HomeMy WebLinkAboutResolution_38-95/96_09/12/1996 i
RESOLUTION NO. 38 — 95196
A RESOLUTION OF THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY,
FLORIDA, AUTHORIZING THE INVESTMENT OF THE
FUNDS OF THE EMPLOYEES' PENSION TRUST FUND
OF THE VILLAGE OF TEQUESTA BY THE FLORIDA
MUNICIPAL PENSION TRUST FUND WITHIN THE
PROCEDURES, POLICIES, AND METHODS OUTLINED
IN SAID FUND'S MASTER TRUST AGREEMENT;
PROVIDING AN EFFECTIVE DATE.
WHEREAS, by Ordinance adopted the 30th day of July, 1996,
the Village of Tequesta established an Employees' Pension
Trust Fund for the Village of Tequesta; and
WHEREAS, it is the intent of the Village Council of the
Village of Tequesta to authorize the investment of the funds
of said Trust Fund by the Florida Municipal Pension Trust
Fund within the procedures, policies, and methods outlined
in the Fund's Master Trust Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1. The Village Council of the Village of Tequesta
hereby expressly authorizes the investment of the funds of
the Employees' Pension Trust Fund of the Village of Tequesta
by the Florida Municipal Pension Trust Fund within the
• procedures, policies, and methods outlined in the Fund's
Master Trust Agreement, attached hereto as Exhibit "A" and
incorporated by reference as a part of this Resolution.
Section 2. This Resolution shall take effect upon its
passage and approval.
THE FOREGOING RESOLUTION WAS OFFERED by Councilmember
Schauer , who mmved its adoption. The notion was
seconded by Councilmember Hansen and upon being put
to a vote, the vote was as follows:
FOR ADOPTION AGAINST ADOPTION
Joseph N. Capretta
Carl C. Hansen
Ron T. Mackail
:Michael R. Meder
Elizabeth. A. Schauer
The Mayor thereupon declared the Resolution duly passed and
• adopted this 12th day of September, A.D., 1996.
MAY R OF TEQUESTA
)CZ�
Ron T. Mackail
ATTEST:
oann ello
1 Village Clerk
I �
res wp60 \ 38 -96
f
I
•
•
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg Q001
FLORIDA LEAGUE OF CITIES, INC.
201 West Park Avenue
Tallahassee, Florida 32302
Telephone (904) 222 -9684
Fax (904)488 -0132
Suncom 278 -5331
Date: 9/6/96 Time: 12:04 PM # of pages inc. cover 28
TO: Fax Number: 407 - 575 -6203
Company/ Dept.: Village of Tequesta
Attention: Kim
• FROM: Fax Number: (904) 488 -0132
Sender: Jeannie Hagan
Phone Number: (904) 488 -3939
MESSAGE: Master Trust Agreement.
FWJkMA LPAGM of CffEPs
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg
EMIE31T "� "
•
EXHIBIT A
CONTENTS
Florida Municipal Pension Trust Fund Master Trust Agreement
a. Adopted December 16, 1983 by the Florida Municipal Pension Trust Fund
Board of Trustees.
b. Amended Article X, Section 5, November 19, 1984, changed year from
calendar year to fiscal year.
c- Amended Article X, Section B, Subsection 2, November 19, 1984 -
Extended the term by one year for the initial interim Board of Trustees.
d. Amended Article M, Section A, March 1, 1985 - To include concurrence of
the Board of Directors of the Florida League of Cities, Inc., to amend the
Agreement which duly affects the scope of powers of the Trustees
terms of office or the selection of Trustees.
• e. Amended Article M, Section A, February 20, 1987 - To amend investment
PAY Amended Article XI, Section A, December 16, 1988 - To change
Trustee terms of office from two to three years. (Concurrence of the
Florida League of Cities' Board of Directors on December 16, 1988.)
£ Amended Article XI, Section A- March 9, 1990 - limiting equity
investments in single corporations and limiting asset - backed securities.
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg IA 003
FLORIDA MUNICIPAL PENSION TRUST FUND
• Master Trust Agreement
IK
THIS AGREEMENT made as of the 14 � day of BNt , 1983,
by and between all the parties who are now or may hereafter
become members of the Florida Municipal Pension Trust Fund and
the individual named as Trustee pursuant to Article X hereof
and their successors (such trustees collectively referred to
as the "Master Trustee").
W I T N E S S E T H
WHEREAS, the Florida Constitution, Article VIII, Section
2b provides, in part, that municipalities shall have
governmental, corporate and proprietary - powers to enable them
to conduct municipal government, perform municipal functions
and render municipal services, and may exercise any power for
municipal purposes except as otherwise provided by law, and
WHEREAS, F. S. 166.021 provides, in part, that
municipalities shall have the governmental, corporate and
proprietary powers to enable them to conduct municipal
government, perform municipal functions, and render municipal
services, and may exercise any power for municipal purposes,
except when expressly prohibited by law, and further defines a
• municipal purpose to mean any activity or power which may be
exercised by the State or its political subdivisions, and
WHEREAS, F. S. 163.01 provides that a public agency of
the State of Florida may exercise jointly with any other
public agency of the State any power, privilege or authority
which such agencies share in common,' for the purpose of
permitting local governmental units to make the most efficient
use of their powers by enabling them to cooperate with other
localities on a basis of mutual advantage, and
WHEREAS, the members of the Fund will execute a covenant
or agreement whereby.-each member will covenant and agree to
make contributions based upon appropriate actuarial analysis
of benefits, into a designated cash reserve and out of which
lawful and proper claims are to be paid, and further, that the
members will covenant and agree that there will be no
disbursements out of this Fund by way of dividends or
distribution of accumulated reserves to the respective
members.
NOW, THEREFORE, the parties hereto mutually agree as
follows:
•
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg IA 004
ARTICLE I
• Definitions
A. Administrator The term "Administrator" shall mean
the Florida League of Cities, Inc. or any successor designated
by the Master Trustee to administer the Master Trust Fund.
B. Code The term "Code" shall mean the Internal
Revenue Code of 1954, or amended from time to time.
C. Custodian The bank selected by the Master Trustee,
under separate written document, to hold the assets of the
Master Trust Fund.
D. Emoloyee The term "Employee" shall mean the
employees and officials h _of each employer under a
classification established by each Employer and accepted by
the Master Trustee.
E. Emolover The term "Employer' shall mean each and
every municipality established within, or public agency or
political subdivision of, the State of Florida and which
becomes a party to this Agreement by executing a Participaing
Trust Agreement as provided in Article III hereof.
F. Fes. The term "Fund" shall mean the Florida
• Municipal Pension Trust Fund.
