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Police/Fire Perasiort Board of Trustees <br />August IS, 200b <br />Page 3 - <br />S. Authorize Board Attorney to Prepare Proposed. Ordinance <br />MOTION: Moved by Mr, David Gonzalez to authorize the Board Attorney to prepare <br />an ordinance that would broaden the investment parameters currently in <br />place, well as add an exemption from the execution provision to allow a <br />direct assignment to an insurance company for the purposes of paying <br />premiums. Motion was seconded by Chief Jaltn Pavlis attd cat•ried <br />uttanitnously ott a S - 0 vote, <br />Mr. Welker indicated that the revisions to the lnvestment Policy would be better accomplished after the <br />Board considers the proposed ordinatfce to be prepared by the Board Attorney. <br />MOTION: Moved by Mr. Frank Schutte to table the Investment Policy Statement <br />revisions and consider at the next meeting, Motion was seconded by Cltief <br />. John Pavlis and carried ttnattimously on a S - 4 vote. <br />The Board Attorney recommended the Board direct the Chairman and Seoretaiy execute contracts with <br />Manning and Napier a~td Salem Trust and also authorize our consultant to move our bond portfolio <br />currently in place with SunTrust to Vanguard Aggregate Bond Index Fund until problems are worked out <br />with Galliat•d Capital Management regarding the Investment Policy and co-mingled fund. <br />MOTION; Moved by Cltief John Pavlis to execute contracts with Manning an[l Napier <br />and Salem Tt•ust and authorize the consultant to move the bond portfolio to <br />Vanguard Aggregate Band Index Fund oral move to Galliat•d Capital <br />Management after the Investment Policy revisions are accomplished. <br />Motion was seconded by Mr. David Gonzalez and carried unattitnously on a <br />S - 0 vote. <br />Mr. Welker distributed 12F'P's for Administrative Services to the Board for their consideration. (Copies <br />of these proposals may be obtained from Mr. Welker.) <br />6. Annroval of Expenditure Report <br />a) Bogdahn Consultants -July I, 2006 - $2,000.00 <br />b) Christiansen & Dehner -June i9, 2006 - $829.00 and February 28, 2006 - $1,707,94 <br />c) SunTrust - .Tanuaiy 1, 2006 to March 31, 2006 - $5,166.74 <br />MOTION; Moved by Cltief John Pavlis to approve the Expenditure Report as <br />submitted. Motion vas seconded by Mr. David Gonzalez and carried <br />unanimously on a 5 - 0 vote. <br />