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HomeMy WebLinkAboutDocumentation_Pension General_Tab 6A_12/15/1997 • 1 rt. " VILLAGE OF TEQUESTA ; �� �;. Post Office Box 3273 • 357 Tequesta Drive ` Tequesta, Florida 33469-0273 • (561) 575-6200 �} 0 Fax:(561)575-6203 Cif COI December 10, 1997 Mr. John C. Randolph, Esquire Jones, Foster, Johnston& Stubbs P:A. 505 South Flagler Drive. P.O. Box 3475 West Palm Beach, Florida 33402-3475 Re: Agreements To Be Reviewed For Employees Pension Trust Fund (Agenda Item December 15, 1997 Trustees Meeting) Dear Skip: Attached are two agreements required to be approved on behalf of the Employees Pension Trust Fund which will enable Prudential Securities, Inc. to perform custodial broker services. 1) Command Account Agreement, authorizes a daily sweep of all cash on-hand and • investment in money-market funds. There is no charge for this service, which is provided by PrudentiaPs premiere account. The account also provides$100 million dollars insurance for funds held. 2) Prime Broker Account Agreemment, allows Loomis, Sayles& Company,L.P., our investment managers, to purchase securities from brokers other than Prudential Securities. Such purchases are then delivered to Prudential Securities for safe-keeping. Should you have any questions during your review of these documents, please contact Mr. Fred Kenney,Prudential Securities, Inc., phone number 694-0200. Respectfully requested. Bill C. Kas velis Director Finance End. 2 Recycled Paper CUSTOM COMMAND THE COMPLETE ,CLIENT SERVICE CENTER INVESTMENT ACCOUNT 1 800 774 - 2878 TAILORED FOR YOU OR 1 800 PSI - CUSTOM 7 DAYS A WEEK . • CUSTOM COM M A N D cm,,-{ 11/9I Prudential Securities Why CUSTOM COMMAND" should be your first choice. CUSTOM COMMAND was designed with you, one of our most valued clients, in = _ mind Available exclusively to • a select group of investors with the Firm, CUSTOM COMMAND Accounts receive special care. CUSTOM COMMAND'S exclusive benefits include: = gi A COMMAND Account with no annual fee. COMMAND is our premier investment account designed to help you manage your money more effectively. • Extra attention via a special toll free customer service number. • Priority handling of expedited statements. * Additional protection — up to $100 million in total securities protection. • 5% travel rebate } [ • ,Si)t'Cl;il I.1it`f ll`± t'ri$rit% lt.iiuthi;t; f k. �'I't 1 j tt t'1;1 ( Jr(' i 1'�' CUSTOM COMMAND Accounts receive priority handling; statements are mailed No.4unu.11 t•o't• before any other Prudential Securities CUSTOM COMMAND benefits begin with the account statements.This priority handling fee.When you allocate$500,000 or more to t ensures that you are among the first to our CUSTOM COMMAND Account, we will receive monthly statements. Statements waive our annual COMMAND fee and continue f are mailed flat,not folded,for easy record- to waive the fee as long as you maintain an keeping. account balance of at least$250,000. ,, „0,4..w. ;, .-, .. e. Special Altentiau .tdtlitiou:d Protection • As a CUSTOM COMMAND client, your Protecting your assets can be just as questions will receive our immediate,. , important as sound cash management. attention. To give you that immediate`` That's why the CUSTOM COMMAND Account attention, we have established an provides you with a total of$100 million exclusive customer service line. This toll- ` in protection. The Securities Investors free telephone number is only given to Protection Corporation (SIPC) provides CUSTOM COMMAND clients. You will $500,000 protection for cash and securities receive dedicated attention from our most • in your account, with a $100,000 limit experienced client service representatives. for cash. Prudential Securities provides an a s additional $99.5 million of securities 4 Asset allocation at a glance via a COMMAND protection. This protection does not ensure exclusive pie-chart illustrating the types of the quality of your investments or protect securities you own and the percent of your you against losses that may occur because total portfolio each represents. the market value of your investments • The value of your realized and unrealized rise or fall. I gains and losses. CUSTOM COMMAND's exclusive