G. Master Trustee The term "Master Trustee" shall
mean the individuals who serve as Trustee pursuant to Article
X hereof and then successors.
8. Master Trust Fund The phrase "Master Trust Fund"
shall mean the assets of the Master Trust established pursuant
to Section A of Article II hereof.
I. Participating Trust The phrase "Participating
Trust' shall mean the trusts of plans which elect to
participate in the, Master Trust as provided in Article III
hereof.
J. Plans. The term "Plans" shall mean the written
benefit programs adopted by Employers which establish benefits
to be paid from each Employer's funds in the Master Trust
Fund.
R. Professional Administrator ERISA Compliance
Systems, Inc., and any successor professional group employed
to provide professional administrative assistance.
L. Sub - Trustee Sub-Trustee shall mean the trustee or
trustees of a Participating Trust for plans established
• pursuant to either Chapter 175 or 185 of the Florida Statutes-
2
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg [AO05
ARTICLE II
Creation of Trust
• A. Establishment of Trust The parties hereto
establish with the Master Trustee and the Master Trustee
hereby accepts a trust consisting of such cash or other
property acceptable to the Master Trustee as shall be
transferred to the Master Trustee from time to time by the
trustee pf any Participating Trust, as provided in Article III
hereof, for investment in a Master Trust Fund, together with
the earnings, income, additions and appreciation thereon and
thereto.
B. Commingling Assets Except to the extent prohibited
by Florida Statutes or other applicable laws or regulations,
the Master Trustee shall commingle for investment purposes in
the Master Trust Fund the assets of all Participating Trusts
held by it under this Agreement and shall hold the Master
Trust Fund in trust and manage and administer the same in
accordance with the terms and provisions of this Agreement.
The Master Trustee shall be under no duty to determine whether
the amount of any contribution is in accordance with the Plans
or any of them or 'to collect or enforce payment of any
contribution. Separate investment funds within the Master
Trust Fund and varying percentages of investment in any such
separate investment fund by the Participating Trusts to the
extent so determined by the Master Trustee hereby is expressly
• permitted.
ARTICLE III
Participating Trusts
A. Transfer to Participating Trusts The Master
Trustee shall determine which Employers can elect to become
Participating Trusts. The Master Trustee may delegate the
ministerial authority for membership approval to the
Administrator. Before any Participating Employer is approved
which has a deferred benefit pension plan not established as a
master plan by the Mister Trustee, such plan must be approved
for actuarial soundness by an actuary selected by the Master
Trustee and such plan must comply with F.S. 112,
B. Election. Employers make their election to become a
Participating Trust by executing a Participating Trust
Agreement in such form and intent as provided by the Master
Trustee. By executing the Participating Trust Agreement, the
Employer agrees to be bound by all the terms and provisions of
this Agreement, the Participating Trust Agreement and all
rules and regulations adopted by the Trustees under this
Agreement.
•
3
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg IA 006
C. Continuing as Participating Trust A Participating
Trust shall be entitled to continue to be a Participating
Trust as determined from time to time by the Master Trustee.
D. Accumulated Share No Participating Trust shall
have any right, title or interest in or to any specific assets
of the Master Trust Fund, but shall have an undivided
beneficial interest (the "Accumulated Share ") in the Master
Trust Fund valued as provided in paragraph C of Article IV
hereof. The Master Trustee shall not issue any certificate or
other documentation representing any Accumulated Share or part
thereof.
E. Contributions The Professional Administrator
shall have the responsibility for determining whether
contributions to Participating Trusts are in accordance with
the respective plan documents. The Professional Administrator
may rely on the information provided' to it in making such
determination.
F. Charter 175 or 185- Plans. The Master Trustee shall
be authorized to take the steps it deems necessary or
appropriate to comply with Chapters 175 and 185 of Florida
Statutes with respect to any Participating Trust established
pursuant to those Chapters.
ARTICLE IV
• Manavement of Assets of the Master Trust Fund
A. Authority of Master Trustee Except as set forth
in paragraphs B or C of this Section, the Master Trustee shall
have exclusive authority and discretion to manage and control
the assets of the Master_ Trust Fund held by it and, pursuant
to such authority and discretion, may pursuant to Florida law
exercise from time to time and at any time power:
1. To invest and reinvest the Master Trust Fund,
without distinction between principal and income, in shares of
stock (whether common or preferred), options, covered or
uncovered, or other,evidences of ownership, bonds, debentures,
notes or other evidences of indebtedness, unsecured or secured
by mortgages on real or personal property wherever situated
(including any part interest in a bond and mortgage or note
and mortgage whether insured or uninsured), contracts of
insurance, and any other property, or part interest in
property, real or personal, foreign or domestic, whether or
not productive of income or consisting of wasting assets;
2. To sell, convey, redeem, exchange, grant
options for the purchase or exchange of, or otherwise dispose
of, any real or personal property held in the Master Trust
•
4
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg IA 007
Fund, at public or private sale, for cash or upon credit, with
or without security, without obligation on the part of any
• person dealing with it to see to the application of the
proceeds of or to inquire into the validity, expediency or
propriety of any such disposition;
3. To manage, operate, repair and improve, and
mortgage or lease for any length of time any real property
held in the Master Trust Fund; to renew or extend any
mortgage, upon any terms it may deem expedient; to agree to
reduction of the rate of interest or any other modification in
the terms of any mortgage or of any guarantee pertaining
thereto; to enforce any covenant or condition of any mortgage
or guarantee or to waive any default in the performance
thereof; to exercise and enforce any right of foreclosure; to
bid in property on foreclosure; to take a deed in lieu of
foreclosure with or without paying consideration therefor and
in connection therewith to release the obligation on the bond
secured by the mortgage; and to exercise and enforce in any
action, suit or proceeding at, law or in equity any rights or
remedies in respect of any mortgage or guarantee;
4. To exercise, personally or by general or
limited proxy, the right to vote any shares of stock, bonds or
other securities held in the Master Trust. Fund; to delegate
discretionary voting power to trustees of a voting trust for
any period of time; and to exercise, personally or by power of
attorney, any other right appurtenant to any securities or
other property held in the Master Trust Fund;
S. To join in or oppose any reorganization,
recapitalization, consolidation, merger or liquidation, or
any plan therefor, or any lease, mortgage or sale of the
property of any organization the securities of which are held
in the Master Trust Fund; to pay from the Master Trust Fund
any assessments, charges or compensation specified in any plan
of reorganization, recapitalization, consolidation, merger or
liquidation; to deposit any property with any committee or
depositary; and to retain any property allotted to the Master
Trust Fund in any reorganization, recapitalization,
consolidation, merger or liquidation;
6. To exercise or sell any conversion or
subscription or other rights appurtenant to any stock,
security or other property held in the Master Trust Fund;
7. To borrow from any lender (other than any other
party in interest with respect to any of the Plans) in
any amount and upon any reasonable terms and conditions, for
purposes of this Agreement, and to pledge or mortgage any
property held in the Master Trust Fund to secure the repayment
of any such loan; and
•
5
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg Q008
• 8. To compromise, settle or arbitrate any claim,
debt or obligation of or against the Master Trust Fund; to
enforce or abstain from enforcing any right, claim, debt or
obligation; and to abandon any property determined by it to be
worthless.
