
Miami was invited to submit a bid to continue to serve
as Custodian for the Mimi City Employees' Retirement
System. The hid was submitted to you by letter dated
April. 27, 1976 and signed by Harvey M. Rosenfeld, Vice
President.
AlthouL.li this hid was made. in good faith, the Bank has
reconsidered its position in this matter and hereby
advises the Ret ire,nent Board that it is withdrawing its
bid to continuer as the Custodian.
The Bank has appreciated the opportunity to serve in this
capacity the past two and one-half years and it will
cooperate in every way to effect an orderly and efficient
transition to the new Custodian for the System.
Very truly you
Robert A. T1 pson
Senior Vice President
RAT:vg
cc:Mayor Maurice A. Ferrc
Vice Mayor Mrs. Rose Gordon
Commissioner Theodore Gibson
Commissioner J. L. Plummer, Jr.
Commissioner Minolo Reboso
Trust thvis;on
100South Itisc avne Boulevard Muni, I lunds 33131
IVY"/Aa RESOLUTION NO.
A RESOLUTION DESIGNATING THE BANKERS TRUST
COMPANY,
280 PARK AVENUE, NEW YORK, NEW YORK,
AS THE CUSTOTYAEMPLOYEESOF THE SERETIREMENTTSOYSTEMLIO OF
THE MIAMI C
BE IT RESOLVED BY THE COP'IMISSION OF THE CITY OF
MIAMI, FLORIDA:
Section 1. The BANKERS TRUST COMPANY, 280 Park
Avenue, New York, New York, is hereby designated as the
custodian of the security portfolio of the Miami City
Employees' Retirement System.
PASSED AND ADOPTED this 22nd day of July, 1976.
MAYOR
ATTEST:
CITY CLERK
PREPARED AND APPROVED BY:
—4 ? / 7
•
ROBERT F. CLARV
Assistant City Attorney
APPROVED AS TO FORM AND CORRECTNESS:
FRANK H. WESTON
Acting City Attorney
,27-14177,4/
7,t 694