benefits • A complete list of the securities in your enhance COMMAND, our premier invest- account including the quality and current merit account. COMMAND gives you value as of the closing date of the statement convenience and flexibility—a better way to manage your substantial assets. • 1g? 1i t CI iti'1t.M' � "" . A 5% automatic rebate on the guaranteed lowest rates for airfare, hotels and car . rentals when you book travel through the COMMAND Travel Service and use ,. ; ,, your COMMAND Card. a •COM?61AND Basic Accounts are not eligible ;h}. - :. for the COMMAND Travel Service. . COMMAND IRA Accounts are not eligible r Y .. z r for the 5% Travel Rebate, however, they •f k . _ ; , ;b t ` may use the COMMAND Travel Service . ' „ r , ,,,*, N, x �. Center and receive the guaranteed lowest b; „ r k;,V kt 4•el .K �ti°!,. published prices Some airlines may not • ` �- **4,� �� � participate in this program. _�' 1" f `; __. • The most current Moody's and Standard iIIXt-.Slll ciil I.:titli el1icitit' and Poor's ratings for municipal and slate•.ot"-titc-Art Fin-tnd:11 lit porting corporate bonds. ! Monitoring your investment portfolio is Mono Fund Ow l(e a► ti Coit%cilielit t easy with our comprehensive monthly COMMAND gives you achoice of nine money statements and consolidated year-end funds for your cash. These funds include summary. Your CUSTOM COMMAND money market, government, U.S. Treasury, Account statement contains: tax-free and certain state tax-free funds. 4 s . You may also select COMMAND's Insured Financial Advisor or your local Prudential Income Account instead of a money Securities Branch Office.You can also call • fund; these deposits are insured by the the CUSTOM COMMAND Service Center Federal Deposit Insurance Corporation (1 800 774-2878 or 1 800 PSI-CUSTOM)for (FDIC)up to$100,000. 0 a prospectus. Please read the prospectus t►,tti\ tutslm,iti% 1n11"Aut,e�;t StetrS, carefully before you invest or send money. Each day, all cash credits are automatically Si.'% in {Midi With AtaFIei 1lct cl�til�nct►t, invested into the money market fund or • Call a special toll-free number,any time,day insured income account you designate, or night, for exclusive access to Larry so your money is working hard for you — Wachtel's recorded market commentaries. Larry is one of Wall Street's most celebrated market analysts. :1\t'i1It'IIl �1l'I�tlil;i� 1tll ION ��;II I;.It'i'I I,It'i ii . Sintplily lax Ptc pwilit n, itarlk Exiwnsrs Identify and track tax-deductible and other regular expenses with COMMAND'S personalized Check Expense Codes. The year-end summary also simplifies your Pa 1 tax preparation. 1ittil:tnl trie'sti to linty Milne% • Free and unlimited checkwriting and our COMMAND Visas Gold Debit Card give you easy access to your money when you need it. every day. Before selecting a fund, you ran Deposits, Easy Hillp.qint; should obtain a prospectus, which Direct deposit, direct payment and Billpay includes information on charges and features allow you to automatically make expenses,from your Prudential Securities and receive payments. • 6 1 • I a C' , . 1 To take advantage Transfer funds electronically between your COMMAND Account and any of your outside o f o u r CUSTOM• hank accounts,on a one-time or recurring basis,with just a phone call. COMMAND services, t contact your ;; Prudential Securities . Borrow against your marginable securities • whenever you'd like, for whatever reason Financial Advisor, you'd like, at rates much lower than you're • your local Prudential likely to find anywhere else. : • 3 Note: When you use margin. you may be Securities B 1'a 11 C IJ subject to additional risk. Office or Call Extend the time between purchases made CUSTOM COMMAND: with your COMMAND Visa Card and pay- 1 800 774-2878 or ment with COMMAND's monthly delayed debit feature. 1 800 PSI-CUSTOM. • CUSTOM COMMAND reflects our desire to "; provide you with special attention and recognition of your status as one of our most valued clients. The wide. range of CUSTOM COMMAND benefits have been designed to give you maximum control . over your assets, superior recordkeeping, convenience and security. We also pledge , to give you the special care you deserve. r • • s, • T . +C i i i i 4 n ,. O COM Ai-D Account diPrudential sccririti►•s Cash /r,gr•eerarent P,r 1.,Ini d&ans,is Inc o'print.' a qih:.