B. Investment Managers; Segregated Funds.
1. The Master Trustee at any time and from time to
time may appoint one or more Investment Managers, each to
manage (including the power to acquire and dispose of) the
assets of a portion of the Master Trust Fund specified by the
Master Trustee (hereinafter referred to as that Investment
Manager's "Segregated Fund ").
2. Any Investment Manager appointed by the Master
Trustee must be either (i) an• investment adviser registered as
such under the Investment Advisers Act of 1940, (ii) a bank,
as defined in that Act, or (iii) an insurance company
qualified to perform services. the management, acquisition
or disposition of the assets of the Plans under the laws of
more than one state; and any Investment Manager so appointed
must acknowledge in vriting to the.-Master Trustee that he is a
fiduciary with respect to the Plans.
• 3. Each Investment Manager appointed pursuant to
subparagraph 1 of this paragraph shall have exclusive
authority and discretion to manage and control the assets of
its Segregated Fund and, pursuant to such authority and
discretion, may direct the Master Trustee from time to time
and at any time with respect to any of the powers of the
Trustee as set forth in paragraph A of this Article.
4. In addition, each Investment Manager from time
to time and at any time may delegate to the Master Trustee or
..the Custodian (or in the event of any vacancy in the office of
Investment Manager, the Master Trustee may exercise)
discretionary authority with respect to its Segregated Fund to
invest and reinvest in debt securities (including obligations
of the Government of the United States) payable on demand or
having maturities not exceeding one year, or in interests in
any trust fund that has been or shall be created and
maintained by the Master Trustee as trustee for the collective
short -term investment of funds of trusts for employee- benefit
plans qualified under Code Section 401(a) the instrument
creating such trust fund, together with any amendments,
modifications or supplements thereof, being hereby_ effective
when and as such investments are made, incorporated in and
made a part of this Agreement as fully and to all intents and
purposes as if set forth herein at length.
•
6
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg 1A 009
5. The Master Trustee shall exercise, in respect
of each Segregated Fund, the powers set forth in paragraph A
• of this Article only when and to the extent directed in
writing by the Investment Manager of that Segregated Fund.
Each Investment Manager, from time to time and at any time,
may issue orders for the purchase or sale of securities
directly to a broker or dealer and the Master Trustee shall
act upon such order. Written notification of the issuance of
each such order shall be given promptly to the Master Trustee
by the Investment Manager that issued it, and the execution of
each such order shall be confirmed by the broker to that
Investment Manager and to the Master Trustee. Such
notification shall be authority to the Master Trustee to
receive securities purchased against payment therefor and to
deliver securities sold against receipt of the proceeds
therefrom, as the case may be.
r'
6. The Master Trustee shall not be liable for any
act or omission of any Investment Manager and shall not be
under any obligation to invest or otherwise manage the assets
of the Plans that are subject to the management of any
Investment Manager. Without limiting the generality of the
foregoing, the Mastex Trustee shall not be liable by reason of
its taking or refraining from taking at the direction of any
Investment Manager any action pursuant to this paragraph, or
pursuant to a notification of an order to purchase or sell
securities issued by any Investment Manager, nor shall the
Master Trustee be liable by reason of its refraining from
• taking any action because of -the failure of any Investment
Manager to give such direction or order; the Master Trustee
shall be under no duty to question or to make inquiries as to
any direction or order or failure to give direction or order
by any Investment Manager; and the Master Trustee shall be
under no duty to make any review of investments acquired for
any Segregated Fund at the direction or order of any
Investment Manager and shall be under no duty at any time to
make any recommendation with respect to disposing of or
continuing to retain any such investment.
C. Investment of Chanters 175 and 185 Funds. To the
extent the Master Trustee determines that delegation of
investment authority to the trustees of Sub - Trusts is required
for Plans subject to Chapters 175 or 185 of Florida Statutes
pursuant to F.S. Sections 175.071 and 185.06, respectively,
then such powers as set forth in Section A of this Article
shall be so delegated.
D. Reporting. The Master Trustee shall be responsible
for and cause to be filed such annual or periodic audits,
valuation, reports and disclosures as are required by statute
regulations or agreements. The Master Trustee may employ
7
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg Q010
professional advisors to prepare such audits, valuations,
reports and disclosures and the cost of such professional
advisors shall be borne by the Master Trust Fund.
• ARTICLE V
Administrative Powers and Duties
A. Administrator. The Administrator shall serve as
Secretary - Treasurer of the Master Trust and shall have the
power and authority to implement policy matters set forth by
the Master Trustee as they relate to the on -going operation
and supervision of the Master Trust Fund and the provisions of
this Agreement and applicable statutes and regulations.
B. Master Trustee. The Master Trustee shall have and
in its sale and absolute discretion may,. from time to
time and at any time, either through its own actions or
through a custodian selected by the Master Trustee, the
following administrative powers and authority with respect to
the Master Trust Fund:
1. To continue to hold any property of the Master
Trust Fund that becomes otherwise unsuitable for investment
for as long as the Master Trustee in its discretion deems
desirable for advantageous realization thereon; to reserve
from investment and keep unproductive of income, without
liability for interest, cash temporarily awaiting investment
• and such cash as it deems advisable (or as the Administrator
from time to time may specify) in order to meet the
administrative expenses of the Master Trust Fund or
anticipated distributions therefrom;
2. To hold property of the. Master Trust Fund in
its own name or in the name of a nominee or nominees, without
disclosure of the trust, or in bearer form so that it will
pass by delivery, but no such holding shall relieve the Master
Trustee of its responsibility for the safe custody and
disposition of the Master Trust Fund in accordance with the
provisions of this Agreement; - the books and records of the
Master Trustee shall"show at all times that such property is
part of the Master Trust Fund and the Master Trustee shall be
absolutely liable for any loss occasioned by the acts of its
nominee or nominees with respect to securities registered in
the name of the nominee or nominees;
3. To organize and incorporate under the laws of
any state it may deem advisable one or more corporations (and
to acquire an interest in any such corporation that it may
have organized and incorporated) for the purpose of acquiring
and holding title to any property, interests or rights that
the Master Trustee is authorized to acquire under Article IV
hereof; =
8
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg laoll
4. To employ in the management of the Master Trust
Fund suitable agents, without liability for any loss
• occasioned by any such agents selected with the care, skill,
prudence and diligence under the circumstances then prevailing
that a prudent man acting in a like capacity and familiar with
such matters would use in the conduct of an enterprise of a
like character and with like aims;
5. To make, execute and deliver, as trustee, any
deeds, conveyances, leases, mortgages, contracts, waivers or
other instruments in writing that it may deem necessary or
desirable in the exercise of its powers under this Agreement;
and
6. To do all other acts that it may deem necessary
or proper to carry out any of the powers set forth in Articles
IV and V hereof or otherwise in the best interests of the
Master Trust Fund.
