1995.09.12_FAB_Minutes_Regular• TOWN OF HIGHLAND BEACH
FINANCIAL ADVISORY BOARD
REGULAR MEETING
MINUTES
Tuesday, September 12, 1995 9:30 A.M.
Chairman Thomas J. Reid called the Regular Meeting to order in
Commission Chambers at 9:30 A.M.
Deputy Town Clerk Jane Dillon called the roll. Present were
Chairman Thomas J. Reid and Members S. Myron Browner, John R.
DeMarco and Werner Wm. Rothenberg. Vice Chairman Victor P. Hadeed
was absent.
Also present were Town Manager Mary Ann Mariano, Finance Director
Michael Seaman and Town Attorney Thomas Sliney. Felix R. Goldenson
was present in the audience.
APPROVAL OF MINUTES
Upon MOTION by MR. DEMARCO/MR. BROWNER, the Minutes of the
September 8, 1995 Regular Meeting were unanimously approved.
OLD BUSINESS
Of Liability Insurance Proposal
Ms. Mariano and Attorney Sliney suggested that the Board take more
time to make a recommendation on changing the Town's liability
insurance to another carrier. Mr. Seaman indicated that the Town
can renew it's insurance with Florida League of Cities and may
cancel the policy at anytime and receive a pro -rated payment back.
This will allow the FAB more time to consider obtaining a policy
with another carrier without the pressure of doing so by October 1,
1995. It was decided to form a sub -committee of several interested
residents who have insurance background and who may be able to
review both the old and new policies and give their views on the
two coverages. The Board was asked to solicit acquaintances for
this committee and submit their names to Ms. Mariano. It was also
suggested by Attorney Sliney that the Town find out who the (new)
carrier's legal representative would be and if the Town could
choose it's own legal counsel in case of a litigation.
Upon MOTION by MR. ROTHENBERG/MR. DEMARCO the Financial
Advisory Board asks that the Town Manager, possibly in
conjunction with the Town Attorney, form a sub -committee
of the Financial Advisory Board consisting of three
insurance experts, and for them to obtain copies of the
proposed policies in order to study them and report to
this Board.
0
The MOTION met with favorable unanimous vote.
• Financial Advisory Board
Regular Meeting Minutes
September 12, 1995 Page 2 of 2
Ms. Mariano stated that it will probably be several months before
another FAB meeting is needed since we are not pressed for the
October 1 date. This will give the sub -committee a chance to be
formed, get a proposed policy from Titan and have the subcommittee
and FAB review it prior to going to the Town Commission.
Investment Polic
Due to the discrepancies brought up in the September 8 FAB meeting,
and the deadline date of October 1 for implementation of the
Investment Policy, it was decided to recommend approval of the
current revised policy for adoption by October 1. Amendments can
be put in place for any changes the FAB members feel should be made
to the policy after it has been submitted.
Upon MOTION by MR. ROTHENBERG/MR. DEMARCO the Financial
Advisory Board recommends acceptance of the Investment
Policy as put together by Mr. Seaman based upon the
requirements of the revised statute on a more or less
temporary basis to be in effect on October 1, but subject
to restudy at a later date.
40 The MOTION met with unanimous favorable vote.
•
There being no further business to come before the board at this
time, the meeting was adjourned upon MOTION by MR. BROWNER/MR.
REID at 10:10 A.M.
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Thomas J. Reid, Chairman
Absent
Victor P. Hadeed, Vice Chairman
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Werner Wm. Rothenberg
ATTEST:
DATE: