Board of Trustee Minutes

CHARTER TOWNSHIP OF BLOOMFIELD
BOARD OF TRUSTEES
MINUTES – MONDAY, MAY 22, 2006

ITEM #1 Approved Board Minutes of May 8, 2006 as printed.

ITEM #2 Consider Fireworks Display – Les Gold, 3701 Durham Ct.

ITEM #3 Revised Ballot Language – Renewal of the Public Safety and Road Maintenance Millages

The ballot language was changed for clarification.

I, Janet Roncelli, Clerk of the Charter Township of Bloomfield do hereby certify that the following ballot language was approved by the Township Board of the Charter Township of Bloomfield unanimously on May 22, 2006 for the renewal of two millages to be placed on the August 2006 primary ballot.

The approved language for each of the two millage propositions will read as follows:

RENEWAL OF PUBLIC SAFETY MILLAGE

SHALL THE CHARTER TOWNSHIP OF BLOOMFIELD BE AUTHORIZED TO RENEW UP TO 2.0114 MILLS FOR A PERIOD OF TEN YEARS TO FINANCE CONTINUED FIRE, POLICE AND PUBLIC SAFETY PROTECTION, COMMENCING WITH THE DECEMBER 2007 LEVY? APPROVAL OF THIS PROPOSAL WOULD PERMIT A TAX OF $2.01 PER $1,000 OF TAXABLE VALUE ON ALL TAXABLE PROPERTY IN THE TOWNSHIP. THIS PROPOSED MILLAGE IS A RENEWAL OF PREVIOUSLY AUTHORIZED MILLAGE WHICH EXPIRES IN 2006. THIS MILLAGE WILL BE SUBJECT TO APPLICABLE CONSTITUTIONAL TAX LIMITATION PROVISIONS AT THE TIME OF LEVY, AND WILL NOT EXCEED THE ABOVE-STATED RATE. IT IS ESTIMATED THAT THIS PROPOSAL WOULD RESULT IN THE AUTHORIZATION TO COLLECT $7,508,300 IN THE FIRST YEAR IF APPROVED AND LEVIED.

RENEWAL OF ROAD MAINTENANCE MILLAGE

SHALL THE CHARTER TOWNSHIP OF BLOOMFIELD BE AUTHORIZED TO RENEW UP TO .07180 MILLS FOR A PERIOD OF TEN YEARS TO FINANCE CONTINUED ROAD MAINTENANCE, COMMENCING WITH THE DECEMBER 2007 LEVY? APPROVAL OF THIS PROPOSAL WOULD PERMIT A TAX OF $0.72 PER $1,000 OF TAXABLE VALUE ON ALL TAXABLE PROPERTY IN THE TOWNSHIP. THIS PROPOSED MILLAGE IS A RENEWAL OF PREVIOUSLY AUTHORIZED MILLAGE WHICH EXPIRES IN 2006. THIS MILLAGE WILL BE SUBJECT TO APPLICABLE CONSTITUTIONAL TAX LIMITATION PROVISIONS AT THE TIME OF LEVY, AND WILL NOT EXCEED THE ABOVE-STATED RATE. IT IS ESTIMATED THAT THIS PROPOSAL WOULD RESULT IN THE AUTHORIZATION TO COLLECT $2,680,200 IN THE FIRST YEAR IF APPROVED AND LEVIED.

CHARTER TOWNSHIP OF BLOOMFIELD

ITEM #4 Election Equipment Update for Individuals with Disabilities

Clerk Roncelli advised the Board that the Township has received a grant for new election equipment manufactured by Automark. All precincts will tentatively have one by the August election, definitely by the November election.

This machine will enable people with a disability to vote on their own. This is made possible by such features as a Braille keypad, headphones and a sip-puff device. Once the individual has completed the ballot, it is run through the regular tabulator.

As the grant application did not require a Board resolution, there was no motion for the item – information only.

ITEM #5 Introduction of Community Emergency Response Team (CERT) Graduates

This program was initiated last year. In February 2006, a policy and plan was presented to the Board for classes. 25 residents signed up for the class (24 graduated) and 14 residents are on a waiting list for the next class.