(l aiy ul Til,Pr,Ir slid I.71hin,r Cnm,h1:.,al Ail,;r f,I.J. 'di r!,,•Ja;.,, • is COMMAND ACCOUNT I/we "Client"}.hereby requests that'Pru • more Cards be issued for use with Client's"Vlsa Account.If:a Card is" dential Securities•incorporated. 'PSI")accept a Prudential"Securi- : issued "Client":requests that a Personal'identification Number ties"COMMAND Cash Account(''COMMAND'�Account")application (("PiN'")be issued as well so.that Client may access Client's COM- in Client's name-as appears below This A reement'sets yforth the.• •MAND Accountthrough the Visa',Automated feller Machine("ATM") ,terms.and conditions.that govern,the:COMMAND Accouar to be •>.iVetwork.: Bent:,understands..that,Clrent ,:application for a Visa provlded",to the-Client,and n;.consideratiop:,o,.PSI.acce•pting such ,,Account is;accepted`by"l?B&T inrherfoa•Card•and' 151 are"lsssued to COMMA D.Accoun`tt;Client-hereby- rees• o.abides,,by all.such ;-Client;orChecksareprovidedifandis"subject.to:ap•plicaberules:and terms�andcoe••., ns,;as�ofthe.date, execution. z,: ,.,.t regulations""Visa;`USA Inc.and.4tlies (sternational ran agrees For Tenancyby the'Entirettyy Accounts Clientsspecificall ;author- that by sf9rnng,using,orpermitting another to use'the ecks Card Izerear tt other to use the COMMAND Account"to b and'se l securi- or PIN;'Client will be bound.by.the fol lowlng.t rrns.and conditions. ties, vrite checks-and use the Card t therwlserr an thee.assets of The Card remains the property of PB&T and y be cancelled,by ;the;COMMAND ccount without'the fiotr�a ibval of tie Esther^.' PB&T at am"time Without=prior no ce Client-will surrender any Client5i11diferstandsthat COMIf ANDS=Ao btrrlt consists afi a FBI 'unused Checks-and.Card(s):•and tiscontinue tilization of'Client's cash account(the"Securities,Account")which is-linked toga Choice Visa Account, me'diatei,r upon,request'of PCB&T or P!SI. Client " • of either an.._investment•fur is{'.'COMMAND i and")o ,to"he;COM ;'U de „lands that PB'&T wilt'o en':Client'srVistr Acceijnt n the`name. . NAND insuredIncome'' County '4 Ilk -plus; V sae' id d o it by: SI,that; formaiti'on concernin 'transactions-In kccou t: 'lli • �tcc iif",� ld he l rude itial Bat d } Vis l Accd h rt Rise` stuchra►cdebrit ill befur=nisheid Ti;ist'?Co. any-:1Auc ais i:,tallth'-wi`ii1 ti: l tinintait,, an aci ee1;i'Pent 'to Clrent r`�andthat:bllll • r r„dis rtes'or-in4tlii�ies are to be Under ,the-terms-of ieerriieiri ttr�twee PB&T` PST 3tie�'Y isa ducted ti & through6PSl ient.alsc understandsthat Client's • ccount- ay,be o'ened and.on r> • o>.Vi� Cold, •.e-it,Cards" .,"C ctlon-r'ecei s°63url't�^tte t'eturned� cl ant.Client`may tie,.�Car l •, .e-—.e; ed-and--�he cks . .firJdel "•••:,:'Ol�lt.':')1ar use ;`wntti hecks'on he'VisaAcicount;with t?B�� 7 T o Visa Card•may be t ,the C 'I)A ccp _rat.i eforer any',r,OM 4 „p Ac� nt is pro- >i a -by lient=to.make ur�chases of merchat dise"and•services,to videdlife PI; I &T musspecificall "ac 'b: o irreash aetkiefes is a"banir Iimitto 000 or'less er , p y . Ce . re ii arin. ••:. lv h r k. .,- .. �5, Pi • Client understands that'PSI"will cha a bent"',annual ee accpUnt`per�•day,and to obtain cash-through theVisa AT Network for services. provided. hereunder lay ¢e�itirrgr Cl ant',`.,COMMAND • (whri tr'ts lim"rteI�a to b viritiyd 'awals erday and a"`inaxirrium'total Account.-.Such�fee is`paid i°n adeari ,e� d••ea .0r "In the,.COM- withdrawat•eafg$1,000•per day;some institutions may purposes 'tower , MAND`Progr`amr'Description -'the'�ceIp 'fofi:which'Client hereby l� ) nhef'ionligate0all ountha}ate bif for unli a ed totes Credit acknowledg"es. Client will fees ihforrreied of any fee. chancpes in : ) • advance.Should Client's COMMANDAccountbey erminated:forarry cash baranc " if-an+yy In-the"Seauciti+es.Account"pendinginvestment reason,Client.will not receive a refund-of ern ortion'of that"annual in shares of the''Primary.Fund or deposit Into CMIIA'and the net fee. Client understands.that,by,'cho,�ngy O AMANI Essertials + ers�et>value'ot Client's•shares in the P Irnar fund�and Secondary Client will-not receive thee features referenced,In Section;3,below. '"-Fund�''the balances un-CMI1A,the fret'`asset value of Client's shares in • The features•ofCOMMAND Essentials can-be found in the:COM- Prudential";Money 1 irnds and-balances in:•Ober'insured,:Income,. " Program ascription f . accounts if'.any; All a sa.Acctouii transactions-,within,Client's •PSI•Investment advi"sory clients that participate tin;" -PSI-,epos- cu tie t wilcm� ai torP�d&�byry PSI mcand t roand -MAN sgred! mafiiaged%account program (:'Advisorr.