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Resolution 01-1024RESOLUTION NO 01-1024 A RESOLUTION OF THE CITY OF LONG WOOD_ FLORIDA, COUNTY OF SEMINOLE ADOPTING THE AMENDED AND RE $l'AT ED MASTER TRUST AGREEMENT .AND INVES I MENT POLICY OF THE REI REMEN 1PLAN AND TRUST FOR GENERAL EMPLOYEES OPT FIE C FIB' OF LONGWOOD-PROVID I\'G FOR CON FLICTI.NG RESOLUTIONS AND PROVIDING FOR AN EFFECTIVE DATE. W HER EAS, the City Com111.11 nestablisheda Retirement Plan and Tntst for Generul Fmployecs oHl,e City of Lom—d par —L to Resolution No. 95 828: and W IIEREAS. the R,61,11ent Plan and Ties Acrvemaryit lnas eeacuted on Decembe 4l 1995-and WHEREAS.Ite Rcvirentent Plan and Trust far General Employees of the Cily ul' I,onn t'ood participatex'in the Flondn Nnniciprvl Vension Tnist Fanl l"FMPI'F"l. and W'IIEREAS. A o(Ihe Reairenrent Pinn and Ttvs1 for Gmcnil Employees is the Muster Tnisl Aul-111en1of the Florda Municipal Fund_ and WHEREAS, Ehibil D oFdto Retirement Plan and Trust for Geveral Employees is the Ins-esnnent Policy of the Florda Municipal Pension Trust Fundand WHEREAS. the Master Tntst —.111t oflte Retirement Plan and Trust far General Employees M1os been amended and restated by the FMPTF Master Trustees to provide foe consistency of gnoeming doeuinntis and m provide for a separate httestment Policy; end WHEREAS, the ln,11p11 ttt Poliel oFdte Rcxirentpnt Pimt and Tru> for General Empioyoes Itas' barn ..ttrndad to include nil provisions of Section I I � 01. Florida Statutes. NOW. THEREFORE, DE IT RESOLVED PT THE CITY COMMISSION OF THE CITY OF LONGWDOD_ FLORIDA, AS FOLLOWS: �Tsv �+,o �ui�i � in' ` ��. /., i ... i �,_ � �i c „ �,.,,, , .<�r.. . .n� .z � > „ �� ., � , ___ > t i z �i,� r ," EXIO— A 1 RESOLULIOR W, 01-1024 I'LORI DA MUNICIPAL PENSION TRUS"C FUND MASTERTRUS'1 AGI EVNIF,N'I' r11,11nm1.1 A111 111111111 Oclol+cr 1, 2111 1 I's ACREI;MENI' made :�.c of the W day of Dcec.mber, 1993 and 1 a funded and restated s .f Ne I" day of October. 2000, by and between all of the panics who um now or may berea[tcr become members of 1be Florida Municipal pension'fmsl 1u and the indi bb,l nvmed a,, Mas[cr Tmsleo pursuant [. Anicl. X 1e If and tllcir suceasm5 (such imsiccs u.11eutively referred b, az the -Mvstcr Trustccs')- WITHESSETH_ WHEREAS. nc, Florida C-161116. , Atticic -1, S-Imll 26, pmvidcs, it putt, Nat icipnlb", shall have governmental, wryora and proprietary powe¢ to enable Nam to .-duct nicipal government, perConn municipal Elections and render municipal services, and may exercise any power for municipal purposes except as otbcnvisc provided bylaw, and WHEREAS, F. S. 166-1 provides, in part, tbnt municipalities shell have the govunmooml, corporate and proprietary powers to enable Them to conduct municipal governm.nt, peK rm municipal functions. and render municipal services, and may exercise any power for municipal purpose,. except whin expressly prohibited by law, and futthcr defines a municipal pupose to mean any activity or power whluh —y b. exercised by the State or its poli[irnt subdivisions, and WHEREAS, F. S. 163.01 provides that a public agency of the State of Florida may ex.relse jointly with any other public agency of the State¢ny power, privilege or authority which such agevcies share in common for the purpose If permitting local governmental units to make the most efficient use oftheir powers by enabling ll— ro cooperate wigs other localities on a bais of mutual II —IV, aId WHEREAS, the members of Ne Fund will exmate n eovoaaac or agreement whereby each ember will covemnt and agree to make contributions based upon appropriate actuarial analysis of be..fib oc applicable ¢greemo.1 into a —g-ld cash reserve out of which lawful vntl proper claims are to be paid, and further, Nat the members will c.vevant and agree that there will be no disbursements out of this fond by way of dividends or distribution ,f accumulated reserves to the rospectiv cmbran and further, that the members shay make expense payments as trquiced for plan design and admmiava — NOW. THEREFORE, the 1—ml herd. mutual agree as follows; ARTICLE DIi'I'I Obi r� The following def nitions xhall govern the inlerpmtnlion of this Agreement: A. Aden "Chc "Adm 'shall a Nc Florida Leag of Cities, Inc or any successor dcsignnlW by the Masler "Cmslccs'to adntinisterthc MmtcrTlusl Funtic B. ovy and all benefits pmvidcd Cor Einployecs. tbur I: mikes, d rardcrus, and bcucticivlics payable [min �I of dre Musrer'I'ruu Fund o policiu. of insrirancc providing for such paymcn�s, or both upuns crstifcation by file emploYet' or eligibility for suer bencfus_ C jJcnclfic a v. The -igaa(W by as Employee to be uv irled to a haueGt hcreunda incase of death. O. Goal ofCvs ws. The term "Goal of'rrus— dull n,—n the uId-or munees ofa Participating Trust for plain eslabh,,hcd pursuant to tither Cbaptef 115 or 185 ofthe Florida Statutes. E. CEI& The term Coda" shall mean the InleJnnl Revenue Codc of 1954, as a--d fmm time to Iime F. Cusldim. 'file term-Custodiari'sball mean the bank selected by the Masmr Trusceea. unda separate —b— documcda to hold lAe assets o[ We Masser Turn Fund, G. G The term 'Employee ' shall bbr the 1-pl.and officials of each employer under a cI—ibbdbl. es'ublisbetl by I,-Gmple . and accepted by the Master Trustee. 11. Emplovee Con r b i o . The mm1 "Employee Coatribulions' shall mead payments mado by ao employee for the benefit of his or her account 10 be mtrutted by the employer for inefusion in and for the purpose of the Master Truss Fund, 1, E��e,E. The lean `Employer'shAI mean each and every muvicipbhty olb,bllsh,l vilhia. or public agency or political subdivision o,the Stem of Etorida and which becomes a party Io this Agreement by executing a Trust J-&l Aglewncdl as pmvidcd in Allele IG hcfeof. 1. 5rnylsy�r C9R4[LhrJ5A45. The Ie r "Employer Covttibutions" shall mean payments mado by an Employer for the barefit o{ and for the ecwlurt of the Employees of said Employer for inclusion is and for the purpose of dre Muster Tarsi Fbvd as defined herein. K Ej dd. The term "fimd" shall mew tiro Florida Municipal Pevsioa Trusl Fund. L h! ,, Trustee . The term "Maurer Tmslee" shall mean the individuals who serve as Trances pursuant Io Anicic X hereof and their successors. M. Mas T �rbpd. The term "Mauer Tmst Fund" shall mean the'l— bf the Masser Truss ealablished pu ,b Ito Scetron A of Anid, ll hcrcof. N_ fl rddpai ne Tvs The tor"Participating Trusi' shall Ed— each and every icipaldy - IIIisbed within, or public agency or political sabdwibi- oC the State of Florida and which boc — a pady to this Agreement by uccutmg a Tmst Joinder Agreement v pmvidcd in Ankle Ill berool_ O_ Plans_ The ternr'Pluni'sball mean the wriuer benefit progmms adopted by Employca which establish b f. to he paid fmm each Ginplcycis fiends in rile Maztar Trttn Fund aa'rlCl.e u IrSTAIfI ISHMItN'I'AND PfIRPnCF Olt'1'11UST F:vtablishment of Trust. (lie pnrti�s Itntelo establish with the Master'frustee and (hc Mmter "trustee hereby aeocyts e ring of srch cash o outer pmpeny acceptable m [he M.u7 r'I'rustrc as shell be vansfeaed m�h¢ Mastvr'fntsec fiotn tune to dine by the trustee of any Participating Trust, as provided in Article III hctcof, Cor inverstment in a Mastro Tres Fund. together with the earnings, income. additions and appr iivtion themou and thereto. E_ Purpose, of Tm The Master'rmstees may also use end pply the Maser Trust Fund for the follotring purposee: pay or provide for dte payment nC all reasonable vnd necessary expenses which may be [,,Intro, in connection with the esablllil, n1 and maintenance of the Master I .$1, including but not limited to, the employment of such Idmi nis¢ative, IegvL, accounting and other expert vnd clerical assistance, hie leasing of such I— is and tit, purchase or lease of such materials. supplies and equipment as the prMaster'frustees, iv their disoretion, may deem ssery or approiate in the performance of their dntiez or the duties of the I—. oc employees ofthe Master Trust. To s blish and a mnlatc I part of the Master Trust Fund an adeq,,a e reserve m carry our the pntposes of the Master Tm, 3. To pay vny fedeeah state or loam texas or Pees which may be pmpeny imposed on or levied against the Master FN t Fnnd or benefts paid therefrom. 