ARTICLE VI
Taxes, Expenses and Compensation of Master Trustee
A. Taxes. The Master Trustee without direction from
the Administrator, shall pay out of the Master Trust Fund all
taxes imposed or levied with respect to the Master Trust Fund,
or any part thereof, under existing or future laws, and in
their discretion may contest the validity or amount of any
• tax, assessment, claim or demand respecting the Master Trust
Fund or any part thereof.
B. Expenses and Compensation Provisions for expenses
of the Master Trust Fund and expenses of and compensation for
the Master Trustee shall be governed by the Bylaws.
ARTICLE VII
General Duties and Meetings of Master Trustee
A. General Duties 'The Master Trustee and each
Investment Manager appointed pursuant to paragraph B of
Article IV hereof shall discharge their respective duties
under this Agreement solely in the interest of the
participants in the several Plans and their beneficiaries and
(i) for the exclusive purpose of providing benefits to such
participants and their beneficiaries and defraying reasonable
expenses of administering the several Plans; (ii) with the
care, skill, prudence and diligence under the circumstances
then prevailing that a prudent man acting in a like capacity
and familiar with such matters would use in the conduct of an
enterprise of a like character with like aims; (iii) by
diversifying the investments of the Plans so as to minimize
•
9
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg Q012
the risk of large losses, unless under the circumstances it is
clearly prudent not to do so; and (iv? in accordance with the
provisions of this Agreement insofar as they are consistent
• with the provisions of ERISA, as the same may be from time to
time amended; but the duties and obligations of the Master
Trustee and each Investment Manager, respectively, as such,
shall be limited to those expressly imposed upon them,
respectively, by this Agreement notwithstanding any reference
herein to the Plans.
B._ Reliance on Counsel The Master Trustee may employ,
retain or consult_ with legal counsel, who may be counsel for
the Administrator, the Professional Administrator, the
Florida League of Cities, any of the Plans, and for any Master
Trustee in their individual capacity concerning any questions
which may arise with reference to the duties and powers or
with reference to any other mattes~: pertaining to this
Agreement or the Trust created therefrom; and the opinion of
such counsel shall be full and complete authorization and
protection in respect of any action taken or suffered by the
Master Trustee hereunder in good faith in accordance with the
opinion of such counsel, and the Master Trustee shall not be
liable therefore.
C. Meetings. Meetings of the Master Trustee shall be
governed by the provisions of the Bylaws adopted pursuant to
Section E of this Article.
• D. Execution of Documents. A certificate signed by the
Chairman of the Master Trustee, or such other person or
persons so designated by the Master Trustee, shall be evidence
of the action of the Master Trustee and any such certificate
or other instrument so signed may be relied upon as an action
of the Trustees.
E. BBvlaws The Master Trustee may adopt bylaws
establishing rules to govern - actions of the Master Trustee.
If there exists a conflict between the bylaws and this
Agreement, - the provisions of this Agreement shall govern.
ARTICLE VIII
Accounts
The Master Trustee shall keep or cause to be kept at the
expense of the Master Trust Fund accurate and detailed
accounts of all its receipts, investments and disbursements
under this Agreement, the Master Trustee accounting separately
for each Investment Manager's Segregated Fund.
•
10
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg [a 013
ARTICLE IX
• Communications
until notice be given to the contrary, communications to
the Master Trustee shall be sent to it at its office at
Jacksonville, Florida 32202,
and communications to the Administrator shall be sent to them
at
ARTICLE X
Appointment, Resignation or Removal of Master Trustee
A. Trustees. The operation and administration of the
Trust Fund shall Be the full responsibility of Master Trustee
consisting of a number of individual trustees selected from
the ranks of elected officials of municipal governments
participating in this Fund.
B. Appointment of Trustees
1. The first group of individual Master Trustees
shall be selected by the President of the Florida League of
Cities or his designee in order to create an interim Trustee
to establish the Fund. This interim Trustee shall serve until
successor individual Trustees are selected. The interim
• Master Trustee shall be composed of five individual Trustees.
The initial terms of the individual Master Trustees shall be
as follows: two individual Master Trustees shall be selected
for a one -year term and three individual Trustees shall be
selected for a two -year term. The terms thereafter shall be
for two years. • .
2. Beginning in January, 1995, the Master Trustee
shall solicit nominations from the member governments of the
Fund and such nominees shall constitute the basis for
individual Master Trustee selection. The individual Master
Trustees may be re- elected but no individual Master Trustee
shall serve more than three two -year terms and any Individual
Trustee who is appointed to replace a Trustee during the
course of that individual Trustee's term in office shall be
deemed to have served a full term if there is more than one
year remaining in the term at the time of appointment.
Replacement trustees shall be solicited from nominations
provided by member local governments participating in the Fund
and vacancies shall be filled by the Master Trustee, by
majority vote, from the nominees offered by such members.
3. No individual Master Trustee may be selected or
continue to serve as a trustee after becoming an owner,
officer or employee of Administrator or Custodian.
•
11
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg IA 014
4. Each individual Master Trustee and each
successor individual Master Trustee shall acknowledge and
consent to his appointment as trustee by giving written notice
of acceptance of such selection to the Chairman of the Master
Trustee.
C. Resignation of a Trustee
1. An individual Master Trustee may resign from
all dutias or responsibility hereunder by giving not less than
sixty days prior written notice in writing sent by registered
mail to the Chairman of the Master Trustee of this Fund. Such
notice shall state the date said resignation shall take effect
and such resignation shall take effect on such date unless a
successor trustee shall have been selected at an earlier date
by the Master Trustee in which event such resignation shall
take effect immediately upon the appointment of the successor
trustee.
2. Any individual Master Trustee, upon leaving
office, shall forthwith turn over and deliver to the Chairman
of the Master Trustee, at the principal office of the Fund,
any and all records, books, documents or other property in his
possession or under his control which belongs to the Fund.
