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HomeMy WebLinkAboutCC 1973-09-11 MinutesCITY OF MIAIVII SPECIAL COMMISSION MINUTES OF MEETING HELD ON SEPTEMBER 11, 1973 PREPARED BY THE OFFICE OOITTHEACITY CLERK INO CIiY AraRIDA • ITEM NO. SUBJECT Ir. NANCE OE SOLUTION , PAGE NO, 1. CITY COMMISSION MEETING - CHANGING DATE. 2. PRESENTATIONS FOR INVESTMENT SERVICES FOR THE CITY OF MIAMI RETIREMENT SYSTEM AND PLAN. 3. DESIGNATING FIRST NATIONAL BANK OF MIAMI- CUSTODIAN FOR RETIREMENT SYSTEM AND PLAN. 4. DESIGNATED BANKERS TRUST AS MONEY MANAGER FOR RETIREMENT SYSTEM AND PLAN. 5. DESIGNATED MONTAG & CAULDWELL AS MONEY MANAGER FOR RETIREMENT SYSTEM AND PLAN. 73-645 73-646 73-647 73-648 6. DESIGNATED SUPERVISED INVESTORS SERVICES, INC. AS MONEY MANAGER FOR RETIREMENT SYSTEM AND PAL$ 73-649 7. PUBLIC HEARING DATE - DOWNTOWN DEVELOPMENT AUTHORITY BUDGET. 8. FEDERAL REVENUE SHARING FUNDS - APPROVING PLANNED USE REPORT - 1973-74. 2. 3. 3. 3. 4. 4. 4. MINUTES OF SPECIAL MEETING CITY OF MIAMI, FLORIDA COMMISSION SEPTEMBER 11, 1973 On the llth day of September, 1973, the City Commission of Miami, Florida, met at its fegular meeting place at City Hall in said City in special session called by the Mayor to consider business of public import. The meeting was called to order at 10:15 o'clock A.M. by Mayor David T. Kennedy with the following members of the Commission present: Reverend Gibson, Mrs. Gordon, Mr. Plummer, Mr. Reboso and Mayor Kennedy. Absent: None. An invocation was delivered by Reverend Theodore Gibson, who then led those present in a pledge of allegiance to the flag. The Mayor stated that the purpose of the meeting was to hear final presentations by those firms selected by the City of Miami's Investment Committee to render investment services for the City of Miami Retirement System and Plan. Mr. Bill Thompson and Mr. Dick Dunn, representing T. Rowe Price Associates, Inc. of Baltimore, Maryland, appeared and submitted a presentation on the equity portion of the system and plan. Mr. Richard Smith, representing Thorndike, Doran, Pains and Lewis, Inc. of Atlanta, georgia, appeared, together with another officer of the firm, and submitted a presentation on the equity portion o'f the system and plan. Mr. Richard Ford, representing Supervised Investors Services, Inc. of Chicago, Illinois, ap peared and submitted a presentation on the equity portion of the system and plan. A gentleman identified as Mr. Jawater, representing Loomis- Sayles and Company, Inc., of Washington, D. C., appeared, to- gether with Mr. Peter Gilsey, and submitted a presentation on the equity portion of the system and plan. RECESS: The meeting was recessed at 1:00 o'clock P.M. until 2:00 o'clock P.I. this date. The Commission reconvened at 2:25 o'clock P.M. with all members present. Mr. John Meehan and Mr. Bart Stevens, representing The Boston Company of the Southeast, of Orlando, Florida, appeared and submitted a presentation on the equity portion of the system and plan. Mr. Phil Lundquist, Mr. Roger Hamilton and Mr. Walt Campbell, representing Montag and Caldwell, Inc. of Atlanta, Georgia, appeared and submitted a presentation on the equity portion of the system and plan. 1 Three representatives of Bankers Trust Company, New York, appeared and submitted a presentation on the equity, fixed income and custodian portions of the system and plan. RECESS: The