6. If deemrd appropriate and advisable; to pay premium on separately xdminisered IiCe ivsvancecoveragcon the lies of theF ployees of pattiupating Employers C Commi gljgg,l Exmpt m tM1e extent prohibited by Florida Statures or otho applicable laws ortegnlatione, the Master Tus shall eommbtgll dte assets of all Pzni6pabng Ttu held by it under this Agreement for investment purposes in the Master Tmst Fund old shalt hold the Maner Trust Fund iv tm and m Iage and administer the same m cordenee with the terms and provisions of Nis Agrve -, The Master Tmitee shall be under no- to dIII-1lo whetter the of any eo tributi cotdan with the Plans o any of them or to collect or enforce payment of any eovtributoion SSeparate invesment funds within the Mesta Tmst Fund and varying petcentaKet oC ittvestntent tt any such separate it nt fund by thI Pvrtieipating Tmsts to Ne extent so detemtinod by Ne Master Trvs hereby,, Ipressly permitted. -110.E III PAIi'I'ICIPATING TRUS IS A. Transfer u Pe pp�'I' s_ The Maser Tni lull deie whir. mploycr t elect to become Particip ring "fnistx_rtTlre Maser Trusrccs racy delcgam the ministcrielrauthonty (or membership approval w the Adminisrator. 6eforc any Panicipating'Rust is'approved which haz a defined d I,, Vension plan not estubl fished as b masterplan by the Master 11-. , such plan must be approved for actuarial soundness by rat actuary .seleoted by the Maser Tnu'tcc or Administrator and such plan must comply with F.S. 112. E. Election. Entploytrs mays their elecaion to become a Panici,hmg'1'tust by executing a Tn st Joinder Agreement in such h— and invent as provided by the Master Trustees- Ey executing the Tmst loindtr Agreement, the Employer agree. to be bound by all the terms and provisions of this Agreement, dre Tmst Joinder Agmement and ell rules and mgulations adopted by Iht Master Trustees under dtis Agreement C. Cunt vu as Part c oat n¢ Trus. A Participating Trust shall be thrilled h, continue tq bt a Participating Trust as delei mined from nine vo nine by the Master T--, D. Accumulated Share No banicipeting Trust shall haul a ay right. till, or interest ie or to any specific of the Master Trust Fund, but shall have a undivided beneficial in st (the "Accumulated Shall") in tut Mruth Ist Puhd va— as provided is paragraph C of Attielt IV hereof. The Mav tr Tms e Shull h t issue any cenib— or other documentation reprcse ring any Accumulated Sh—or pan th,mof. E. Coatib s The Adminislmmr shall have the resp—dil,fordeterminingwb.- ntnb b_ to participating Trusts are —,dance with the respective plan documents. The Administrator may rely o the information provided. ovidw t ib making such hat dll—biion. The Administmmr shalt bt under no duty to determine whetherthe an of any e biWCibh is m accordance with the Plaus or any of them or to toll,ot or enforce payment of coy cohtribmioa. E. Ch 1"15 e P$ Ieac. Th, Muster Trustees ehall be nuthori to lake the steps it detms necessary or appmpria —ply with Chapmrs 175 and 185, Florida Statutes. with respect to ahy Panicipating Trust established pursuant to them Chepmrs. AIiTICI,E IV MANAGEMENT OE ASSETS Olr THE MASTER bhI-11 FUND A. A I f M r Tm8I _ Except ns s 8 or C of this Artitlt, and xcept as' otherwise, provided by law, the Master Tncstee shell have exclusive authority nhd disoretion huge and conhol the nssets of the Muster "tnisl Puad hold by it and. pursuam m the guidelines se[ Cmvhai n the lavosnncnt Policy. ❑. I vts nc t Mspa-5 — nlg_W Iun,,' . I. 'IVre MaamrT"".I at any time and from tint. to time may appoint one orm.re Invettmem Mangers, tech '. .age (including [he power Io acquiro and dispnsn ol) dt of a portion of the ma. tr Trust pond spncifietl by the Master Tntstec (hetrinafiecr rofm..d w at m.n Ine.xtlnem ndag.r s �snymgatta Fnne"). 2. Any Investment Ntanitgta' appain'orl by dte Mutter Truttce moat h. either 0) nn t advi ecgistredv ueh under the nt Advi rsAu of-1, 00 abank,¢ deflllta tin thntF Ael, or Cii) e ompany tqu.lilicde to pc .Il se n dre nngcn acquia or dispuition oft'hecasscts of'hc Plans under the lawx ofomole than 'antl anY Ilnacsmtatt Manager .ton .mb,d al n t ncknowlalge in wing [o the Master Tlustec thvt he is a fiduciary with resp,et to the Pl.n 3. EncM1 Invts[mant Manager nppoi—d parson.' anr subparagraph I of this paragraph shalt have ezcl -t authority antl discretion to..tang, and c- dte,.,T of 1[s Segregated Fund antl. pun uclt authority tl discretion, mny direct dtt Mesterl'rustce from time t. time and at nny ti w with inspect to any of the powers of the'Ctvstee at sat forth in paragraph A of this Article. 4_ In addition. each Investment Manager from time to time and ar eny time mny delegate , the Master TRIs[ec or the Cusrodian (.r n the event.f any vacancy in the office of [nvestmem Manger, the Master'fn11- may exercise disore'ionary authority with cespeet I is Segregated Fund to ns n debt secorities (including obligations of the Gov t of the UI.,IdStatu) payabbon demand or having m caeding III yemeo eus nny mt fund that has been or shall be created and maintained by the Master Ttute ' n e for the collective short-term of funds of try is for employee -bench' plans gnWifitd unticr Code Seodon 401(a)nd. instrument creating suoh— fund. together with any amendments, modifca[ions or supplements rh"—f, being hereby effective when antl u such investments aze made, incotpomttd m antl made a pert of this Agrecmun u fully and [o all intents end proposes u is It forth herein ar l.ngth. S. Tho Mnatec Trustee shell e retpecl of 1- Segregated Fund, the powers sU forth m paragraph A of «1, Aniclec.nly who end t. the extent directed in wnting by the Investment Manager of then Segregmed Eund. Each Investmem Manager, from time ro and az eny time, may issue orders for the purchase or sale of s .1— directly to a broker or dealer and rho Mumr'I'mstee shall au upon uch order. Written notifcation of the issuance of each sudr order shall he given promptly to rho Matter Truett, by'he fnvostmenr Manager that issued it and the execution of each such order shalt be —fi—d by the broker to that Investment Manager and t. the Mamcf Tmstnc. Sud, notification shall be authority to M.- - purchased against payment therefore antl to deliver securities sold against receiPeIf ffi. pr'oceads therofom, es dt. ensc may be. 6. The Master"trustee shnli oot be liable for any act or onussion of nny Ltvcsuneot Manager and shall note he under any obliga'ion to invost or otherwise manage the users of the Plans that are subject to the mnnngememt of any Investment Manager. Without limiting the generality of the foregoing. the Muster Tntstca shell na be liable by rc of its taking o refraining from taking vt'1" di—d- of any Investment Mnnngce any nation putsuan'tI'hi, pemgraph, or purtu.tn[ to a notil i—ion of art order t. purchase or sell scunitica issued by any Invcrtmenr Manager, nor shall the Master Tnrstc, by liable by rc n of its III -mg from taking any anion bcenuse .( rho failure of by Invrstmant Menage t, give ouch dhotm or order, to Mactcr Tr'.I" shall It, unticr no dray to qut 6. o —1 ingnines as eny ditectimt or otdor cr tailor, to give diroction .l' )-, by any In esuntnt Manager, and the Mas'w Trustee shell be ondG' no duty m lake tiny re o[ invesunen' athall1r 1 fordeany .Segregmed fund We elm Omar o[ any hry caper rtshall he ro( duty at soy time m tnhkn any �iWeonttnandnttat wmr 'esltec' to disp,ainpoCor eontinuing m Tatars my such Investment_ C jftv_ye pf_�finomrs IZS_ag51_-L--1 r ,', To the a t the Master Ttuxtoc detonnines that delegati of investment ;wdlorl'y to the of lorml Boards of Trustees is requirctl for plans s.bjcce[o chapters 175 dr 185 of rl-da Slnmtes, then such Iwwers asset forth In Sermon Aof this Attialeshal[ be so dd,,,Imd_ D. Iic aipig,The Master Tmsteesshal I be responsible1,t and shall cause to be tiled such ual or periodic audits, valnations. reports and disclosues as er inquired by stature regulations or s. 