� •clients") snit PSI .p b Agr Employee-Benefit Plan:;clients; on *hose behalf,PSI flies,,,form•"<:hereby-'authdrized+•by Chen#,tsin he_amount:so.available.Is 1099-I w the Internal evenue-Service,;are restricted to., OM- de.pendent�uppon the status Of•:clearance of checks'deposited by • ND Essentials.,•l ese Merits should.discuss their choice•:of an -;Client to these oudt{es Account- well as securities prices•and the investment fund-::wi. 'their,Financial Advisor lri orde ito: reterrnine •status-of transactions-i3�the 'Securities Account sand"then Visa Which.'fund is the most appropriate given their investment " Account,it-will•fluctuate renrday today. objectives ..: , , Whenever Client uses•thefJCard to tra for merchandise or ser- 2.°r - SECURITIES ACCDC1N Client may;rrsei Clfertt Seiciirltias vices,or to•.obtain a cash advance,Client••wilt be.required to sign a �o�,ccagntto purcY as�still self.secrtrittes"including¢""ofstion eteOrobr- transaction;'draft:as-`avrdenceica.uk me--toti n, wMtcl tnriik•be for- objectives:with the q op, of"Eiiar t' 'COfiiRRANi. Acccrrint client inrill .:warded ttrm rg4t c processing stems:#or BBeT.tor-payment.•:in chooseohepoftie' QfrAMAN�;Eunds_"'P ►1e `Fttotiitrllen all addition,,eachJtime�Cllent.wutes ueok:aga►nst• hesvisa:Account, 1E f`reat�:#'i lnt inv st en /eWrcle ' Meer credit�c8rs baTalicei ln: the.C.heclt rrv(it ie o raved#o,P$&T for pa men•..PBita'will notify Cliienta a ur trey ctlt�d :ttja is:ail � sh ttia na i transferred I�Sf,d'allya:vttictiasarirount,of;alhCarct: ro'trasesimashadvances:and tin 6tQia cbYitYes ALcidrl t t►it iorit? iviCi ,rise''-nt'i '`itabFf es) .dbaCIt€ say irent's MIsa corir� ,,pattaoit0l eri rd byPB&T, sand PS vrrl.' remiptly.. 'e payme fi to P &Tan Cl ent's ehalf:for 'af:; -} or V(t l,eNq"t etit ticad i vestrit„i' apdsifi on ry . bslais"k din;t, ,l inter Invest. liift� tie b mean's:of pi�chase .all Car ee•Ao ount.sash advances,an ;litre tirsageep psted;.to m a z p„ •Client's rsa}Account.:-However ?SI will-not'deb Glren's::Securities order db1nitteP#to t o hied iy Fund s d Otit rnteZMIIAt" PSI, t >; i�rtl-•••i"di- list a Pfthdb deamJI)'Fulinds ., rtrh de- . fesei ratauntil they ern =.firft .day.•of each,.month-or:then •rior_b_ust- . ness-da fif her w_e iityrf h£�fa s o a weekend, all Card 'Musts:7rd''it O PV4ittiregi�tittit r"hat'r14.0ki►Bite.,Th-SidditioitLlierita 'ay y k , t'roli a orr . ".blre''fit A�pttrc'h tdf r;fiars:of arratfr'e'r G Itrrli ANO:) Algid = urc lases OCliffede a ,'.stands drat;. fient .,uth zaion.JLimi is "uecoiti�s t ii;d'r ry iaitual^de,-osita'l r C.° fa al 'cendary -instantartevr�s. ueact ,theramoura ail and ur+chases;cash . vAsftrlelrt efilpip fi }itch`llierJ S1•!" it Ira ��FtIitikee�.f- - advances rd= oritneage th u turns &ontialo fied•of,an�rsuch • • hdlf wilt lr`e'tt1'e netrasa'etv;vaiue er eh re;tnex`tdeier'Yrf'rhed� ffter usEr�af'.ei.Checl oF;.ttre C'ardu�Hoyite)ver :aheres in:"the,COMNIAND i# iptb ;C01t�MAiPiinrl ofa.pnrtaeltt ik�rititr" era ' 1�dst;balances ih:.:CMi1A;:shs3res„rr EdeQtral4 i►Aonett-: urtds or :gifitlrctterae 6rdel`® de;belt wil nbltie enTeretT_ ttfCedh. alarrncas an othernstrred:lncottre,rao i?trrlts�aKet reearrred� or k no00.'erce-h itt e.fbrsn.d�"POderal, "und e As aiiaildbid o. <wifttdravpn:untibPSt s rtptified,at ttrer eol prr�eae advance barge '-f!10 it• {,ev ei�,.:in` i.vois ti' sfituatrons".,P -:may, wilt d liar e, oFz�utltilixthe lneattlV.;4 bltItyr Clients Securitiet :. ccctunt:for Gard 'aiivance redeem ihilbetls ii the�;•C flint _ nds o ...fir 0 rt 11- ± u bases"is•.xnatler:�PSt',Ort. nake;pa m ;tc� I;ta'.t a xterrt" ends betWatf"t `enable CI. too-pr---.e dliYING�►ND i=urr ,$ s hat sufficient-fern s_ma e.provided:iurst ,the4ree'credit cash iaalaneer if ar►y;rheld i 3 a S. ourities.Account,anct