meeting was recessed at 4:00 d clock P.M. The Commission reconvened at 4:25 o'clock P.M. with all members present. CITY COMMISSION MEETING - CHANGING DATE* The City Manager pointed out that the second regularly scheduled meeting in September would fall on a religious holiday; whereupon the following resolution was introduced by Mr. Plummer, who moved its adoption: RESOLUTION NO. 73-645 A RESOLUTION CHANGING THE DATE OF THE SECOND REGULARLY SCHEDULE MEETING OF THE CITY COMMISSION TO BE HELD IN SEPTEMBER FROM SEPTEMBER 27, 1973 TO SEPTEMBER 26, 1973 BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: That the date of the second regularly schedule meeting of the City Commission to be held in September be, and it is, hereby changed from September 27, 1973, to September 26, 1973. Upon being seconded by Mrs. Gordon the resolution was passed and adopted by the following vote - AYES: Reverend Gibson, r'rs. Gordon, Mr. Plummer, Mr. Reboso and Mayor Kennedy. NOES: None. The Commission continued with its hearing of final presentations by those firms selected by the City of Miami's Investment Committee to render investment services for the City of Miami Retirement System and Plan, consideration of which was interrupted earlier during the meeting. Mr. Richard Hohman and Mr. Frank Mangione, representing John Hancock Mutual Life Insurance Company, Hartford Connecticut, appeared and submitted presentation on the fixed income portion of the system and plan. Mr. Tom Keating, representing Travelers Insurance Company, Hartford Connecticut, appeared and submitted a presentation on the fixed income portion of the system and plan. Mr. Sid Craig, representing the First National Bank of Miami, appeared and submitted a presentation on the custodian of funds portion of the system and plan. Mr. Clifford Horne, representing the City National Bank of Miami, Miami, Florida, appeared and submitted a presentation on the custodian of funds portion of the system and plan. 2 9-11-73 • RECESS: The meeting was recessed at 5:23 o'clock P.M. The Commission reconvened at 5:40 o'clock P.M. with all members present. After discussion the following resolution was introduced by Reverend Gibson, who moved its adoption: RESOLUTION NO. 73-646 A RESOLUTION DESIGNATING THE FIRST NATIONAL BANK OF MIAMI, MIAMI, FLORIDA, AS THE CUSTODIAN OF FUNDS FOR THE CITY OF MIAMI RETIREMENT SYSTEM AND PLAN (Mere follows body of resolution, omitted here and on file in the City Clerk's office) Upon being seconded by Mr. Reboso the resolution was passed and adopted by the following vote - AYES: Reverend Gibson, Mrs. Gordon, Mr. Plummer, Mr. Reboso and Mayor Kennedy. NOES: None. After discussion the following resolution was introduced by Mrs. Gordon, who moved its adoption: RESOLUTION NO. 73- 647 A RESOLUTION DESIGNATING BANKERS TRUST COMPANY, NEW YORK, N. Y. AS THE FIXED MONEY MANAGER FOR THE CITY OF MIAMI RETIREMENT SYSTEM AND PLAN (Here follows body of resolution, omitted here and on file in the City Clerk's office) Upon being seconded by Mr. Reboso the resolution was passed and adopted by the following vote - AYES: Reverend Gibson, Mrs. Gordon, Mr. Plummer, Mr. Reboso and Mayor Kennedy. NOES: None. After discussion the Mayor surrendered the Chair to Vice -Mayor Gibson, and the following resolution was introduced by Mayor Kennedy, who moved its adoption: RESOLUTION NO. 73-648 A RESOLUTION DESIGNATING MONTAG & CAULDWELL, INC., ATLANTA, GEORGIA, AS AN EQUITY MONEY MANAGER FOR THE CITY OF MIAMI RETIREMENT SYSTEM AND PLAN Upon being seconded by Mr. Reboso the resolution was passed and adopted by the following vote - AYES; Reverend Gibson, Mrs. Gordon, Mr. Reboso and Mayor Kennedy. NOES: Mr. Plummer. 