'fhe MasterTwcce may employ prof Tonal advisors to prepare such audits. valuations, reports and disclosures and the caa,f such pmfessionnl advisors shall be home by dre Master Trust r-t,nd. ARTICLF V ADMINISTRATIVE PO W RM AND DUI jjS A. AdmiIi at., The Administrator shall serve as Seucmry-Treasurer of the Fund and shall have the power and nuthonry m tmplemen' policy m et for the Mutes Trustees " [hey relate o the oc-going operation end supervision of the Fund and the provisions of this Agreement and applicable s11—s and te.gula -,, R. Maser Trustee. The Master Tmstec shall have avd its sole and absolute discretion may e from uand a hay Ii either through i[ atr though a -dian selected by thcMasler Tnrstec, the following adminisundve powetsandauthority with mspeet to the Master Trust Fund. 1. To c o bold any property of the Master Trust Fund drat becomes d'herw i'able for investment far as long as tM1e Maser Trustee in its discetiov deems desirable fora advantaged 11HIIIida thereon. t e from i and l ep unproductive of income, without liability for imams-, —h temporarily —ftmg i vestment and such cash as it den s vdvisable (or as the Administrvmr fcom tlme td time may spuelfy) in order to meet the hdministrative expenses of dre Fund or Fund— distributions therefrom; 2. To hold property Iflb, Master Tnrst Fund in its own cwne or in the name of a wi'Ieut disol t— or the I—, or in bearer form so that it will pass by delivery, but eo a-h holding shall relieve the Masmr'frustee of its rvsp,neibiliry for the safe study antl dispoai'ion of the Master Tatst Pucd in nccdrdwtce with the provisions of 'his Agreement; the books and —bi, of the Master Tmstee shall show at all times the' such property is pan of the Master Tms' Fund xnd the Master Tmst� shall be absolutely liable for any loss occasioned by the acts of is nonrinec or nominees wuh respect to sccuritius regismred To organire and ill-lbl- antler the laws of ally slate it may doom advisable ,prorarmna fans m aelmre wt tmerc�t ,n env anmr o,rpdmnnn arm r' nrey have ofganizeA and ii .otpommd) I., the pm'posc If aegninng and holAing it any pmpcny �.te�ert..o riglas mat ate M.aterrmatw, ie awboa,.ed to awt��«nedee nn�mew hoicof. 4. "I. ImpI.Y In we nagen of theF age. witba liability f r arty to and by mN smh age. selamed .>-hh it a .skill, p "dent and dlligcn mdcr the 1 s then pro ailieg Wn n pmda a rke eapveity ding in ana �.luoa wow snrn�nauers wowe r� io me cona.a clan emorprL�e era tlhe m,araemr and wbh Eae aims 5. 'Ill make, e and dclivcr, a xny desds. e .veyaneca, I—. ongagrs, other inewments in w'hng drat it m.y dean necessary or desirable in the exercise of irs powers uvden this Agmcment; mtd 6. To do el other nets that it may deem necessary or proper to carry out .ny of the pow u forth in Articles IV or V hereofor otherwise in the best interests of the M—, Tn�st F-d.n A—CLE VI TAXFS EXPENSES AND COWFNSATION OF MASTER17111R,5-E E A. Taxes. The Master Tmstec b b-1 direction from the Admi.istmmt', shall pay out of the Master Trust Fund all taxes imposed or levied with respect so the Master Trust Fund, or any part thereof, under e.,sli,, or fawn Incas, and in their discretion may comes' the validiry or amount of any tax. azsessment, claim or demand respecting the MBsrerT— Fund or any part thereof. E. E d C . The Master Trustees arc authorized m set aside Rom Employer and Employee Contnbutioas re ived and the in arced thereon a .able sum [or the operating expert an d.dminisrrative expeMes of the Master Trust Fund All ning funds <omi.g into their hands shall be set azide and shall be used only for the payment of benefits az sec forth m the Man The Mazer Trustees may establish from time to time a maz...ble amount of —pen lb endance at meetings by the Master Trustees and the Administrator in the performance ofnthe nal duties of a Matter Trustee or Administrator which compensation may include rcimbnrsement for necessary expenses incurred therein. AXTICLF. VII GENERAL DUTIES AND MEETING OF Till, Gc cral Dr -es The Maztu' "1'-- and each htvcstmmn Manager appointed pursuam to paa ,bph E of A—` IV hctcofshall discharge their trspcclive dmies under this Agreement solely in the imcrost of the punici... I, in the several Plans and their beneficiaries and (i) far the exclusive puepsise of providing benefits to uch panieipams and their Nusefieiarics and defmyi.g m .able expciu of adm i.g die cal PI'vn (ii) widt the skill, pniden and diligen t.der the Inistes 1y c cs Uien prevailing dint n prudunt �. hvg Inn hke capaary and fnmilivrewith such ,�uineo.i., r...nae�«M.��.'am.ieeavzaw.na ou10 + the note of :++ vith like d�vv� Y +6 rho scot the PI: +s c he .1: of In pc o u+de- t clearly pniden o do 'u+d �v) h ccoNan vith dre of this sohnr slhny a h U� pro of FRISF� a r.y he nn� ended', but the dnt and obligVn of tl c M �u r'I'n �ch Inv ++ M:mager ,spec vcly, a lrch, roll be li mired m !ho ezpresly impo v< e+pe then, especuvely, by Ibis Agreement notwithstanding a+y reference herein to d+c Plans- 1. A iNori ty of d+e Master Tart_ Ilia Maslcr Trustees shall have the power and mfhority and shall be charged with tle duty of g,u al supervision and operation of the Fund, and shall conduct the business and auivitics of !hc fund in .,,.Nance with this Agteemem, applicable federal and/or slate statutes and appl—blc gov,nmenwl rules and regulation, The Master Trustees .hall not exercise any powers in n mvnn, lha[ is inoonsis[emt will+the Master 1 n�, Agmenrent. _ Auo oval of New Members The Master Trustees or other designee, after the +cepuon d.to of vhe Pund. shall receive applications for membership from pros new emb,s to !hc Fund and shall appmvc or tlisapprovc such applications [er n+cmb—hbcrship in coNaacc with the terms of the Ml-Vest Agree t, the Panicipab.b Ag--1 a.d the rules and regulations established by the Master Trustees for the admission of now m—, of the Ma-, Tmst Fund. Tho M-1 Trustees shall have total di,.-i.n m deter 1-9 whether crept a new member. The Ml-, TI., may deleg- the a,bll ity for membofship approval to the Admiaiaramr or his designees provitled that such person designated is not an cmem . ofhcer.o employee of the Administrator. Before any ber is approved, the pension ptanproposed by the member must be approved for actuarial soundness by the Adminibb,—, and must comply wilt Chapter 112. Florida Statutes. 3. �psyg 'SDId{jFigt No Mawr Tmslees shall be liable for any anion taken pursuant to this Trust Agreement in goW faith or for an emission except gross negligence, or for any act of omission or commission by any other Trustee or by an employee. The Master Trustees are hereby authorized and empowered ro obtain, at dre espense of the Fund. liability u Nlly protecting the respective Mast, Trustees the Adminisrator, and the Fn.d from avy toss or expense i— —d, including reasonable attorney',, fees, for all aus of the Mastu '[mstees except bad faith abd gross negligence. The Rind hereby agrees to cave, held harmless and and —,by the Maator T[.ateo$ avd Administm[or from any loss damage o espouse erred by said persons while acting m Their official wpaeity osecpting bad faith and gross negligence.. B. Reli once on Counsel. 'F', Mast,'fnutc, may employ, re nsah wilh Icgal nsel,who may be counsel foe the Administrator. the Florida League of Cities, my of the Ptaas. and Coe any Master 1—in their i.dividual capacity concerning any queahons which may az with reference .the duties and powers or with rcferenm to any other mne, pertaining to this Agreement or the'i'. crwlcd t herefrom;and the opinion of such counsel shall be Cull and complGc authorization and protcUinn in res'pe,t of any aclio. taker or suffered by the Master Trusted hacundcr in good faith w +n ecco d.... hh the opinion 'If such counsel, and !h, Maser Tnistee shall not be liable lheref— C. �J,ee-r es The Mast, "Trustees shall meet nt Icusi suni-nm+ually. and more [ rqumnly ifcallcd,attheprincipal_,—of!hc Fund or at such ether location as may be acceptable to am 16,y If d+ Muster Tnrs,, The Chairman of the Muster Truss or lit, design.. sl+nll- the date. lime and loe�tion of oath in dug, and .ohec tl+carof shall be famished to each Mnstcr Tnisme by the Adn+msi +tl—th+ .