D. Len th of Appointment and Removal of an Individual
Master Trustee
• 1. Each individual Master Trustee, unless due to
the resignation, death, incapacity, or refusal of a trustee to
act, shall serve and shall continue to serve subject to the
provisions of Section 2 of this Article.
2. An individual Master Trustee shall relinquish
his office or may be removed by a majority vote of the Master
Trustees ipso facto when he no longer serves in an official
capacity in the unit of local government from which he was
selected or when the unit of local government is no longer a
participating member of the Fund. Notice of removal of an
individual Master Trustee shall be furnished to the other
individual trustees "by the Chairman or Acting Chairman of the
Master Trustee by certified mail and shall set forth the
effective date of such removal.
E. Appointment of a Successor Trustee. In the event
any individual Master Trustee duly appointed to serve on the
Master Trustee shall die, resign, become incapacitated, or
refuse to act, a successor trustee shall be selected forthwith
by the Master Trustee. The notice of appointment of a
successor individual Master Trustee shall be in writing from
the Chairman of the Master Trustee by certified mail, and
shall 'be accompanied by the written acceptance of the
successor individual Master Trustee so selected.
•
12
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg [A 015
F. Trustee's Riahts In case of death, resignation,
refusal, or inability to act by any one or more of the
• trustees, the remaining individual Master Trustees shall have
the powers, rights, estates, and interest of this Agreement as
trustees and shall be charged with with the duties of this
Agreement, provided in such cases, no action may be taken
unless it is concurred in by a majority of the remaining
individual Master Trustees.
G. - Trustee officers The Master Trustee Officers shall
be elected and shall serve as provided in the Bylaws.
ARTICLE XI
Amendment or Termination of Master Trust Agreement;
Termination of Plans
A. Amendment This Agreement and the trust created
hereby may be amended in writing at any time by action of the
majority of individual Master Trustees; provided, however,
this Agreement may not be amended so as to change its purposes
as set forth herein or to permit the diversion or application
of any of the funds ' of the Trust Fund for any purpose other
than as provided herein. The Master Trustee shall provide a
copy of any such amendment to each Participating Employer who
shall be bound by such amendment.
• B. Termination This trust may be terminated at any
time by a concurrence of all of the parties hereto.
C. Distribution of Assets In case this Agreement and
the trust hereby created are terminated in whole or in part,
the Master Trustee (subject to the provisions of Article XII
hereof and reserving respectively such sums as the Master
Trustee shall deem necessary in settling its respective
accounts and to discharge any - obligation of the Master Trust
Fund for which as trustee the Master Trustee shall be liable)
shall apply or distribute the Trust Fund (or that part of the
Master Trust Fund as to whicli - this Agreement is terminated),
to the trustee of " - each of the affected Participating Trusts
having an interest therein at the effective date of the
termination, cash or property in an amount equal in value at
the effective date of such termination to the current value of
the Accumulated Share of that Participating Trust at the date
of termination. Upon such termination, in whole or in part,
of this Agreement and the trust hereby created, the Master
Trustee shall have a right to have its accounts settled as
provided in Article VIII hereof. When the Master Trust Fund,
in whole or in part, shall have been so applied or distributed
and the accounts of the Master Trustee shall have been so
settled, then. the Master Trustee shall be released and
•
13
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg 0 016
discharged from all further accountability or liability
respecting the Master Trust Fund .(or that part of the Master
• Trust Fund so applied or distributed, if this Agreement and
the trust hereby created are terminated only in part) and
shall not be responsible in any way for the further
disposition of the Master Trust Fund (or that part of the
Master Trust Fund so applied or distributed, if this Agreement
and the trust hereby created are terminated only in part) or
any part thereof so applied or distributed.
ARTICLE XII
Prohibition of Assianment of Interest
No interest, right or claim in or to any part of the
Master Trust Fund or any payment therefrom shall be
assignable, transferable or subject to sane, mortgage, pledge,
hypothecation, commutation anticipation, garnishment,
attachment, execution or levy of any kind, and the Master
Trustee shall not recognize any attempt to assign, transfer,
sell, mortgage, pledge, hypothecate, commute or anticipate the
same, except to the extent required by law.
ARTICLE XIII
Miscellaneous
• A. Titles. The titles to Articles of this Agreement
are placed herein for convenience of reference only, and the
Agreement is not to be construed by reference thereto.
H. Professional Administrator The Administrator may
delegate any of its obligations under this Agreement to the
Professional Administrator.
C. Successors. This Agreement shall bind and inure to
the benefit of the successors and assigns of the Florida
League of Cities, Inc., the Master Trustee and the
Participating Employers.
D. Counterparts This Agreement may be executed in any
number of counterparts, each of which shall be deemed to be an
original but all of which together shall constitute but one
instrument, which may be sufficiently evidenced by any
counterpart.
E. Jurisdiction. This Agreement shall be interpreted,
construed and enforced, and the trust hereby created shall be
administered, in accordance with the laws of the United States
and of the State of Florida.
•
14
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg 9 017
IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed by the Florida League of Cities,
• Inc., and the initial individual Master Trustees in their
respective names by their duly authorized officers as of the
day and year first above written.
LEAGUE OF C , INC.
8y u
TSE MASTS USTEES
•
115 i 15
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg [a 018
AMEN MU
• Codes now the Board of Trustees of the Florida uniciaal °ens«:
Trust Fund and amend the Master Truss Agreement of Said Trust pursuaz: tc
Article XI, Section A. of said Agreement:
Article X, Section B, Subsection 2, Of the Masser Trust Agreement
of the Florida Municipal Pension Trust Fund creating the Florida !!�=Icloa_
Pension Trust Fund as adopted on December 16, 1983, is hereby amended to
read as follows:
2. Beginning in January, &995 1986 the Master Trustee shall sali
cit nominations from the member governments of the Fund and such nominees
shall constitute the basis for individual Master Trustee selection. Th
individual Master Trustees may be re- elected but no individual Master
Trustee sball serve more than three two -year terms and amp Individual
Trustee who is appointed to replace a Trustee during the course of that
individual Trustee's term in office shall be deemed to have served a full
term if there is more than one year remai inz in the term at the time of
appointment. Replacement trustees shall be solicited from nominations
provided by member local governments particinatine in the Fund and va
ahail be filled by the Master Trustee, by majority vote, from the nominees
offered by such man era.
Passed and adopted Z Board the Bo of Trustees of the Florida Muaicipa.
• Pension Trust Fund this 1� day of jjpUwA " , 1984.
Chairman
Trustee K/~—
Trustee .