s crstr, from t o and cairn CI IgiI;I tAND Fibit iviiends'or airrirCENil.l intend prior to . , Q i� •final Collect on-o :cl'fieeksmda ,'sited eC0114n`. ,L e�cryr'ifies•Accotint°It " prcceec�s of redemption of Clients ensues 111140430 IVIMA d unds, or withdrawal of balance in CMIIA,•orfrom the proceeds of:redemp- 'Is'dnderstopd-tirerefi,,...tl1 'T?SI rile :tea rteC9ij/vrithhoid access do =of client's.,"sharesrn..: e,Rrudent{ai prrey,Futrdsror wi#Irrd war • to`the red r ptics IYiieft;eeds'oE -'- i,,i -fd's•With dadoiits. t' with,or CMilkbalarices"ie'Sriltin from;:funds°sa advarrc 'uhti.r r cf aYarrCes�iirrotitsr ihsur nponile urrtS.Sn Su Ihreee sr ces Is satisfied that;any,andall;,cfrecl d ositeduto Client',Securittes ':toh be'lnsuffFci it to,'satisty sit char es o. iii err,' he`'visa . Account have been collected: PBi T will return sill Chao s,and�reject adwdit nafi bar es. It is anticipatedthat then+G,OM[fIFAND Ftlhds=wilkdeclaredividepds P & #5'i alsr#,at its'Option'ardvante thebafeinrevrf'fr� iSA+paw 1. daily,.as,earrterd:'an jshaires Of q-OO•.MA�i de wrrd ands will re nVest f e-hes t r! e;,tt cou t-Is rfe r fttirti time timely PC&T daily"any'such c�ittrdehds in COMR�FA D Fund shares. Clrent:rirader- foY. a=mime slyohVisa A►iccourrt ts..`overdrawp r t srroh'Irnrotrrtt; IncfUdine,irifie st,wJ F':ba rifle antipayable by ellent:t4 PB&t on. , stands,thaf an:investment in shares of the COMMAND Funds(Snot dla4ely.` Irent a•lcicnowle2fes'recoil) of PSI's stali'dard 'disctostire •eciu{vafient xa 't3anntr rlepos(t As witlr»any it estln irr securities, statement of"interest•charges and account information. thevalue of Clients investmentrnayfluctuate,The shares of benefi- tiiaF iriRerest of thel fiOMIiIFANCI Fun are"titan tamed cri tneireg'reter dope Ming delayedcuEittiiesi in gClien" S cuic'ittiie eAcc fin t"'Hower r of,the•COMMAND- Unid rtificate5 area trot ph sirall5�issued. P. • Q Seourr ies rn Client's°kcoourlt"are "r feoted by tf7e er r�nties invr3s- ay not did ose'of assets in.Client'S:C©R MAND Account Or • • for Prrttectiionrr•Corporation and�-b&ditienatsimilar p...,.protection is ppro- any other accoun iCiient inay kjavre.with;PSF i„slrcl- disposal.w,,ill. • videcf thrcu rr instrrat . Crrc- ased 'Prudentirtf Serruntres,=C•MIIA ..n g very;3ife ` lie Bete Cull atron to pa last'for Cardfpurchases. �ttraita'reeotitgid=inter st-sr cris ed.thrv*Pro,, �nti deTros(tory insti u ._ ,,DISC MER. Client-undeersta. ds-that;.it a n tJ: s- eligible"and tic n's t Dep fl lli191rr a 4Y r'Eib +era m atiltr -.,elec .off .iv a l b " v` t ce d ,' barer a ds'cas onipris�yy li'en i' Nnvfe en'tiVe bbei utlIned i C011 r, I,I r, , . cn,. ►` ill'be deemed at ne asset. and`iui awin,automaticcaallyy,, ••••' Cir nt the.' _e 1)1 C 5'e kric�es"'. Bent o w edgege"Shed yyVV �g � • to^setisfy debit'ba ances..in Client's" ecur'itiesAccount. Ve` `she s ,;andvagrees the 'new COMMAND Card Servlaes• ovr ed'by and cash comprising.:.Client's Secondary In�restment-Vehr�le will be Asa USA�s third- ar"ty providers„by United.:13ank Cirtb ss©ciation, redeemed(at netasset valrle�and wi hdrawn,automatically`to•sat- .Inc'a("UBCA')�third-party provi decs, or tither Service:providers isiv debit balances in Client s�'Sel�itiitiesi c�count;Thereafte ,Clr- ,-o ,e1',:which.PS hat e ra Cis o sibil' or control::•;Therefore,.psi • ent's shares-in-�other-mono market funds ma aged by Prudential "4expressly disclaims: bi11 ,5a d iii '; to . hat PS hall haveno Mutual Fund Manageiment,Inc..(.Prudential-Money'Fiends dr bar :�r ity,tor'anyact rs s,,ci ism , los tt'damages antes.In.other Insured income accounts will'be redeemed.al their ;,a}rising fro or relate Ot t -. ant of"Itr iCOMMAND+`hard net asset valrie`•or withdrawn, automatically;to satisfy debit baj ifie •r V a•`USA' �a�•rr � employeessled • an�es in`'Clien't'�s Secririties"Account:iIf'�Clienf•Is:eligible and;el s `; -party A yldera Rter ,F rtic In addi rorirCli6 t the"Monthlyr Autorinaitic'Payout•feature, and/or the Cases Transfer " st ••=„ at, ii'err d )b It a tie**,. , �ialp,C j Sere a I nth li f mrni aria▪ t fort be o 'in•Section 3 : ` • S $s incl ,. icat -, l trn , ition or Pp 1 ., _ ▪ r ,.e. b will be madel ,�. ►e sss �r' a odds p� 4 i d x 1�/�,t1 F .. .. .' t 1�•ii I J S°b"art,f a v`SfS1 @•• tv, with=re ect•tothe` chase'or•red pti`on N veretpr.' ; IAB LOW,c hest acl howled es hat;t e C iecks�w�n•.