(10)days pri adrita of stab ini ingadnay specify the PmPas thcraof mld anlio y .n pmpwzod to be udcal ffi—a" Funhcnnocn, suGl noG¢ xhall be tlirec¢d to dm said Master T.111— by mail io the Ad—, ,I such Maste nc noun- luir Tnislees :is recorded in the ol'fee o[ Ne toad_ The Cb—lm n o any tr onc�r Mastec "1'runccs piny direct rho Adininisi mior to send the pre I .a,spcx:iul mn o llic Master"rnizrccc t. "I. purpos of a duly culled n inR of the Mush.r'I'rusiecs, n quo um shell exist if a majority of the of d1e.'-. I--, me prosent The Adnlinia[mtoc or his designee shall keep bm'. e of all mcedngs. proavdings and aus of [he Masser Truslces, but snub m s neW not be —balm,. Copies of all mmu- of ehe Master Tivstces shall be seat by the Admin 111,n1o1 or designee to Ill Masser Trustees. All achoo by, and decisions of. [he Master T.— shall be by vote of a majority of the Maser Tcuslees -bending a duly rolled —,ling of the Mastu, ri.1 sat which a quorum is presem, funherrnore. all anions by, and deciseons of the Master Tnutees shall be by vore of a majority of the number of Maslen Trustees alluidiug -special meeting_ D- Office of die Master Trust. The Maslu Tmalees shall cs[ablisli, maintain and pmvide adegaale funding for ea office for the adbbmk mtion of vh¢ Fund. The address of such office is to be made kno o the parties ii tted in of participating in the said Fund and co the approprla govemmei>tal ag—i— TI[e books and records pertaining to die Fund and ifs admiiissecalion shall be kept and maintained at the off ce of We rand. E. Lxecufio [ of Documents. A certificate signed by [he Cl-- of the Mastec Tcus[ecs, uch other person designated by lbe Masmf Tfas—, shah be evidence of ehe anion of the Masser T—bbb and any such anti[— or other h—meat so signed shall be kept and maintained al [ho office of ebe Masmc Trust and may be relied upon as an anion of the Master Trustees, R A000' o{_Administra_ The Master Trvslces shall design- and provide ns on ompefor an Admix o-dmi erthe affairs ofhre F-d_ An Admiaislrator me appobd shall famish a fidelity bond with tthe Master Tivstces as obligee. The amount of[he Goad shall be demrmined by the Masmc T[urtecs nad the evidence thereof shall be available to the appropriam goveam[eaml agencies. ARTICLE WIT ACCOUNTS The Mes[ec Trustee shall keep or cause to be kept at the expense of the Mvner T— uccucate and detailed a of all it, rsipu, i� and disbursements under this Agreement the Mastec Trustee --ling sepafamly foe each[nveshnenr Managers Segrugated Funds. AI11'10.b ix co— tl` c.'rioNS Untiln cc be giv othc Ma.' r'I'ru rill bus office tt PO ,i tugh Stec t' Sui cu300,I c, PI. al02 d anu az to the 'Administrator shad' ll b be scat to 3f11 Soudt I1ronougli Strceli�Sbne 3oq'1'ollah'.-cc. I � 32]02Lo AR Wilt, x A. Mavlee T'us ct. 'l lbop-mion and ndminisna«om of the Master Trust'hail be the bull responsibility of the Mas cx Tt fu ling of a umbel of individual Master Tmsteea selocted from the funks ofelected off 91 ofmucipal governments participting im Nis Master Teen Funtl. B- Appo'n tof Maser T'seos I. The frst group of ndividaal Maser TmStee"hail beseie-d by the Presidenwf the Florida League of Cites oc his designm in order m create an interim group of Maser T-1— to csablish the Matter T—t, This i-nm group of individual Maser Tmsr— shall aril successor individual Muster Trustees are selected, The Board or group of Master Tru shall be 1II,pIlld of five iodlvldual Master Tru 1— The it tint to of the indvdual MttrTme all e iadfollwwndividul MaeTmeshallbe swd forabb.Yaem indival Master Tmstees shall be selected for a two-year term The terms thereafter shall be for three yews. I Beginning in January, 1986 the Mader Tmalees shall solicit nonvnations from the member governments of the Matte T— and'uch nomimcca shall consthure Ne basin far individual Master Tmstees selection. Tho individual Maztef Tmslees may be reel -d but no individual Maztef Trustees shall serve more than tw a three year terms. In the individual M.- Tmstcc is ,i—d to till an unexpired icon. the unexpired term shed not be inchrded in the two-tcrm limitation provided herein. Replacement Master T,1-1 shall be snllcltrd front nomimations provided by member local govemmenLt participating in the Minster Trust and vacancies ehall be filed by the Master Trustees, by majority vote, from the nominees offered by such members. 3- No individual Masser "i'mstce may be selected or continue b serve as e trustee a[ rbcaoming an owner,offecr oremployec of the Adminisvator or C-bdian. 6aeh individual Mas cr T-1. and each s individual Mat er Tru shall acknowledge and consent to liis appoiibib-1 u a Matter Tr,stee by Giving tvrimat notice of uuoptnnce of such sGce[ion to the Cltninnan of the Maser Tntstees. 1. Am individual Master Trusee stay resign from all duties o responsibility here ender by giving not Ica' sty days per r-11bir nouec in rvnung sort by rcgisl red tail ro the Chnirmun of ire Mara "C�ustccs of llirs Alcetcr Tnist. Such no c "boll st n Ihn date suiU resignation slsoll take eficu anA such resignation shrill wl:c e[ricto such dart tmless wt Mus'cr Tn cshellh:aR 1,," ebil rho M:utcr Try which count snJr tcslgnt ion slielL chkc cfr immc��tGY upon tic appoi rtntont oaf dre Any individual Mac r'1'n r Ice ing office [onhw and deliver to lie Chait'nutn of the Mastcvfrusme�nt drovprincipal o[Gcc oFthe Fundtuany entl all records, books, documents or other pmpeny 'in his posse""ion or under his control which belongs to h, Ftmd. D, Lo gth .1 aod Re v I of cl vidupl Mxs crT us a Ceelr Individual Maser Trus unless due oche csigne n, dceth,ineapeeiry. or refusal ofa,--A, eU. shall serve and shall connue to szrve subject to the provisions ofdris Arsicic individual Me"tet'"fsu"tce""hall reliequis1, his office or may be removed by a majority vole of the Maher Trustees ipso faun when he no longer serves in vn o[bcial capacity in tie unit o[ local govemmmt from which he w settled o when the a If local govcmmenr is o longer a participebng memb" o[ the Mc—, Trusa Notice of removal of an individual Master Tracheas shall be famished [o the other individuvl Master Trustcas by tie Chairman or Acting Chairmen of It, Master Trustees by -1ibed moil and shall - fodh the efb-- dace o[ rvch smo A the even[ any individual Master Trustee is duly appointed to n rho Master Trustee shell diq esige, bee ef capac std.o reuse ee shell ba sGccted fo« hwith by the Master TmnceuTha noticeof apppinvvent of rs'ind vidoal MasterTrostaes.Al be iv witiug from the Chairman of the M—ITrustees by ertifiedsmail. and shall be eecompauied by the written acceptance of[he successor individual Marten Trustee so selected. F Masm Ttvsc Rjg_hy_ In case e[dcntb. resignurion rIf—1or inability to as by lily of[he Mae er True s s, the rem k-g individual Masser Trustees "hull have the pow lightosl Ill and i"I"" of lhi"Agrec as Mxster "Rus[ces and shall be charged with the dada" of this Agreement, provided m such cases, no action may be taken unless it is concurred in by a majority of the remaining individual Muster Trustees. A ITIC11C %1 TPRMINATI()rN OR Pam$ A. At nevi mcgt. Tbic Agremncnt end rite [ru.n created hereby may be amended in writing any [i e by lb,,co of a mvority of the Maer c['frsu[ccs. No a tendmcm to this Agreement, which direetlyuali—I the scope of powers of the Master Trustees, to s of oltee or the selection of Mes[er'fncstecc. shall become eR doe widtout tine eoneurzenee ofdre Board o[ Dircuors of the Florida Lague o[ Cities. Inc. 0, No change which sprsibevlly alicets the czcrcisc of powers by the Mactcr Trustees or [he liduciary tccponsibibbes of the Mxs[er Trustees to [lie nrenrbers shall be required to be epprovud by the 6oaN of Dneaorc of dm 1%orida Leagncof Clues, Inn, nor snarl thls —6- Ire rnnsmmd us give the [ yin e Finad, «Igoe or ca .Inc any ndnciary 'vsp rsli-ry of thi M 1'-� stccti o t tr ev x t r Ire c sc of hose : ibilities by the Maz�cr Trustu..s_ Hotvevor, this Agmcineni may not he amended s'o as to change ils puiytwe w set [onh heroin or m Pcmri� the divecion or application of any funds o[ the Muter I—, Fund for any purpose other Nan those speeiheJ hcrcin. The Master 1 nisrecs, upon adoption of n endment to this Agrecmcn[, shall send c'upyA tycuclr amendment to thel eipating in inberc ofl he Master I'." R_ Terminaz _ "Ilris"Cmst may bo tcrnrinaled at any time by fl concurrenv'e of all of the panics to Nc Tmn Agtccmentnnd in accoNence sviN Article XI of the Master Trost Agreemen, C. Distribution of Assrxs. fn e e this Agreement and the n st hereby c atcd a ratrA in whole or in Pan, re Master Trunecs (subjccl m the provisimu ofA—" Xll hereof and rving mspecdvely such s o dre Mnslor Taisrccs shall deem n scary ii e bmg it mspective ec and to discharge any obligalioa of MasterT." Fund for which as tm e the Masarr'Rustec slnrll be liable) shall apply or dkltibme the Mzslcl' butt Fuad (or Nat pan of Ne Mu , Trost Fund m which This Agree rated). 