Trustee
ecretary
•
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg U019
AMENDMENT
Comes now the Board of Trustees of the Florida Municipal Dens
• Trust Fund and amends the Master Trust Agreement of Said fund ours:
to Article XI, Section A of said Master Trust Agreement;
Article XI, Section A of the Master Trust Agreement of the Fl,
Municipal Pension Trust Fund is hereby amended to read as follows:
ARTICLE XI
A. Amendment This Agreement and the trust created hereby m:
be amended in writing at any time by the concurrence of a majority
the Board of Trustees. No amendment to this Agreement which direr,
affects the scope of powers of the trustees terms of office or the
selection of trustees shall become effective without the concurrent
of the Board of Directors of the Florida League of Cities, Inc.
No change which specifically affects the exercise of powers by
the trustees or the fiduciary responsibilities of the trustees to t
members shall be required to be approved by the Board of Directors
the Florida League of Cities, Xne., nor shall this section be censt
to give the Board of Directors of the Florida League of Cities, Inc
• the power to exercise any fiduciary responsibility of the Trustees
or to interfere with the exercise of those responsibilities by the
Trustees.
However, this Agreement may not be amended so as to change the
purpose as set forth herein or to permit the diversion or apulicati,
of any of the funds of the Trust for any purpose other than those
specified herein. The Board of Trustees, upon adoption of an amendb
to this Agreement; shall send a copy of any such amendment to.the
participating units of the Fund.
Passed and adopted by the Board of Trustees of the Florida
Municipal Pension Trust Fund this l t day of March
1
1985. j l
Chairman
e.
• Secret
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg @020
AMENDMENT
• comes now the Board of Trustees of the Florida Municipal
Pension Trust Fund pursuant to Article XI, Section A. of the Master
Trust Agreement of said Trust, and does hereby amend Article IV,
Section A. and Article IV, Section A., subsection 1., of said
Agreement to read as follows:
A. Authority of Master Trustee Except as set forth in
paragraphs B or C of this Section, and except as otherwise provided
by law, the Master Trustee shall have exclusive authority and
discretion to manage and control the assets of the Master Trust
Fund held by it and, pursuant to such authority and discretion, the
power from time to time and at any time:
1. To invest and reinvest the Master Trust Fund, and to
direct the Investment Managers and custodians to invest and
reinvest said Fund, without distinction between principle and
income, and shares of stock (whether common or preferred), options,
covered or uncovered, or other evidences of ownership, bonds,
debentures, notes or other evidences of indebtedness, unsecured or
secured by mortgages -on real or personal property wherever situated
( including any part ' interest in a bond and mortgage or note and
mortgage whether insured or uninsured) , contracts of insurance, and
any other property, or part interest in property, real or personal,
foreign or domestic, whether or not productive of income or
• consisting of wasting assets; as follows:
(A) Without limitation in:
(1) Bonds, notes, or other obligations of the United States
or those guaranteed by the United States or for which the credit
of the United States is pledged for the payment of principle and
interest or dividends thereof.
(2) State bonds pledging the full faith and credit of the
state and revenue bonds additionally secured by the full faith and
credit of the state. .
(3) Bonds of the several counties or districts involved.
(4) Savings accounts in, or certificates of deposit of, any
bank, savings bank, or savings and loan association incorporated
under the laws of this state or organized under the laws of the
United States doing business and situated in this state, the
accounts of which are insured by the Federal Government or any
agency thereof, in an amount that does not exceed 15 percent of the
net worth of the institution, or a lesser amount as determined by
the Master Trustee, provided such savings accounts and certificates
of deposit are secured in the manner prescribed in Ch. 280, Fla.
Stat. _
• (5) Obligations of the Federal Farm Credit Banks and
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg @021
obligations of the Federal Home Loan Bank and its district banks.
• (6) Obligations of the Federal Home Loan Mortgage
Corporation, including participation certificates.
(7) Obligations guaranteed by the Government National
Mortgage Association.
(8) Commercial paper of prime quality of the highest letter
and numerical rating as provided for by at least one nationally
recognized rating service.
(9) Time drafts or bills of exchange drawn on and accepted
by a commercial bank or a savings and loan association, otherwise
known as bankers acceptances, which are accepted by a member bank
of the Federal Reserve System having total deposits of not less
than $400 million.
(10) Short-term obligations not authorized elsewhere in this
section to be purchased individually or in pooled accounts or other
collective investment funds, for the purpose of providing liquidity
to the fund or its portfolio.
(B) With no more than 25% of the fund in:
(1) Bonds, notes, or obligations of any municipality or
political subdivision or any agency or authority of this state, or
• of any state or organized territory in the United States, or of the
District of Columbia, if such obligations are rated by at least two
nationally recognized rating services in any one of the three
highest classifications approved by the Comptroller of the Currency
for the investment of the funds of national banks. However, if
only one nationally recognized rating service shall rate such
obligations, then such rating service must have rated such
obligations in any one of the two highest classifications
heretofore mentioned.
(2) Notes secured by first mortgages on real property,
insured or guaranteed by the Florida Housing Administration or the
Veterans Administration.
(3) Interest - bearing obligations of the International Bank
for Reconstruction and Development, the Inter - American Development
Bank, or the African Development Bank.
(4) Deferred payment tax certificates offered for sale by a
county pursuant to a. 197.262(2)(b), Fla. Stat. -
(5) Investments collateralized by first mortgages covering
single- family Florida residences, provided such mortgages do not
exceed $60,000, do not exceed 80 percent of value, are not
delinquent, and are originated by a lender regulated by the state
• or Federal Government and the aggregate of the collateral furnished
is at least 150 percent of the aggregate investment under this
2 -
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg 0 022
subparagraph. The mortgages used for collateral shall be
segregated by the lending institution so that such segregation may
• be confirmed by independent audit. In the event any such mortgage
used as collateral becomes more than 3 months delinquent, the
lender shall immediately substitute therefore a mortgage of equal
or greater value.
(6) Mortgage pass - through certificates, meaning certificates
evidencing ownership of an undivided interest and pools of
conventional mortgages on real property which is improved by a
building or buildings used for residential purposes for one to four
families when such mortgages are transferred or assigned to a
corporate trustee acting for the benefit of the holders of such
certificates.
(7) Obligations of the Federal National Mortgage Association.
r�
(8) Group annuity contracts of the pension investment type
with insurers licensed to do business in this state, except that
amounts invested by the Master Trustee with any one insurer shall
not exceed 3 percent of its assets.
(9) Certain interest in real property and related personal
property, including mortgages and related instruments on commercial
or industrial real property, with provisions for equity or income
participation or with provisions for convertability to equity
ownership; and interests in collective investment funds.
• Associated expenditures for acquisition and operation of assets
purchased under this provision shall be 'included as a part of the
cost of investment. Title of real property acquired under this
paragraph shall be vested in the name of the Fund.
