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R E S O L U T I O N NO. 2140
WHEREAS, Section 9.3 of the Pension Plan of The
Metropolitan St. Louis Sewer District provides that the Board of
Trustees of the District, may from time to time, appoint one or
more investment managers to act on behalf of any Trustee or
Trustees of the Pension Plan with respect to all or a specified
portion of the assets of the Pension Fund held by said Trustee.
Such investment managers shall be either (a) registered as an
investment adviser under the Investment Advisers Act of 1940, (b)
the securities of investment companies (mutual funds) registered
under the Investment Company Act of 1940, (c) a bank common or
collective trust fund as defined in the Investment Advisers Act
of 1940, (d) a legal insurance company qualified to manage,
acquire or dispose of plan assets under the laws of Missouri, and
WHEREAS, Section 9.4 of the Pension Plan of The
Metropolitan St. Louis Sewer District provides that the Board of
Trustees of the District may, from time to time, direct the
Trustee of the Pension Plan to invest a specified portion of the
Pension Fund in a particular asset or assets, and
WHEREAS, Mercantile Trust Company has been designated
as Trustee of said Pension Plan, and will continue in that
function, and
WHEREAS, Resolution No. 1864, adopted September 28,
1988, specified the manner in which the assets of the Pension
Fund of The Metropolitan St. Louis Sewer District are to be
invested, and
WHEREAS, at the November 17, 1993 meeting of the
District's Board of Trustees the pension fund investment
consultant, J.H. Ellwood and Associates, recommended the addition
of an International Equity component to the District's asset mix,
and that the initial investment be made over a one year period
for an amount equal to Four Million Dollars ($4,000,000.00).
NOW, THEREFORE, BE IT RESOLVED that the following
investment managers be appointed to act on behalf of the Trustee
of the Penion Plan with respect to the assets of the Pension Fund
of The Metropolitan St. Louis Sewer District in the manner as
hereafter provided.
(A) Euro-Pacific Growth Fund sponsored
by the American Funds Group is
hereby appointed investment manager
of the International Equity portion
of the Equity Component assets.
(B) Windsor II Fund as managed by
Vanguard Group is hereby also
appointed investment manager of the
Equity-Income portion of the Equity
Component assets as specified in
Resolution No. 1864.
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(C) Collective Equity Fund as managed
by Mississippi Valley Advisors,
Inc. is hereby appointed investment
manager of the Growth & Income
portion of the Equity Component
assets as specified in Resolution
No. 1864.
(D) Twentieth Century Select Fund is
hereby appointed investment manager
of the Growth portion of the Equity
Component assets as specified in
Resolution No. 1864.
(E) Patterson Capital Corporation is
hereby appointed a fixed income
investment manager to manage a
portion of the Fixed Income
Component assets as specified in
Resolution No. 1864.
(F) Mercantile Trust Company is hereby
appointed investment manager of the
Short Term Investment Fund (STIF)
portion of the Fixed Income
Component assets as specified in
Resolution No. 1864.
BE IT FURTHER RESOLVED that the Executive Director,
with the approval of the Chairman of the Board of Trustees of The
Metropolitan St. Louis Sewer District, is hereby authorized and
directed to execute any necessary instruments to give effect to
the foregoing.
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The foregoing Resolution was adopted May 11, 1994.