10 It, trustees of each of the affe PanicTlb, TI-I hawing no interest 111—ul at the clleetive data of Ne tll- lion. cub or property nt aqual in value at the effective date of suer to o Ne e value of the mulcted Share ofthat Panicipating'Iiust at thedate ofthe, 11, toioa. Uponsuch terrtunation_O wholo or in pan, of this Agreement and the trust hereby created the Maztcr' 11 T shell have a right m have its accounts seuled az provided in Article Vll1 hereof Whur f I l M., Trost Fund, in whole in pert_ shall have been so applied T distributed and the accounts of the Maztcr Trustees shell have beeo so settled then. the Master ll uM cs shall be released and ll-1 gad ham all further dlnt'bi iY or liability rup-d Ih the Masta'I'nttt (or that part of Ne Messer Trost so applied of sttibuted. if Nis Agreement end the trust hereby created are temrinated only is part) and shall not b responsible to any way for tine farther dlaposltioof the Master Trust (ot that pan of the Masmr Trust1 o applied or distributed, if this Agreement anI d he trust hereby created are terminated only in part) or any pan Nercof so applied or distribtrtetl. ARTICLE XII FROHIIS ITION OF ASSIGNMENT OF INTEREST No interest, right or claim in or m any part of the Mastor Trost FLnd or any pay—Iheref— shall be assignable, trans[crablc or snbjcct ro ongagc, pledge, hypothecation. commutation. icipoti n. gazoishm aclrnr or levy o[ any kind, and the Master Tmstce shell no utlon oogoiz any anernPc to azsrgn, tr os(ao cell, mongego, pletlge, hypotheratq commute or anticipata the swnecexeept to the cztent ruguired by law. Alt"[1CLE XI ll I-CRI I_Alit T Ins The tillcs to A.d, o(tlris Agmemcnt arc placrA hcrcin [or cenvarricnce of iv(crc only,a Agm ucd by rc(u�nrc lhcicto. d _ 1 h, Al v.wan y o : y I cs ante: A uo r Ade' a«ator_ C Thr, II bin and ii a an ben o[ it d .ss'igi I Icllo--dn <F ictlC fix, Ihe..l NticerTns cc 'hhd th�l'h'-c p: gl,nVloyc s.s IJ. Con +. This Agtecment mvy be ezeculed in any number ol'em�mw pads, each o[ which shall bo ncd n huh hu which togcUhcr.shnll c c bul utWu which may br, aufficicmly evidunmd by any couvlorpen_ Any mombet who banally hm efor embership in the Mas+cr"(nest by cxncuting n Trust Joindar Agrcemeni and is acceplcd by 111e Master th Trustees shall nc�mupon httome a patty to the Mnt'Icr T—i Ag iIII-r and be bound by all of the and eondili— thevcoC and said Taal Joinder Agmement shall consti1 t a coum—,1 .PNat AgrcGncnt. E. III, 'sd'c qy. This Agl--111 shall be interpmled, eonslcued and unforced, and hhe trust hereby creaked shall be adminislcrW, in awordancc with the laws of the United Stahel and of tha S[atc of Florida. P. True- The sirue' of Ibis Trust u the State o[ Florda. All questions pert ning to its validity. c «ncuon, and nmini cl[ttation shall be d--i- in accordance with the I— of the Slate of Flondnons G. co Whenever any cords w acd in dhis A n the mazculine gender. lb, shall be co rued as nhough they wa'e also used in the fenvnine ornnemer gundu in all where Ihcy would so apply and whenever any woria arc used in this Agreemen[ in the singular form, they shall be concaved az though they were also used in the plural form in all siw ,_ whu they would so apply, end whenever any words ere used iii thu Agteemenr m the plurai form. they shall be construed as Ihough They were also in the singular form in all situations where they would o apply. H. E— Ycar The Mater "CrLLst Fund shall opatate on a fiscal year from I', a.m. October to midnight of Ne Insl dxy in September in the following ycnr. Application for continuing embcrship. when approved in ling by the Master Trustees or their dub .shall constitute a uiW contract"' cash su ceding fiscal year unless cancelled by the Masler'Rustees or unless Ne member shall have resignedcor withdrawn fmm said Mulct Trust by —1— nouec IN WITNESS WI IEREOF. the Master T,,.iN s have cauced the Florida Municipal Pension Tryst Fund Master Truss Agrceinenr to be A--b and Restated az of the I' day of October, 111. Pazsed end adopted by the Matter Trvsrees of the Florida Municipal Pension Trust FLnd this 11 G.A—.�.w-�-+a- Chzirm:hn t �sr is:✓i�nhlnnv..,..,...,,.u..,.. �,.d,s....� n..,v.,aavhim t� MUBIT 8 1D R LULIDF lam. O1-1024 1}g1i1DA MUNICII'Al. l'IeNSION'rRUS'L FUND INVFS"I'NIEN'"IpOLICI' .ln�criJuR ar�A/turararl lrinrslinenr l•ollcvAdnlrreA 1>eeern1, 11, 20011 r:�err�o omoher 1, anon 1. AunioRt"CY The Master Trust Agreement made ns of the 10' day of December, 1983. end ns emended and stated as oC 1he I" day of October, 2000, by and between all parties who are now or may 1 ceeafter became members ,f the Florida Municipal Pension Trust Fund (FMPTIi) and the individuals named as Master Tmsleea pursuant to Article X of the Master Tlns( Agreement and their successors (such trustee collectively referred to as the "Mast, 'frustocs"). Article IV, Section A of the Mester Trust Agreement provides that the M-b, Tnislens have the exclusive authority end discretion tu menage and control the assets of the Mb-,Trust held by it according the to provisions herein. It. PURPOSE AND SCOPE The Florida Municipal Pension T—t Fund Master"F-1— has established the herein investment policy and portfolio guidelines to assist the Admini,tl— m the administration of the asseas of the Master Trust F1nd; to guide the invexment managers" structuring portfolios consistent will, the Mazter Trust Fund's desired performance results and an acceptable level of risk; and 10 assure the Master Trust Fund assets are managed in a prudent fashion. The Scope fthis policy is: I) Applicable F, all funds, azsets mtd properties under the control of the Mazter Trustees. 2) Applicable to all consultants, agents, end staff responsible m the Mazter Trustees. III. INVESTMENT OLIECTIVE AND EXPECTED ANNUAL RATE OF RETURN The pnmary objective is seek long-term growth of capital and in with pf <VibIL Neoesary liquidity will be m -d to exepayout requirements. Emphazas'I, placed on achieving consistent returns and'i—iidi,g extreme velalility m market value. As of October 1 of each year, the Master Trustees shell do—i- for d,e defined benefit plans m the FMPTF the total expected annual rate of re"- for the current year, for eaoh of the next eral yeaa aria for the long-Icem h,ercaner The expected annual rate of,slum roe tlm ibbfi t your vttl li,d pem, thereafter I Dtpi, until amended by the Master Trustees Tl,is determination ust be Gled promptly with the Department of Mvnvgemcnt Serviws, the Adminishamr, Mester Tlfustce, rind the Actuary. Specific member plan provisions may supercede this expelled cute oCretum by approval of the AAm—snabr —111- Actuary_ DUTIES AND RES—SI IH-IES Underthe direction of the Mastor Trances, it shall be the responsibility o(thu Administtan— supervise and administer the Master Trust .d I,, i-miV.nt program pursuant to a written agreument between Nc Muslcr'Rrin Fund and the Administraror including, bot not limited to, the following: L Supervise vtd co.,di—lhe activities ofqualified investment management firms, dcalus, bmkus elodians consultants and other investment advisors in keeping with this investment policy. 