„ r 3ar1f(s) PrtrdentraI lv,ioney .;. shares or e sit t , --fro , h ', •issued d iar ':atr ( " . �eemenfi re fpt li°errt xoluaive CNIirA ter otiae►rnsuree hcorite accounts A'ffiiiates"0f rot receive;,' oseessinn and-act r Btly as esto-use.reasonabli „ .:t+ safe- fees ntie•inection with•the:operation- the-cpMMANp"Funds. guardth0Jm am imit:,accesst a he r-Neither'Clientnor person dmi istr�a,�tion, distribution an, :adrr so�tr,��f v►dR bid si A its dtl mks "ilia d Pik. " as If irlll in an at..by, rse'of COMM ND'Funds'as set forti'i lithe uirlMA iin s p �o !,.,:-Adal r be � tuses.Client eccrtirowtedi es recei t'of"'then COMMATND Ftlndsl roe ; , 1'"`� '�` t s causes wTirct non ties'resa `b>wth b*CI MANE nd art k n ��' itch �� �' ess� r�ltiarr lite,r, olife- 1?ri;.�� ,,...,Ass a- III ad OMMpkN> begs fsec'dpticn, �flhich desc bes,the I•" nd ' €at•i h* i ;kit el • 3,;TtIE ;PRUDENTIALK, DSc` ;USTti_{ D ,{. :i r tals a :. .p a , s -, s. lec- :ACCOU T- Clre� hereby lie'sIo': d `trai an .Tr� c>' :.'(, i i rd.T?. d � on ant ► 1.' c t, • Company. "PB&T. i for a Visa Gold•Account'(. Visa.Account')and` Inclu '_ but n�tt'limited� o a o.rneys eesrnvor;ed rn.s •t dilec • - requests •that Checks be.provided and, If applicable, that one or tics,to a extent braided bylaw. - . • (continued on reverse side) Branch Account� No. FA Doc. ID M 11�(\ C!1 6( 2 2_I 317 Alit 92 It is understood that, in the event of any unauthorized use of 11. COMMUNICATIONS.All notices and other communications pursu- Client's Checks in connection with Client's Account, Client's ant to this Agreement,including reports and statements,may be sent to Account will not be credited with interest on these misused funds Client at Client's address last given to PSI,or at such other address as Cli- for the period prior to reimbursement of these funds to PSI by PB&T. ent may hereafter give PSI in writing,or to PSI at its Branch Office servic- ing Client's Account 6. PERIODIC REPORTS AND STATEMENTS. Client understands All notices and other communications shall be deemed given, if by that each month Client will receive and review a transaction state- personal delivery or facsimile transmission,on the date of such delivery ment from PSI, which will detail: all purchases and cash advances or,if by mail,on the date of postmark when deposited,prepaid,in a US that were made with the Card; Checks drawn against Client's Visa Postal Service Mailbox. Account; electronic funds transfers; securities bought or sold in Client's Securities Account;the number of shares of the COMMAND 12. REPRESENTATIONS.Client is of full age and re resentsthatClientis Funds that were purchased or redeemed for Client; and deposits not an employee of any Exchange or of a Member Firm of any Exchange and withdrawals from CMIIA.The amount of the annual fee that PSI orthe NASD,or of a bank,trust company,or insurance company,and that charges for making the COMMAND Account available and any addi- Client will promptly notify PSI in writing if Client becomes so employed. tional fees with respect to the operation of Client's Account will be indicated on the statement. Client authorizes PSI to act on Client's 13. ACTS OF GOD.Client understands that PSI will not be liable for loss behalf to accept reorders for Checks and requests to stop payment caused directly or indirectly by ovemment restrictions, exchange or on Checks, for which fees will be charged to Client's COMMAND market rulings suspension of trading,war,strikes,"Acts of God"or con- Account. Fees may also be charged for Checks processed,as indi- ditions beyond PSI s control. cated in the prospectuses, and such fees will be indicated on the statement. 14. CAPTIONS.Section captions have been inserted solely for the pur- pose of convenience in description and under no circumstances shall be If there is no transaction activity in Client's COMMAND Account, deemed to qualify any of the rights set forth in the provisions. PSI reserves the right to send only quarterly transaction statements. 15. ARBITRATION/GOVERNING LAW. PSI will not send out confirmations following purchases and redemp- tions Arbitration is final and bindin on the parties. of shares in the COMMAND Funds or following deposits in or with- g drawals from CMI IA.The statement,however,will describe all such trans- • The parties are waiving their right to seek remedies in court,includ- actions which took place during the preceding month. ing the right to jury trial. • Pre-arbitration discovery is generally more limited than and different Client agrees to pay service charges and interest upon Client's • from court proceedings. arg The arbitrators'award is not required to include factual findings or Accounts monthly at the prevailin rate as determined by PSI. Client legal reasoning and any party's right to appeal or to seek modifica- tion that Client must carefully review the statements promptlyP� after receipt and notify PSI of any errors in writing addressed to the Lion of rulings by the arbitrators is strictly limited. Branch Manager of the Branch Office servicing Client's COMMAND • The panel of arbitrators will typically include a minority of arbitrators Account within ten days after transmittal by PSI ofthe statement,or such who were or are affiliated with the securities industry. statements shall be deemed conclusive. I agree that all controversies which may arise between us concern- ing any transaction (whether executed or to be executed within or 7. TERMINATION OF COMMAND ACCOUNT.Client mayterminate Cli- outside of the UnitedStates),my account or this or any other agree- ent's COMMAND Account,including the Securities and Vsa Account,by ment between us whether entered into prior on or subsequent to the notice at any time.Client will remain responsible for any charges to Ch- date indicted on the signature page,shall be determined by arbitration. ent's Securities Account or Visa Account whether arising before or after The arbitration maybe before eitherthe New York Stock Exchange,Inc. termination.Client understands that PSI may by notice terminate Client's or the National Association of Securities Dealers, Inc. or any other COMMAND Account including the Securities and Visa Account at any self-regulatory organization of which PSI is a member as I may elect time at its discretion f*or reasons including but not limited to Client's insof- and shall be governed by the laws of the State of New Mork.If I do not vency or any bread or default of this Agreement by Client. If Client's make such election by registered mail addressed to you at your main COMMAND Account program is terminated either by Client or PSI,Client office within five(days after demand by you that I make such election, will promptly return all unused Checks and Card(s)to PSI.Failure to return ' then you may make the election.Any notice in connection with such such Checks and Card(s)to PSI may result in a delay in complying with arbitration proceeding,may be sent to me by mail and I hereby waive Client's instructions as to the disposition of assets in Client's COMAND personal service.Judgment upon any award rendered by the arbitra- Account Client also understands that upon termination of Client's COM- tors may be entered in any court having jurisdiction,without notice to MAND Account,all pending Card purchases will be paid for by automatic me.No person shall bring a putative or certified class action to arbitra- debit of Client's COMMAND Account on the next business day,and any tion,nor seek to enforce any pre-dispute arbitration agreement against other Card usage or Checks presented for payment will be automatically any person who has initiated in court a putative class action;or who is a paid from Client's COMMAND Account upon receipt by PSI. If Client's member of a putative class who has not opted out of the class with COMMAND Account is terminated,PSI may,and is hereby authorized to, respect to any claims encompassed b the putative class action until: redeem all shares of the COMMAND Funds owned by Client in Client's (i theh class certification is denied;or(n the class is decertified;or(iii) COMMAND Account and to withdraw any balance in CMIIA.Client agrees the ustomer is excluded from the class bythe court Such forbearance to pay PSI the reasonable costs and expenses of collection,including but to enforce an agreement to arbitrate shall not constitute a waiver of any not limited to attorneys'fees,for any debit balance in Client's Securities rights under this agreement except to the extent stated herein.This Account Agreement shall be governed by the laws of the State of New York,and shall inure to the benefit of PSI's successors and assigns,and shall be 8. SHORT SALES/DELIVERIES/SETTLEMENT.Client agrees that inyiv- binding on the undersigned, Client's representatives, attor- in orders to sell,all"short"sale orders will be designated as"short' by neys-in-fact,heirs,executors,administrators and assigns. Client and all"long"sale orders will be designatedas"long"by Client, and that the designation of a sell order as"long"is a representation on Client's part that Client owns the security and,if the secunty is not in PSI's 16. Signature.Client hereby consents and agrees to all of the terms and possession,that it is not then possible to deliver the securi yto PSI forth- 'conditions of the Agreement appearing above and as continued on the with,and Client will deliver it on or before the settlement date.All transac- reverse side. tions in any of Client's Accounts are to be paid for no later than the settle- ment date. For Corporate Accounts Only: A resolution of Client's Board of Directors authorizing the opening of the COMMAND Account must be 9. SECURITY INTEREST.Any and all credit balances,monies,securi- attached.Client further warrants to PSI that the officers signing below are ties,commodities or contracts relating thereto,and all other property of authorized and empowered for and on behalf of the corporation,pursu- whatsoever kind,including but not limited to,property belonging to Cli- ant to the resolution of the Board of Directors of the corporation(a certi- ent,owed to Client,or in which Client may have an interest,held by PSI or fled copy of which is attached hereto),to establish and maintain a cash carried for Client's Accounts "Client Property"),shall be subject to agen- COMMAND Account with PSI with complete and full authority to act on eral lien for the discharge ofClient's obligations to PSI(including unma- behalf of the corporation,to receive and distribute funds,write and sign tuned and contingent obligations)however arising and without regard to Checks,and make charges on Client's Visa Card on or against Client's whether or not PSI has made advances with respect to such proper .The Corporate COMMAND Account. Client Property without notice to Client may be liquidated or transferred in order to satisfy any indebtedness owed to PSI or to relieve PSI of any risk Thc on 1 e5a ent contains a pre-dispute arbitration clause on Page 2,in of a deficit existing in any of Client's Accounts. VILLAGE OF TEQUESTA 10. APPLICABLE RULES AND REGULATIONS. The COMMAND EMPLOYEES PENSION TRUST FUND Account will be maintained pursuant to all applicable Federal and State Account Name(Please Print) laws,Including the rules and regulations of the Securities and Exchange Commission,the Board of Governors of the Federal Reserve System,the New York Stock Exchange,Inc.,and the National Association of Securi- x ties Dealers,Inc. as well as to the policies of PSI.All transactions for Cli- Signature ent's COMMAND Account will be subject to the constitution,rules,regu- lations,customs and usages,as the same may be constituted from time to time,of the exchange or market(and its clearing house if any)where executed.No waiver of any provision of this Agreement shalllbe deemed a Account Name(If Joint Account) waiver of any other provision,nor a continuing waiver of the provision or provisions so waived. If any provision hereof is or at any time should become inconsistent Title(If Corporate COMMAND Account) with any present or future law,rule or regulation of any securities or com- modities exchange or any sovereign government or a regulatory body thereof and if any of these bodies have urisdiction over the subject matter X of this Agreement,said provision shall be deemed to be superseded or Signature modified to conform to such law, rule or regulation but in all other respects this Agreement shall continue and remain in full force and effect 01996 Prudential securities incorporated CMD201(Rev.11-96)