(10) General obligations backed by the full faith and credit
of a foreign government which has 'not defaulted on similar
obligations for a minimum period of 25 years prior to the purchase
of the obligation and has met its payments for similar obligations
when due.
(C) With no more than 70 ,percent of the Fund in common stock,
preferred stock, and interest- bearing obligations of a corporation
having an option to convert into common stock, provided:
(1) The corporation is organized under the laws of the United
States, any state or organized territory of the United States, or
the District of Columbia; and
(2) The corporation is listed on any one or more of the
recognized national stock exchanges in the United States and
conforms with the periodic reporting requirements under the
Securities Exchange Act of 1934.
The Master Trustee shall not invest more than 10 percent of
the equity assets of the Fund in the common stock, preferred stock,
• and having azi uptivn to %= Qnvert into
3 -
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg IM 023
common stock, of any one issuing corporation; and the Master
Trustee shall not invest more than 3 percent of the equity assets
• of the Fund in such securities of any one issuing corporation
except to the extent a higher percentage of the same issue is
included in a nationally recognized market index, based on market
values, at least as broad as the Standard and Poor's Composite
Index of 500 companies, or except upon a specific finding by the
Master Trustee that such higher percentage is in the best interest
of the Fund. The Plaster Trustee may only sell listed options to
reduce investment risk, to improve cash flow, or to provide
alternative means for the purchase and sale of underlying
investment securities. Reversing transactions may be made to close
out existing options positions. -
(D) With no more than 80 percent of the Fund, in interest -
bearing obligations with a fixed maturity,.-of any corporation within
the United States, if such obligations 'are rated by at least two
nationally recognized rating services in any one of the three
highest classifications approved by the Comptroller of the Currency
for the investment of funds of national banks. However, if only
one nationally recognized rating service shall rate such
obligations, then such rating service must have rated such
obligations in any., one of the. two highest classifications
heretofore mentioned.
(E) With no more than 5 percent of the Fund in corporate
obligations and securities of any kind of a foreign corporation or
• a foreign commercial entity having its principle office located in
any country other than the united States of America or its
possessions or territories, not including U.S. dollar- denominated
securities listed and traded on a United States exchange which are
part of the ordinary investment strategy of the Master Trustee.
(F) With no more than 5 percent 'of the Fund to be invested
as deemed appropriate by the Master Trustee, notwithstanding the
investment limitations otherwise expressed herein. Prior to the
*Master Trustee engaging in any investment activity not otherwise
provided herein, excluding investments in publicly traded
securities, options, financial. futures and similar instruments, the
Master Trustee, or its designee, shall develop a proposed plan for_
such investment. Said plan shall include, but not be limited to,
the expected benefits and potential risks of such activity; methods
for monitoring and measuring the performance of the investment; a
complete description of the type, nature, extent and purpose of the
investment, including a description of the issuer, security in
which investment is proposed to be made, voting rights or lack
thereof and control to be acquired, restrictions .upon voting,
transfer, and other material rights of ownership, and the existence
of any contracts, arrangements, understandings, or relationships
with any person or entity (naming the same) with respect to the
proposed investment; and assurances that sufficient investment
expertise is available to the Master Trustee to properly evaluate
• and manage such activity.
4 -
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg IM 024
(G) For the purposes of determining the above investment
limitations, the value of bonds shall be the cost thereof, and the
• value of evidences of ownership and interest - bearing obligations
having an option to convert to ownership shall be the cost thereof.
(S) Investments in any securities authorized by this section
may be under repurchase agreements or reverse repurchase
agreements.
(I) - Investments made by the Master Trustee shall be designed
to maximize the financial return to the Fund consistent with the
risks incumbent in each investment and shall be designed to
preserve an appropriate diversification of the portfolio.
(J) The Master Trustee is authorized to engage in bona fide
hedging activities for the purpose of protecting the asset value
of the underlying portfolio,. provided rthe instruments of such
purpose are traded on a securities exchange or board of trade
regulated by the Securities Exchange Commission or the Commodity
Futures Trading Commission.
Passed and adopted by the Hoard of Trustees of the Florida
Municipal Pension Trust Fund this ZOth day of Feb a , 1987.
• rman
Secret
•
5 -
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg Q025
•
•
•
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg Q026
AMENDMENT
•
Comes now the Board of Trustees of the Florida Municipal Pension Trust
Fund and amends the Master Trust Agreement of said Trust pursuant to
Article %I, Section A of said Agreement.
Article %, Section B, Subsections 1 and 2 of the Master Trust
Agreement of the Florida Municipal Pension Trust Fund creating the Florida
Municipal Pension Trust Fund, as adopted on December 16, 1963, and as
amended from time to time, is hereby amended to read as follows:
1. The first group of individual Master Trustees shall be
selected by the President of the Florida League of Cities or his
designee in order to create an interim Master Trustee to establish
the Fund. This interim group, of individdual Master Trustee shall
serve until successor individual Trustees are selected. The interim
Master Trustee shall be composed of five individual Trustees. The
initial terms of the individual Master Trustees shall be as follows:
two individual Master Trustees shall be selected for a one -year term
and three individual Trustees shall be selected for a two -year term.
The terms thereaftar shall be for We three years.
2. Beginning in January, 1986, the Master Trustee shall solicit
nominations from the member governments of the Fund and such nominees
shall constitute the basis for individual Master Trustee selection.
• The individual Master Trustees ma be re- elected but no individual
Master Trustee shall serve more than three two consecutive
eve three -year terms. In the event an ind3 dual Trust
is a to fill an unexpired term, the unexpired m shall not
be included in the two term limitation provided herein. sae any
Ppe*ft!== a e ,&aee - T---- ze _j VWd!ftg -epee
r I a t iegm 2 -ff - noes
-- e-served _ r_* • % ew-m— iS -these
eE term -et -r - , r - + n«mw aer Replacement Trustees shall be
solicited from nominations provided by member local governments
participating in the Fund and vacancies shall be filled by the Master
'Trustee, by majority vote, from the nominees offered by such members.,
.a
This Amendment shall become effective on the date on which the Board
of Directors of the Florida League of Cities concurs with said Amendment
pursuant to Article ZI. Section A. of the,Master Trust Agreement.