2. Provide advice and usinanec in the administration and opeation of the Master 'I rost Fund's investment program. 3. Establish --mgsynoms and pr.-d—, for the safekeeping, disposal of and carding oC all investment assets held or controlled by the Master Tun Fund including the esteblislnnent mf appropriate internal wmtrols as required. 4. Assistmthe design, development, operation, roview and evaluation of the Master Trust Fund', investment pregtam for compliance with this policy. Advise the Master Tms meadations relative to emdmevts to Ibis porky. Inform the Messer Trost— f unaddressed concerns with the M,,,, Trust Fund's mvestm mprogram 5. Immediately mtiCy the M— Trustees o[ any event or of any intnfmation That may 1— and adve e effect n [he Master Trust Fund's lnven m progwn under lho provision, ofthk policy. INVESTMENT AND FIDUCIARY STANDARDS The standard of pmd-m to be used by investment advisors, money managers mr other qualifed ponies o, mdividnnls with eontmcted im 1-1 responsibilities with the M.- Trust Fund (the "Managers') shall be by "pmdent person^ -h b provides that the inveshnenlx of lho Maslen Trust Fund shall be made with the judgment and care under the circumstances then prevailing wlrioh N,—,, mFpI,d--, discretion vtd intelligence exercise in tho management of their oum affairs not m real to speculation but in rogbd to the perm.- disposition of the invested Master Trust Fund, considering the probable m.—,total serum and probable safi;ty of ll—s Master Truro Funds. Maaagcrs shall adhere 1. No hduciaty standards set forth in dre Employee Retlremeal I— Security Aot of 191d at 29 US.C.s 1104(a)(1)(A) through (C). Individuals, cling m acwNance wish established procedures and exercising due diligence. shall be relieved If personal responsibility fur ai individual se nity's credil risk o rarket price changes. provided deviations Iiom expectations are reported iv a timely fashion and appropnate action is taken tp �mmm�z any in�e:m,em losses. Any individual who i,, involved in the investment process shall re[rain from pe11-1 business avity lhal could counter with proper o o[the in nl program. or Wrioh could npairdtcir ability to make linpnitmlinvextmutt decisions. Managa5 shell hence written policy which addresses the aisclosum of potea,tial wu0 ict-oC-i ntcrests which ,hall be submitted to the AAminis.amr upon roquest. Managers shall also disclose to the Adminish5mr any materiel linaneiol/investment posn er finding which may be contrary to this policy or otherwise related o the performance of the Master Tntn Fund's portfolio" Any adverse (indioga of the U.S. Oepnnn,em of Labor or tbo Sect«itics and Exchange Commission regaling a Manager or its financial ac s shall be brought to the immediate attention .(the Master Trvstcc, by the Administrator once III Administrator is not, Fed. Defore ra,gaging in any investment «ansactions with the Master Trost food, a Manager shell hav evbn,id d to rho Administrators signed .enifieation from a duty authonud sIprc_Nfl- sting that the individuals responsible for the Mt-, Trost fond', account have reviewed and shall mply with this investment policy and that they agree m undertake reasonable offons to preclude,mpr.dcnt transactions involving the funds fthe Master Trost fund. INTERNAL CONTROLS The Master Trustees require that the Admin is«aarand any other designees establish a system of mat controls which shall be iv writing. These controls shall be reviewed by independent enified public accountants as pan If— required periodic financial audit pe,iiIii011y required. The internal cI,—N should be des,gned t, prevent losses of Master Trost Funds wbith might se from fraud, error, misrepresentation by third panics, or impmdent actions by the Master Trustees, Adminisnator or other designees VIL DROREICkGE AND DID REQU I R E MEN Investment managers shall use their best effrt to ethat portfolio transacions are placed a bes on bes s. The Master Trustees intend to utilize receptor when it doe terAI, vith bee solely at the discretion of them enegess" Mwagem e required to II a quanarly bids report all brokerage «snsacti— and ro ns fc using brokers tc the Master Trustee, The Investment Manages shall competitively bid r=iv question when fusible and appropnO, E—pt as otherwise required by law, the men ewnomical ly advantage... bid must be selected- Vlll. PROXY VOTING Responsibility b, the voting of proxies shall be with the Marten Tmstccs" The Master Trustees nay exercise the right to assign this responsibility to the in v,agers. Since proxy may be considered an asset of the Master"F— Fund, the assignment of voting proxies shall be exucised solely iv die interest of the parlicT.G and beneficiaries of the Master Trust Fund, and for the exclusive purpose of provid'mg bane Fts to—ieq-,b, and beneficiaries. Docume 01— related to the handling and voting of proxies will be reported to the Master T—teas on a q—Illy basis. IX, CONFINUINGEDUCATION The FMPIF acknowledges the impononcc of continuing education for Master l"msteea. T. that e�,A, the Mns7er Tmstcc, shah attend appropriate educational —Carmen' in connection with their duties and iesponsibddics as Master'rras I" DUCD,t I'1NG AND PERFORMANCE MEASUf E—f The Administrator shall submit to the Master Trustees a quarterly in(b report Mill informt10 provide for om a prchve r v ensiof ii vity and performvnee for It quarter Perf.nnance shall be 1 s— egvinsl ,pjl.piat. indices identified by the M,iNN Tlvslees for each investment avtegory This rr h shell summarize market conditions, ec o dovel.pma and anticipated in lldilions. The report shoultl also sunnnvnzc file investment strategies employed in dlt 1 osl rac.nt quarter, and describe the portfolio in teens of investment s.cutities, maturities, risk ehamoterisviw, adherence to guidelines and other relevanl f--t, Managers shall provide mcly tr and perform a date old and d.b= oily including esed v.Ibibi-, yield and total 11.1 date and moh oth,, calaai,c performance data of the Master Trust Fund's portfolio on a periodio basis as may be b—...bly requested by the Administrator. The Adminisb-, W-gets, and other convecteonie d ps shaprovide ll to thester MaTrust Fund's Auditor such vcrifcations or reports az are rWuired for the purpose oC developing and supporting the awual fnwcial statolnents fill, Mt-, Trust Fund, end the footnotes thereto. Managers shall provide mediate w and telephone n o the Ad.-.1 mtos to the --, Rust r.bd of any significaott—,b, a ifically bet not limited to tho resignation, bbbli non or incapacity of any senior personnel. X1 IUSK AND DI VERSIFICATION The Board will monitor the return per unit ofdsk (az measured by the standard deviation of quarteturn rly res) of the Master Trust Fwd's .— on w ongoing basis, with eacb Manager's otribution being reviewed independently wd as to its impact on the ...tall Maztor Trust Fund's investment return and volatility.f results over time. Each manager's contribution will be measued against similar data for appropriate lb,. azks. Investment guidelines and monitoring will p.Adc controls C r identifying and limiting tick of loss f.m over concentration of assets invested in a specific maturity, wilt a single issuer, in lik. or devlars or through utilirntion of mtemtedianes for purchase and sale of Risk and diversification strategies shall be reviewed and revised, ..necessary, o. a regular basis in light of the current vb ptojcoted marked condition and the Master Trust bond's needs. Assets in the Master Tmst Fund shall be div.reifed among equities, fixe4 income, and real estate arall portfolio risk consistent with the love) of expected re and thereby improve the long-temr rewm potential of the Master Trust Ftmd's assets. The Mil— Trustees e the right to add additional diversifenlion by retaining multiple managers or portfolios, upon Master Trustee approval and --lb ant to f , Policy, to 4mh.r minimize portfolio risk or tom imtam the level oCexpected retain. Invenment managG's shall be scleeted 1. Ihll a ponieulur diversifying Iola within dte Mot- T.