Fire Chief Chartier presented 10 of the 24 graduates to the Board:

• Richard Wise
• Maureen Nandi
• Lon Grossman
• Jim Stroud
• Jack Warren
• Holly Izbicki
• Glenn Jahnke
• Doug Gentry
• Bill Carson
• Janice Konkel

The graduates thanked the Board for starting the program and the opportunity to learn the procedures. They were also impressed with the knowledge of the instructors and their ability to share it effectively.

ITEM #6 Consider Transferring Custody of Equity Portion of Bloomfield Township Pension Assets from Prudential Financial to RBC Dain

Wally and Ed Schwartz were introduced from Schwartz and Co., Inc., the Township’s Financial Advisor. Ed made the presentation.

Discussion ensued regarding custodial fees, portfolio comparisons, diversification, and reviewing of reports.

A complete copy of the Advisory Agreement is on file in the Clerk’s Office.

MOTION by Devine and SUPPORT by Buckley to TRANSFER the custody of the equities portion of the defined portfolio from Prudential Retirement to RBC Dain; RETAIN the services of Scwartz and Co. as Financial Advisor on the portfolio; SUPPLY monthly reports to the Board; IMPLEMENT a Board of Trustees quarterly study session to review the portfolio’s performance; and AUTHORIZE Dan Devine to sign the Investment Advisory Agreement.

WHEREAS, the Board of Trustees of the Charter Township of Bloomfield, Oakland County, in exercising its fiduciary responsibilities, desires to safeguard and prudently invest the funds of the township’s defined benefit pension plan equities portfolio which shall be utilized in providing adequate funding for the township’s defined benefit pension plan obligations, and

WHEREAS, pursuant to Public Act 77 of 1989, as amended, MCL 41.110b, the township is authorized to provide for financing, funding and payment of benefits of a retirement system for its employees, and

WHEREAS, pursuant to Public Act 314 of 1965, as amended, the township may invest its pension funds in annuity investment contracts or participations in separate real estate, mortgage, bond, stock, mutual funds or other special accounts of investment institutions as allowed by law, thus allowing for prudent diversified investment in the township’s defined benefit pension plan portfolio, and

WHEREAS, Gregory J. Schwartz and Co., Inc. as the investment advisors to Bloomfield Township for the equity portion of the defined benefit pension plan has recommended the transfer of the equity portion of the pension assets of said plan from the current custodian, Prudential Financial, to RBC Dain.

THEREFORE BE IT RESOLVED, That the custody of the equity portion of the Bloomfield Township defined benefit pension plan portfolio be transferred from Prudential Financial to RBC Dain pursuant to the attached Investment Advisory Agreement between the Gregory J. Schwartz and Co., Inc. and Bloomfield Township:

BE IT FURTHER RESOLVED, That the objectives of the investments in the equities portfolio are to maintain safety of principal of the township’s pension plan funds, to ensure adequate reserve assets in the pension plan portfolio to fully cover all pension plan obligations as they become due and to maintain a diversified pension plan portfolio to achieve a market rate of return on relatively safe investment instruments while minimizing ongoing contributions into the pension plan.

BE IT FURTHER RESOLVED, That the township’s pension plan funds shall be invested as a prudent person would invest in dealing with the property of another, having in view the preservation of pension plan assets and the amount and regularity of disbursement from the pension plan needed to cover ongoing pension plan obligations. The standard of prudence to be used shall be the "prudent investor" standard and shall be applied in context of managing an overall pension plan portfolio.

A. In bonds, securities, and other obligations of the United States, or an agency or instrumentality of the United States in which the principal and interest is fully guaranteed by the United States.

B. Certificates of deposit, savings accounts, or depository receipts of a financial institution eligible to be a depository of funds belonging to this state under a law or rule of this state or the United States.

C. Annuity investment contracts or participations in separate real estate, mortgage, bond, stock, mutual fund or other special accounts of investment institutions as allowed by law.

ITEM #7 Approve Payroll and Vouchers

ITEM #14 Public Comment

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P.O. Box 489
Bloomfield Hills, MI 48303-0489
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