Passed and adopted by the Board of Trustees of ` Florida Muni pal
Pension Trust Fund this 16th day of December 19
Ch 'rman
Seer to
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg Q027
• CONCURRENCE BY THE BOARD OF DIRECTORS
OF THE FLORIDA LEAGUE OF CITIES, INC.,
OF THE AMENDMENT BY THE BOARD OF TRUSTEES OF
THE FLORIDA MUNICIPAL PENSION TRUST FUND TO ITS MASTER TRUST AGREEMENT
WHEREAS, the Florida Municipal Pension Trust Fund is operated in
accordance and pursuant to its Master Trust Agreement;
WHEREAS Article %I, Section A, of said Agreement provides that the
Board of Trustees of said Fund may from time to time amend said Agreement,
but further provides that no amendment to said Agreement which directly
affects the scope of powers of the Trustees' terms of office or the
selection of Trustees may become effective without the concurrence of the
Board of Directors of the Florida League of Cities, Inc.; and
WHEREAS by Amendment passed and adopted by the Board of Trustees of
said Fund on the 16th day of December, 1988, the Board of Trustees of said
:und amended said Agreement to reflect that no individual Master Trustee
may serve more than two three -year terms rather than three two -year terms;
and
WHEREAS, said Amendment also amended said Agreement to reflect that an
unexpired term will not count toward the 2 -term limitation; and
AREAS it is the intent-of the Board of Directors of the Florida
• League of Cities, Inc., to hereby concur with said Amendment.
NOW. THEREFORE, the Board of Directors of the Florida League of
Cities, Inc., pursuant to Article n. Section A, of the Master Trust
Agreement of the Florida Municipal Pension Trust Fund do and do hereby
concur with the Amendment passed and adopted-on the day of
1988, by the Board of Trustees of the Florida Municipal Pension Trust Fund
to its Master Trust Agreement.
PASSED AND ADOPTED by the Board of Directors of the Florida League of
Cities. Inc., this-16th day of December, 1988.
President
Ezeclqive irector
•
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg Q028
AMENDMENT
• Comes now the Board of Trustees of the Florida Municipal
Pension Trust Fund pursuant to Article XI, Section A. of the Master
Trust Agreement of said Trust, and does hereby amend Article Iv,
Section A., Subsections 1(B) and (C), of said Agreement to read as
follows:
ARTICLE IV
Manamement of Assets of the Master Trust fnrnd
A. Authority of Master Trustee Except as set forth in
Paragraphs B or C of this Section, and except as otherwise provided
by law, the Master Trustee shall have exclusive authority and
discretion to manage and control the Assets of the Master Trust
Fund held by it and, pursuant to such authority and discretion, the
powgr from time to time and at any time:
1. To invest and reinvest the Master Trust Fund, and to
direct the Investment Managers and Custodians to invest and
reinvest said Fund,• without distinction between, principle and
income, amd Ln shares of stock (whether common or preferred)
options, covered or rincovered, or other evidences of ownership
bonds, debenturese notes or other evidences of indebtedness,
• unsecured or'seeured by mortgages on real or personal property
wherever situated (including any part interest in a bond and
mortgage or note and mortgage whether insured or uninsured),
contracts of insurance, and any other property, or part interest
in property, real or personal, foreign or domestic, whether or not
productive of income or consisting of wasting assets; as follows:
(B) With no more than 2S* of the 4 gund in:
(ill Asset - backed s curities meaning certificates evidencing
own erg hip of - a c s
a ssets such--As c e it card and automobile loan receivables ,.when
such assets are transferred or assismed to a coroora a trustee
actina for the ..
e
urovided su= at least two national
recognized rating services in any axis of e highest
classif aunroved kX the cometrolle of the curre ev for the
investment at funds of national banks.
(C) With no more than 70% of the Fund in ro]Mcj to common
stock, coryorate preferred stock, and interest - bearing obligations
of a corporation having an option to convert into common stock,
provided;
(1) The corporation is organized under the laws of the United
• States, any state or organized territory of the united States, or
the District of Columbia; and
09/06/96 12:05 FAX 904 488 0132 FLC Annex Bldg Q029
(2) The corporation is listed on any one or more of the
recognized national stock exchanges in the United States and
conforms with the periodic reporting requirements under the
Securities Exchange Act of 1934.
The Master Trustee shall not invest more than 10% of the
e�ag assets of the Fund in the common stock, preferred stock, and
- interest bearing obligations having an option to convert .into
common stock, of any one issuing corporation;
T.,,..} oo �, ..k eat- i*-�vmst mope- :tae - - o f t ....
o, t3 assets of a�8
.m�
i f.
� a.:a�: - ,. �.. ,.....� .� 9
law sa � - h 9hoiesyeii = +Ofi =�1� ri+.:o�-- �GCL'�- �'LiC�ai�� —a
W�j! ww.� 1.. s w�w.�..; wrwA �v L �.
�� v�v:e�Q �z- ^lw �yssss��•- TS9tir r- h a t — Waluen, a r
leas: Q� beoad ie tho stendimr3 �- P:.:.e =s Coevpoeite- -3eASK of SAM
t.3�air - s;ch highs* Fe �etago�:a. -��t Let:e'oet -o= ::.o -��m :d
agr ihs T the Agau rate_investme= of the runSI „in the common stock,
treferred stock and interest bees? nqr 3h11Q tiaras having
an-m otion
- convert into gammon stock of any one issuing co Uan exceed
5* of such stock, and interest "Arne ob1'nations of said
corporation. The Master Trustee may only sell. listed options to
reducs investment risks, to improve cash flog, or to provide
'.teraative means for the purchase and sale of - underlying
nvestmfent securities. Reversing transactions may be made to close
out existing options positions._ -
Passed and adopted by the Board of a Florida
Municipal Pension Trust Fund.this 9th o reh, 1990.
• Cha_irman
Secre ry _
i
VILLAGE OF TEQUESTA
Post Office Box 3273 • 357 Tequesta Drive
Tequesta, Florida 33469 -0273 • (407) 575 -6200
Fax: (407) 575 -6203
s o
B 4
f4CM cou"',
September 16, 1996
Ms. Joyce Case
Pension Services Manager
Florida Municipal Pension Trust Fund
Florida League of Cities, Inc.
P.O. Box 1757
Tallahassee, Florida 32302 -1757
RE: Tequesta Resolution No. 37- 95/96; Approving the Employees'
Pension Trust Fund of the Village of Tequesta Trust Joinder
Agreement
Dear Joyce:
Attached hereto, please find a certified copy of the above
referenced Resolution and the applicable attachments pertaining
to the same. Once the Trust Joinder Agreement has been executed
by the Secretary- Treasurer of the Florida Municipal Pension Trust
Fund, please return a copy of the fully executed Agreement to the
undersigned for placement with our permanent records.
The assistance provided by you and Jeannie Hagan in regard to
this matter has been greatly appreciated.
Sincerely,
Thomas G. Bradford
Village Manager
TGB /krb
Attachments
c: Bill C. Kascavelis, Director of Finance, w /attachment
bral°_crd \ua 696- 3.Sarn