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Police/Fire Pension Board Meeting <br />December 1, 2006 <br />Prrge 2 <br />2. A royal of Minutes - Au ust X5 2U06 and S ecial Worksho ~ JuI 13 2006 <br />Sgt. Nas noted tl~e following correction to August I S, 2006 Minutes: <br />Page 2 -Section 4 should be corrected to state, `:...the Investment Policy lie Groaderted to <br />incorporate co-ntirtgled securities. The Board Attorney itrrlicnted ilrnt die orditrartce watrld treed <br />to be antettded to accotttplislt this change. (Item addressed under #S on the Agenda) <br />Page 3- Section 5 -Correct spelling "GrrClinrrl Capital Management" <br />MOTION: Moved by Mr. Frank Schute to approve the minutes of August 15, 2006 with <br />tl~e carrec#ions as stipulated by Sgt. Nas. Ma#ion was seconded by Cltief John <br />Pavlis and carried on a 4 - 0 vote. <br />July 13, 2006 Specia[ Workshop <br />Mr. Schulte noted the following correction to the July 13, 2006 Special Workshop Minutes; <br />Page 2 - Adjotn•nment time changed to 12:30 p.rtt. <br />Page 1 - Mr. Christiansen stated that in lieu of a consensus, the motion as stated at the Workshop, <br />should be included in the July 13, 2006 Minutes indicating the selection of the money managers. <br />The minutes were corrected with the addition of the following motion: <br />MOTION.• Moved by Sgt.. Willitrm Nas to select M~utning & Napier and Grrlliard Capital <br />Managentesti as the stew Investntettt Managers ar:d Salem Trtrst ns the <br />crrstadirut. Motion ryas ,recanded Gy Cltief John Pavlis and carried an n 5 - 0 <br />vote. <br />MOTION: Moved by Chief John Pavlis to approve the minutes of July 13, 2006 as <br />amended rvith the addition of the motion and ti:e correction as stipulated by <br />Mr. Schute, Motion ryas seconded by Sgt. Willima Nas and carried on a ~I - 0 <br />vote. <br />3. Presentation bx-Mike Welkee• -Bogdahn Consulting <br />Mr. Dave Wesk, z•epresenting Bogdahn Consulting, presented the performance evaluation report far the <br />quarter ending September 30, 2046 with a fund value at the close of the fiscal year of $3,d23,000. The <br />complete report as submitted by Mr. West is available for inspection with the City Clerk of the City of <br />Casselberry. The Bogdahn Report was accepted with do formal action needed to be taken by the Board. <br />Mr. West requested tlae Board add to the agenda the approval of an Investment Policy Statement <br />Addendum to the Management Agreement which outlines guidelines to maintain the investment style of <br />Manning & Napier Advisors, Inc. <br />