- F-d's overall invrsimont atntctma It is tM10 express intent of the MasterT 1-1 b grant —1, investment manager substantial i imretion aver the assets under its wntrol. NO. ASSIA'ALLOCA1'I ON AN I) POIMIOLI O CUM POS ITI ON Assets of the Mastor Tivsf Funcl Shall be invested in a divcrsi F, cd portflio consisting of equity and debt. Although casM1 is not included in the asset allocation of rho Master Trust Fund. surplus —1, Mows, additional c Ibtbutions and in anager cash will be utilized to y pa obligations of the Master Tust Fund anU poriod?o rFbelancingoftheassets. The Muster Trust Fund may oonsidet investments in ob—asset ela5ses which offer potential enhanoenteot to total slum A risks uo greater than tit, exposure mndcr the initially selected asset clvsses. From e the Master Trustees will adopt asset allocation stmtegies within the ranges specified belowm Max m Lim Pquitica �0% et mazkettion The Master Tmslees may employ a independent 111 sultan( to perform a -b o frequent, Asset Allocation Report that will in U , b. — be limited to, a strategic —,is and report lot altar t5 betw en different types of investments and appropriate change athe pemontagas therein. This study will be used to assist the Master Trustees in the de—ination of the appropriate investment aileention to maximize rho ratan and mimimize the risk to the pooled assets of the Master Trust Fuud. This study may include a recommendation to add or delete asset classes es is waranted by the eiskheward analysis and by Master Tmstee approval. The Master T—tees ar of bound by aceyrtancc oc denial of reoommendalions p—(-toil It conjuoctiov with the Assea Al location Report. It is not the intention of the Master Trust Fund to become involved im the day -today investment daeisims. Therefore, the investmem managers are authorised by this document to make It allocation decisions to reallooate or redt,- cifl contributions or the investments hold by the lit er TIIA Fund m order tI take advantage of cbanging ,it,, candid— Any tactical allocation that will cells¢ the allocation of the investment clauses to vary from the approved ategic allooatiom pementagec of any asset class by mart them 5% requires approval by the Master Tmst Fund Chairman_ The in nagus will rcVoit to rho Master Tmstecs at their, gb—ly me bags ou tM1e ta<hralvabd rohlancing al location decisions made during the prior quarter. MAT—I'1'Y AND LIQBIDI"fY D,e, --To- Fund xhall provide su(hcient liquidity to meet any nq— NIV. AUTHORIZED INVESTMENTS In w effort to ac omph,h the objectives of the Mesta Trost F-d, ft, policy identifies various amhnr;zea mve ,,l msmo D, suer di—ficahon, mamnlr nnnamamta, mveatmant afi g a,,,quidityparametcrs. Thefollowingere euthOnzed invcsnm—: A. Nepwchase Agreements which are pmeh,oI only from dealers authorized by Ne Master Tmslees and tray only involve the sale and repurchase of securities authorized for pwchase by this iove t—t policy. Maximum mammy et purchase shall not exceed I80 days with a total anity, at any point in time, for all r,—h— agreements held of not greater than 60 day, B. Direct obligations of the United States Treasury including Bills, Notes, Bonds end various forms ofT.... urn-couoon securities. C p Any authorizN m is 61od by or through the State Board of AdmiNsuation or rho Office of that State Treasurer and held on behalf of the Trust in a wmmingled pool or separate accowt. D. Commercial pap,, issued in tho WNd States by any eory oiti, provided Nat such instr -, names a rating of "AVPI" (or comparable rating) as provided by — of the top onally rewgrized statistical amg organiation; and that the wryorations long term debt, if any, is rated at least "AVA+^ by a nationally r.grized statistical rating organization or, if backed by a letter oforedit (L.00), the long tens debof t the LEE provider must be rated et least'AA" (or omparable rating) by at least tw of the n pally recognized s cal rating agencies publishing acing, fipneurs r nciel 'titutiona The amaximum maturity shallsnot exceed 270 days fom rho tinteon—h— E. lVi, s Acceptances issu d withio the U.S. by institutions with a long term debt acing of m least "AA" or shun teem debt rating of PI (or comparable rntings), ns pmvided by one lbapally recognized statistical rating organization. Exceptions to the above may be approval by Administrator fom time to time wd reported to the Board of Trustees. The invested account .fa Manager may own no more than five pemenr o(the portfolio in bankcfs acceptances issued by any one depository institution at one time Maximum maturity shall not exceed 270 days fom the ome of purcl,asn. F. Nonnegotiable Certificates of Deposit i sued by Florida Qualified Public Doposim6e as 'identified by the State Treaa— offioe /or nugotiable Certificates of Deposit slued in U.S. dollars by' institutions, pr—&d such institution names a shoe term sung of at load All' (or on,parablc rating) and a long term rating of a 1— "A" (or rumparablc rating) es provided by two if thnee top onally recognized rating egonciea- The invested account of a Manager may own oo more tltanrSS,000,000 in wnificares of any one depository institution atone umc Maximum maturity on any —1iI—shall be 2 ycars- G. Obligations of the agGtcics o tt-lilies of the Federal Govcmntent ,eluding bu[ vot limited to the Fodeml Home Loan Mongege Corporation, Federal National Mortgage Association, pedernl Home Loan Banks, Federal Farm Credit B— Student Loan Marketing Association, end the Resolution Master Tmst Funding Corporation. H. Money Market Mutual Master Tmst Funds as defined and regulated by the Securities Exchange Commission. Money Market Master T—t Funds will be limited to monies held by trustees, paying agents, safekeeping -genus, otc, az a tomporary investment to Gcilitate relationships az deli,cared gu above. [. Mortgage obligations azan M by the United-Goverm 1 and sponsored agencies or instrumentalities including but not limited to the Govermnent Notion -I Mortgage Association, the Federal National Mortgage Associ end the Fedor-1 Home Lo-n Mortgage Coporation. Mortgage -backed s including, mongagepsss tluough sec and C Collamra fir Mortgage Obligations (LINO) issued, guaranteed ri it and by an uagency o nta N of the Federal Govemment or other mortgage ssurities including CMOs rated AAAt equivalentbyanationallyrewgnized statistical rating-rgeniaatioa Derivativemortgage securlies, such as in[eros[ only, principal only, residuals and inverse floaters are prohibited. J. Corporate Fixed Income Securities issued by my corporation m the United States with any A mtin& A Manager meyhold no more than 5 pueent of the invested acwunt in any one cotporaaon at Ne trme of pwchaze. K Asset-Backad Securities issued in rho Unitetl States. L Securili s of Sluts, Municipal and County Goverrunenm or their public ag—ie which ere rated in the three highest rating ovtegoties by a national recognzed statistical rating organization. M. Commingled gov oral it nt trusts, no-load in ant Master —I Funtls, or ne-load mutual Mazter Trus Funds iv which all securities held by [he ousts or Master Trust Funds arc authorized investments as provided herein or as may be approved by the Master T s e N. Guaranteed Investment Syl— 1(GI— —11 iosuranoe aompardes wted in the highest category by AM Best Rating System or a eompaeable nationally recognized statistical rating organiza[ior� 0_ luvcstment Agreements with other fin-neivl in s. If collateralized, tlto wllatetal _dog tha in t agreement shell be limited m Nose stt authorized for pumh-se by this investmentazpolicy. The invosted-ccount of a Manager mayu— at one time, no mom dran F 10.000,000 in inveslmwtt agreements from any ono ft ci-I institution. p_ Equity Assets including c m n stock, prof— stock and interest bearing obligations having an option to wnvcn info wmmo, -bck. Q_ Seaurities lending with approved dvalees end austodivn-. R. Floritiv Municipsl