HomeMy Public PortalAboutR1870 R E S O L U T I O N NO. 1870
WHEREAS, the Board of Trustees of The Metropolitan St. Louis Sewer
District has initiated the process of modifying the District's Employees'
Pension Plan investment activities as recommended by the District's Employees'
Pension Plan investment consultant, and in connection therewith has adopted
Resolutions No. 1864 and No. 1866, and
WHEREAS, pursuant to District Resolution No. 1864, the District
wishes to implement the purchase of a Guaranteed Investment Contract ("GIC").
NOW, THEREFORE, BE IT RESOLVED by the Board of Trustees of The
Metropolitan St. Louis Sewer District that the officers of the District, in
consultation with the District's Employees' Pension Plan investment consultant,
are hereby authorized and directed to solicit a minimum of three quotes for a
Guaranteed Investment Contract for a term of not less than three, nor more than
seven, years from recognized life insurance companies chartered to operate
within the United States, said GIC to be in an amount equivalent to twenty-six
per cent (26%) of the current fixed income investment portion of the total
Pension Fund assets. Solicited companies shall have an "A+" or better rating
with the A.M. Best Rating Company. The officers of the District, upon receipt
of said quotes, are hereby authorized and directed to purchase said GIC based
upon the best quote at the highest interest rate obtainable.
BE IT FURTHER RESOLVED that the Executive Director is hereby
authorized and directed to execute the necessary instruments to give effect to
the foregoing.
The foregoing Resolution was adopted November 23, 1988.