3 9-11-73 • Mr. Plummer, on roll call, stated he favored the desig- nation of Thorndike, Doran, Paine and Lewis, Inc. for this assignment. The following resolution was introduced by Mayor Kennedy, who moved its adoption: RESOLUTION NO. 73- 649 A RESOLUTION DESIGNATING SUPERVISED INVESTORS SERVICES, INC., CHICAGO, ILLINOIS, AS AN EQUITY MONEY MANAGER FOR THE CITY OF MIAMI RETIREMENT SYSTEM AND PLAN (Here follows body of resolution, omitted here and on file in the City Clerk's office) Upon being seconded by Mr. Reboso the resolution was passed and adopted by the following vote - AYES: Reverend Gibson, Mrs. Gordon, Mr. Plummer, Mr. Reboso and Mayor Kennedy. NOES: None. PUBLIC HEARING DATE - DOWNTOWN DEVELOPMENT AUTHORITY BUDGET: The Commission agreed that public hearings on the proposed appropriation ordinance for the Downtown Development Authority would be advertised for the meeting to be held on September 26, 1973. FEDERAL REVENUE SHARING FUNDS - APPROVING PLANNED USE REPORT - 1973-74: Upon the recommendation of the City Manager, the following resolution was introduced by Reverend Gibson, who moved its adoption: RESOLUTION NO. 73- 650 A RESOLUTION APPROVING IN PRINCIPLE THE PLANNED USE REPORT FOR ENTITLEMENT PERIOD 4, JULY 1, 1973 - JUNE 30, 1974, FOR THE EXPENDITURE OF FEDERAL REVENUE SHARING FUNDS IN THE AMOUNT OF $8,075,539; AND FURTHER AUTHORIZING THE CITY MANAGER TO HAVE THE PLANNED USE REPORT PUBLISHED AND SUB- MITTED TO THE FEDERAL GOVERNMENT BY SEPTEMBER 14, 1973 AS REQUIRED BY FEDERAL REVENUE SHARING LAW AND REGULATIONS (here follows body of resolution, omitted here and on file in the City Clerk's office) Upon being seconded by Mr. Plummer the resolution was passed and adopted by the following vote - AYES:. Reverend Gibson, Mrs. Gordon, Mr. Plummer, Mr. Reboso and Mayor Kennedy. NCES: None. 9-11-73 With respect to the matter of designation of money managers for the City of Miami Retirement System and Plan, considered earlier during the meeting, Reverend Gibson ex- pressed the opinion that the subject of brokerage, as it relates to this matter, be placed on the agenda for con- sideration by the Commission and interested parties at the next regularly scheduled meeting of the Commission. ADJOURNMENT: On motion duly made and seconded the meeting was ad- journed at 6:45 o'clock P.M. DAVID T. KENNEDY MA YOR ATTEST: H. D. SOUTHERN CITY CLERK CITY OF MIAMI DOCUMENT INDEX MEETING DATE: SEPTEMBER 11, 1973 ITEM NO. DOCUMENT IDENTIFICATION COMMISSION ACTION RETRIEVAL CODE NO. 1. 2. 3. 4. 5. 6. 7. COMMISSION AGENDA (13 pgs.) DESIGNATE FIRST NATIONAL BANK AS CUSTODIAN FOR RETIREMENT SYSTEM. DESIGNATE BANKERS TRUST AS MONEY MANAGER FOR RETIREMENT SYSTEM AND PLAN. DESIGLATE MONTAG & CAULDWELL AS MONEY MANAGER FOR RETIREMENT SYSTEM AND PLAN. DESIGNATE SUPERVISED INVESTORS SERVICES, INC. AS MONEY MANAGER FOR RETIREMENT SYSTEM PLAN. APPROVING IN PRINCIPLE THE PLANNED USE REPORT. TRANSCRIPTION OF APRIL 26, 1973 MINUTES AS INSERZ R-73-646 R-73-647 R-73-648 R-73-649 R-73-650 0001 73-646 73-647 73-648 73-649 73-650 0002