lnvesunGu'I'nrst (FMIvT)Fonfolios_ VALUATION OF ILLIQUID INVESTMENTS [[illiquid in is for which a gonorvlly recogniretl market is veilahle or for whid, there or generally accepted pacing mechanism, the erimria set forth in Section 215.A7R), Flonde Stawtes, shall apply, except thal submission w an fnvcstment Advisory Couvoil is not requited. For each plan ymar (defiocd benefit planon s ly) dre Master Truslws s erify me deternination of Ne fair market value for those invesunemm and ascertain mat thedem omplies with all applicable str and federal requirements The Mestoc Trustees shell disclose to the Depamnont of Management Services and the Adminishator each inch invesfmmrt for which the fair market value is t of provided. XV1. MASTER REPURCHASE AGREEMENTS All approved institutions and dealers tran Ging rIp—h— agreeana shell ex end perform as stated in a Master Repurcbase Agreement. All repurchase agreement transactions shall adhere to the requirements of the Muter Repurchase Agreement. This provision does not tulnet or limit the farms of,, such Master Repurchase Agree -L XVIL PLAN CUSTODIAN A thhd party custodian shall hold all actively managed er non -indexed assets ofthe Master Trust Fund. The plaa utodien will op— wrdan<e with a separa e agree with the Mazter Trustees All securities shall bo held w it e Wrd party, and all securities pmchued by, and all wll-M obtained by the Master Trvstee shall be properly designated as an ,It of Ne Master Trustee. No withdrawal ofsecurities, in whole or in part, shall be made from safekeeping except by an authotized member of the Muter T.—or Master —,—I designee. Securities ns betty a bcoker-tlealer and the custodian involving purchase or sale of securities by transfer of money or securities must be made on a "delivery vs. payment" basis, if applicable, t. e that the custodian will have Iho secutily or money, u appropriate, in hand et the conclusion ofthc bans 2tt. XVIII. CRITERIA FOR INVESTMENT MANAGER REVIEW The Master Trustees wishes to adopt standards by which ongoing retention of an investment manager should be determined. With this in mind, the fallowing guidelines are adopted: If, at any time, any one of the following is breached, the Manager will be notified ofthe Mazter I-ry m for the Fund', wnlinucd safety and performance and that manager rnr,nranen wmla 000ar. I- Consistent perfo'-- b,,— the fiflwl, (50'") porecntile in the specified Vrolling three year periods. 2 Consi tentundm-performance of the start, ."I' index over rolling three -yam pe<ioas- 3. Loss by the Lager fany se onnei defined detnmental to mcm pagers abi l ill to perdu- mgmi—I dui.- 4 SSSuubstvntiavlec in b banieofoasnk inahvicpstmem vhiloxophy by the manager. of the lime rimmed delrimGnvl to the manager's ability m Vcb—, inquired daces. 6. Failure to main at least ¢ [hyone (SI%) pemcnt vote of the confidence of the Master Tmsmes. ]_ Failere to observe any guidelines as luredm this document. Tl-shall in ne way limit or diminish the Mvstcr I—i—right to terminate the manager at any time far any re , Investment Management Agcecmenta will be entered into between htc Master Tmstees and cued tnvcstment Management Firm. The agreemems will include such items as Pidnclary Standards, -lilt requirements, dmtias and respousibilitioc end spl6 fie i� nt guidelines for the palm t of the Master Tmst Fond and will be subject to the pdorsrevew end approval of an attorney for the Master Tmstees. All investment managers must be duly registered with the vppl p,t- government agencies to n the capacity of investmont manager - behalf of the Master Tmst - Any investment anager appointed shall promptly notify the Master Tmstces m the overt aly circumstance s that may I. in its failing to conhttuo to meat rile r1limmtl- sli,ilvted by tha respective gevemment agcnoies. Investmmn manvgei s performance will be evulu¢ted with the az of perfonnvtee measmmment consultants on an omgoing basis and will bo a primary cdteria for their r—Ii— XIX. REVIEW AND AMF.NDMGNIs It i ended that the anagers sulmn admi and Mazer Tms e w tthis document pedodi.11y. mIf at any tomo a manager orrconsnitant believes thvt hir sp—fc objectives defined her¢in emmet be met or that the guidelines orneasonably constrict performanoe, the ..Ie Trustees shall bn -likd itl writing. By the initial and contivning ceptnn of htese investment guidelines, dre investment manager -nears with the provisions of Ibis document XX. FILING OFINVESTMENT POLICY Opan adoption by the Master Trustees, the Investment Policy herein shall be promptly filed with the Department of Management Services, the participants in the FMPTF end the plan actuary. The effective darn of this [nvcstment policy, and any at cndmcnt hereto, shall be rho 3t" calendar day following the filing date with the plan sponsor. , X[. 61'FGC'I'IVC wri, 'Ihc M,t, Tivsl Fend Invumicni Po''l'i, shall beco i— cf-i-Ootober I, 2000. As adopted by the M-, Trostecs oo y_ day of ice. cam. 2000 C, «� Chaim Ploride Munieipal Pension Tmsl Fund MesterT— A/tje�1 Florida LoagueofCitie$ In For tlse Administrator FLORMA NIUNIiCIPAL PENRO,N, TRUST FUND ttt _ ttt , ,I d I t (MPORTANT::'vREQU1RED ACTION ON ENCLOSED POLICY DOCUMENTS In. Florb, M - -Pal I' n Trust Plan Members Defined Cntn'bution Plans Defined Benefit Plans with NO 1311rd of —Aees I Daectofs F rum: Steve Woffard,CP, G,- AD Uirectorof 'd,CPial SeNces /& Az. Restated Master Trust Agreement Intl Investment Policy Dale. January 3, 2001 The Florid, M nicipaI P¢nsion '(rust Fund (FMPTF) has re Iced its governing documents to ,,Jude eM1anges required by state legislation and to provide for application conformity. Thane changes do not ha rial or fiscal effect on y ationz, adrninrslration, lass, vecimenis, or philosoph'es rrf me aml TF. Senate Bill 322 signed by Covernor Bush on June 14, 2000 created Chapter 2000-264, Laws of Florida. This law amends 5111— 112,621, Florida Statutes (20001, and creates Section 112.661, Florida Statues ,.N., effective October 1, 2000. These two ,echo,, refer to the new requirement that the investment If assets of any public pension plan must be mn,istent with a formal women investment policy adopted by the.rystem', or plan', Board of Trustees or Directors. On December 14, 2000, the Flon'da M icipal P n Trust Fund'I M er Trustees approved fl used investment Policy for me I mp rr, LIN-Opober 1.2— The poll icy loclude, all provisions required in Section 112.661, Plodda Smtutes. afing m the FMPTF, your plan is required to adopt the FMPI'F's Investment Policy. The Clfy I, Dk-1 h.,Id adopt the Resolut ,VC,dinance anached and lhen ,end , N, of Ohs NIP-- of Managem nt Services Division of Rehremont Cedars C.ecutive Cent" 2619-B Nonh Monroe Srree[ Room 2 Tallahassee, Ft 32399-15G0 Z"I'l LNgrre of Clties-Inc. on Services 301 S FBronougM1 Areet P.O. Box 1757 I aIL haxccr t'L 323B2 Combined Mastro Trus and lty tans The (;londa Municipal Pension Truzl Fund master TnTrusT Agt FrcemTh attached as an czli�bit to all of the plat cipa[ing the in Flortda rel P n und., The rTru Agree ni has bee corporate the PMPTF'snBylawswhirli p ovide the governing pmvlsions neladng b the Master Trustees o(ihe FMPTF. Separate lnves(rnen(Policy The Investment Pohcy of the -11 rF was previouziy included as part of the Master Trusl Agreement. The nt Poll<y has been s,paated, re aced and attached as an Exhibit to allow !or eaz¢ 01 luture amendment (mm IegisiaUve cfianges or changes o invenme 1 speGfics- qu ed Defined Contribution Plans & Defined lt—fil Plans died%Wdoai Roards of Trus(eas/Directors: t The Ry or District must pa esolution/ordinance adopti the Amended and Restated Master Trust Agreement and adopting the li, " Investment Policy effective October t, 2. Send signed -pies of the resol utioNordnance and the Investment Policy io ih¢ addresses above. If you have any questions re8arding this inlormaiion, please contact me, Joyce Case, or Jeannie Hagan at 800-bi61513. extensionz 253, 228,o _» respecuvely. Enclosures- Restated Master Trust Agreement Restated Investment Policy Sample OrdinancNResol orlon