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HomeMy WebLinkAboutCity of Tamarac Resolution R-84-007Introduced by: TEMP. #2983 1 2 31 4 5 6 7 8 9 10 11 12 13 14 15 16 1 7 18 19 20 21 22 23 24 25 26 27 28 1`9 31 32 33 34 35 CITY OF TAMARAC, FLORIDA RESOLUTION NO. R- V-(1-'7 A RESOLUTION DESIGNATING A CUSTODIAL BANK FOR THE CITY OF TAMARAC MUNICIPAL EMPLOYEES PENSION FUND. WHEREAS, the City's Pension Fund Investment Advisor has obtai proposals for services for a custodial bank for the City of Tamarac Municipal Employees Pension Fund; and WHEREAS, Florida National Bank of Jacksonville, Florida is qualified to perform such services, and their cost to perform these services was the low quote. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF TAMARAC, FLORIDA: SECTION 1: That Florida National Bank of Jacksonville, Florida is hereby designated as the custodial bank for the City of Tamarac Municipal Employees Pension Fund, effective January 1984, and until such authorization is revoked by action of the Tamarac City Council. SECTION 2: That the appropriate City officials are authorized to execute the custodial agreement with Florida National Bank. SECTION 3: This resolution is effective upon adoption. PASSED, ADOPTED AND APPROVED thisday of , 1984. ATTEST: ASSISTANT CITY CLERK I HEREBY CERTIFY that I have approved the form and correctness of this RESOLUTION. C;PT)V ATTO RECORD OF COUNCIL VOTE MAYOR FALCK: DIST. 1: C/M KRAVITZ: DIST. 2: V/M MASSARO: DIST. 3; C/M STELZER: DIST. 4: C/M KRANTZ: ORIGINAL CUSTODY AGREEMENT Florida National Bank (hereinafter referred to as "Custodian"), General Mail Center, Jacksonville, Florida, 32231, is hereby authorized and requested to open and maintain a custody account for and in the name of City of Tamarac Municipal Employees Pension Fund (hereinafter referred to as 'Depositor"), subject to the following instructions and such other instructions as may be furnished in writing from time to time by the Depositor and agreed to by the Custodian. Those assets listed on Schedule A, attached hereto, comprise the assets with which this account is opened. These assets have been deposited with the Custodian or have been directed to be transferred to the Custodian. (Schedule "A" is attached at the end of Page 3.) INSTRUCTION' I. The Custodian sha22 be under no duty whatsoever in regard to the merit or soundness of any investment, nor under any obligation to render any invest- ment advice or to review the investments of this account. The Custodian will take no action with regard to any sales, investments, exchanges, con- versions or other changes in the property except upon written direction from the Depositor or from such person, persons, or corporations autho- rized by the Depositor as hereinafter provided in paragraph four. 2. The Custodian shall keep all stocks, money, certificates, bonds, and other property and securities delivered to it by or for the account of the Depositor and shall hold, invest, disburse, or otherwise dis- pose of the same or any part thereof upon written direction of the Depositor. 3. The Custodian shall collect and receive all interest, dividend, and other income paid on the property held by the Custodian and shall cre- dit the same to the account of the Depositor unless otherwise directed by the Depositor. 4. All sales and all purchases of assets made for this account by the Custodian shall be made pursuant to written instructions of the De- positor or such persons, investment advisors, or banks as the Depos- itor may authorize in writing from time to time to manage the assets of the account. The Custodian where directed in writing by the De- positor to settle security transactions, is bound by these directions, unless they are a violation of law; and, shall not be required to pro- vide confirmations of such purchases and sales other than as may be requested from time to time and as are reported in quarterly statements of transactions furnished by the Custodian. The Custodian may, in its discretion, follow and rely on any transactions given by Investment Counsel, Company or their written designees, orally, by telephone, telegraph, cable or radio that it believes to be genuine, provided, written confirmation of such instructions are forwarded im- mediately thereafter by such persons making such instructions. S. The Custodian may invest cash or cash equivalents as authorized by the Depositor or as specified by the Depositor or by the By -Laws of its corporation or any other governing documents or instruments in a money market fund composed of any one or any combination of the following: U.S. Treasury Obligations, commercial paper, certificates of deposit, and other similar money market instruments or in variable amount notes, master notes, master savings accounts, master certificates of deposit or any similar instrument including repurchase agreements. The Cust- odian shall not be required to provide confirmations of such purchases and sales other than may be requested from time to time and as are re- ported in the quarterly statement of transactions furnished by the Cust- odian. - 1 - 6. The Custodian shall produce statements at the end of each month (but not less frequently that quarterly). The Custodian shall submit re- ports to the Depositor and such other person, persons, or corpora- tions as it may be directed. Accountings shall be produced at the end of each month. 7. The Custodian is authorized to hold any assets in negotiable or un- registered form, or to cause any assets to be registered in the name the Custodian or in a n)rinee name, or to be held at a custodial agent, depository or in the book entry system at the Federal Reserve Bank. 8. With respect to all securities, however registered, the voting rights and powers shall be exercised by the Depositor and not by the Custodian. The Custodian shall mail to the Depositor any proxy or other voting doc- uments received, with the proxies respecting securities registered in the name of the nominee, unless the Custodian receives written instruc- tions to the contrary from the Depositor. 9. All correspondence from Custodian to Depositor should be addressed to City of Tamarac Finance Director, 5811 N.W. 88th Avenue, Tamarac, FL, 33321 until such time as the Custodian receives written directions to the contrary. 10. The Custodian shall be liable only for actual damages arising from its negligent acts or omissions in the performance of its duties as Custo- dian hereunder. The Custodian shall not be liable for acting in good faith, upon the instructions provided by the Depositor or its desig- nees as herein provided. It is understood and agreed to that the Cust- odian shall not be liable nor be under a duty to take any action or actions other than herein specified with respect to any securities or property unless specifically agreed to in writing. All action properly taken by the Custodian under the terms of this agreement shall be for the account of the Depositor. The Depositor shall hold harmless and indemnify the Custodian and its nominee against all charges, expenses, assessments and liabilities properly incurred by the Custodian or its nominee in connection with its proper functions hereunder. Where this agreement is used in conjunction with a qualified retirement plan, the Custodian shall not be deemed to be a fiduciary (as defined by Sections 3(21) (A) of ERISA) for any purpose. However, it is under- stood that the Custodian is a "party in interest" (as defined by Section 3(14) of ERISA). The Custodian's duties are merely ministerial and are conducted at the direction of the Depositor. In all other events, where this agreement is used, the Custodian is deemed not to be fiduciary but merely a custodian void of all powers except those specifically directed and authorized by the Depositor. 11. The Depositor and not the Custodian shall be responsible for money or other properties paid or delivered to any person or persons upon dir- ection of the Depositor. 12. For services rendered hereunder, the Custodian shall receive reasonable compensation for all services rendered in the performance of its duties as set forth from time to time in its established schedule of fees. (See Schedule "B" attached.) 13. Either party may terminate this agreement upon receipt by the other party of 30 day written notice of such termination. Upon termination of this agreement, the assets of this accomt will be delivered to Depositor or Depositor's representative as designated in writing, Ud thin a reasonable time as dictated by the facts and circumstances of the transfer. - 2 - 14. The Depositor and Custodian, however, shall have the right to change this agreement from time to time by mutual agreement, said changes being evi- denced by an wwndment attached hereto. In witness whereof the parties hereto have hereinunder set their hands and seals this lltbday of January , 1984 . Ibis agreement shall be effec- tive as of the Uth day of Januaiy , 1984. APPROVED AS TO/ ATTORNEY Depositor: City of Tamarac niie: "Woe Mayor It es City Manager �C Title:-.-Cityk FLCP.M NATIMAL R4NK Custodian SCHEDULE "A" TWO MILLION DOLLARS ($2,000,000.00) CASH -"00� itle: r J 100/ - 3 - SCHEDULE "B" FEES FLORIDA NATIONAL BANK TRUST DEPARMM'Tr January 9, 1984 kk �f C.'D - 0 " 7 It r� City of Tamarac Attn: Steve Wood Finance Director 5811 N.W. 88 Avenue Tamarac, FL 33321 Dear Mr.Wood: The enclosed Custodial Agreements, are documents which name Florida National Bank as Custodian of the Tamarac City EM10Yees Pension Rind. The documents should be executed if Florida National Bank is selected by the City C MMissian as Custodian for the Municipal EMloyees Pension Pund. As we have indicated to Investment Camselt Co ��sei Co. will wall betodi d Bank for the $29000,000 in assetswhich to administer, will be: $1.25 per $1,000 of market value of the assets invested. In addition to this there is a $25.00 per transaction charge whether a pur- chase or a sale above 12 transactions per year. The market value will be determined an a quarterly basis and the City will be billed for the services of the Custodian quarterly. Thank you for the opportunity.to serve the City of Tamarac, and if there are further questions, please contact me at my office listed below. Sincerely yours, David L. Mil er Trust Officer DlWcjs encl. P. O. BOX 0106251169 EAST n A=R StREM / M &MT. FLORMA 33101 / (305) 373-1171