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Home My WebLink About2002-08-29 - Agendas - FinalFAYETTEVILLE City Clerk's Division \F13 West Mountain. ayetteville, Arkansas 72701 Phone: 479-575-8323 Yet 479-718-7695 Email:cityclerk@ci.fayetteville.ar.us • • FIREMEN'S PENSION AND RELIEF FUND AGENDA AUGUST 29, 2002. A meeting of the Fayetteville Firemen's Pension and Relief Fund Board will be held on August 29, 2002 at 11:00 a.m. in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. 1. •Approval of the minutes 2. Approval of the pension list 3 Investment report 4. _ !Other business Heather Woodruff, City Clerk 113 Wcst Mountain Fayetteville, AR 72701 575-8323 email: hwoodruff@ci.fayettcville.ar.us • MINUTES OF A MEETING OF THE FIREMEN'S PENSION AND RELIEF FUND BOARD JULY 25, 2002 A meeting of the Fayetteville Firemen's Pension and Relief Fund Board was held on July 25, 2002 at 9:30 a m in Room 326 of the City Administration Building located at 113 West Mountain Street, Fayetteville, Arkansas. PRESENT: Pete Reagan, Ronnie Wood, Danny Farrar, Robert Johnson, City Clerk Heather Woodruff. ABSENT: Mayor Coody and Marion Doss. MINUTES Mr. Johnson moved to approve the minutes. Mr. Johnson seconded. The motion carried unanimously. PENSION LIST Mr. Wood moved to approve the pension list. Mr. Johnson seconded. The motion carried unanimously. • OTHER BUSINESS Mr. Reagan stated there was a letter from Jody Carrero to Kathryn Henshaw asking them to replace a page in their actuary. • OLD BUSINESS Mr. Reagan stated at their last meeting they had discussed getting• a new investment advisor. Mr. Farrar moved to interview all the applicants for money manager on August 2, 2002 beginning at 8:30 a.m. and allowing one hour for lunch Each interviewee would be allowed thirty minutes. Ms. Woodruff is to contact the applicants and arrange interview times. Mr. Johnson seconded. The motion carried unanimously. INVESTMENT REPORT Mr. Reagan stated they had started the meeting early in order to allow Mr Johnson time to get to Little Rock for a Doctor's appointment. The board went into recess until Mr. Weisbecker arrived. Mr. Weisbecker stated the market was trying to achieve a bottom. The second quarter earning numbers have been above expectations. They were in a recovering economy. They had third and fourth quarter ahead. They expected to recovery to continue. Due to the asset allocation of the plan, even in the light of the bear market, year to date as a whole the plan was only down 4%. Through June, the Income Account helped to soften • • the downward numbers of their three outside managers. The S&P 500 was down 13.16%. The Dow was down 12%. He presented an article regarding long term investing, especially in a bear market. Mr. Reagan stated MLAM showed that they had 2000 shares of Worldcom. Mr. Wiesbecker stated he did not know if they had been eliminated in the month of June or not. Mr Reagan stated the statement showed they had been liquidated on April 29 for a loss of $69,000. Meeting adjourned at 10:30 a.m. FIREMEN'S RELIEF AND PENSION AUGUST 2002 1.J THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE *HOF AUGUST, 2002. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE S, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED • DATE OF REGULAR Year To Date EMP#RETIREMENT NAME MO BENEFIT REG BENEFIT FED. TAX ST. TAX NET 79 11/99 ARMSTRONG (DILL), PA 1,658,91 11,612.37 300.00 100.00 1,258.91 74 3/86 BAIRD, JULIA 1,649.16 11,544.12 550.00 145.00 954.16 2 3/75 BLACKARD, PAUL 55.00 385.00 55.00 63 5/72 BOLAIN, ANN 55.00 385.00 . 55.00 68 7/99 BONADUCE, MICHAEL 2 735 14 19,145.98 475.38 - 2259.76 44 9/86 BOUDREY, BETTY MRS. 2,267.18 15,870.26 300.00 50.00 1,917.18 45 9/86 ' BOUDREY, HOWARD 1,911.99 13,383.93 1,911.99 49 7/88 BOUDREY, JACK 1,507.82 10,554.74 287 68 50.00 1,170.14 4 6/67 CARL, FLOYD JR 55.00 385.00 55.00 5 5/72 CASELMAN, ARTHUR 75.00 525.00 75,00 57 5/90 CATE, ROY . , 1,637.10 11,459.70 1,637.10 6 4168 CHRISTIE, ARNOLD 55.00 385.00 55.00 84 03/01 CIRCUIT CLERK WASHINGTON CO 0.00 0.00 85 03/01 CIRCUIT CLERK WASHINGTON CO 0.00 0.00 8 10/76 COUNTS, WAYNE 55.00 385.00 55.00 61 6/66 DAVIS, BEULAH F. 377.50 2,642.50 377.50 78 11/99 DILL,GARY JOHN 1,658.92 11,612.44 100.00 1,558,92 11 2/76 FARRAR,ALONZO 914.10 6,398.70 75.00 839.10 38 5/84 FRALEY, JOSEPH G. 1,618.08 11,326.56. 200.00 15.00 1,403.08 92 03/02 GAGE,TOMMY 2,376.34 11,881.70 226.00 50.00 2,100.34 34 6/79 HARRIS, JAMES E. 55.00 385.00 55.00 70 11/99 HARRIS, MARY RUTH 55.00 385.00 55.00 93 06/02 JENKINS, JOHN 3273.93 5,749.65 700.00 200.00 2,373.93 86 07/01 JOHNSON,ROBERT 2,812.66 . 19,688.62 500.00 100.00 2,212.66 64 4/95 JORDAN, CHARLIE 2,081.90 14,573.30 2,081.90 76 5/88 JUDY, JAN 1 507 82 10,554.74 200.00 50.00 1 257 82 37 3/84 KING, ARNOLD D. 1,393.18 9,752.26 300.00 200.00 893.18 54 5/89 KING, ARVIL 1,566.00 10,962.00 130.00 1,436.00 12 3/60 LANE, HOPE MRS .55.00 385.00 ' 55.00 13 10/67 LAYER, MERLIN 417 50 2,922.50 417.50 14 7/74 LEE, HAROLD 55.00 385.00 55.00 51 10/88 LEWIS, CHARLES 1,507.82 10,554.74 75.00 25.00 1 407 82 60 12/89 LEWIS, MARVIE 790.49 5,533.43 790.49 55 12/89 LEWIS, ROGER 790.50 5,533.50 50.00 10.00 730.50 40 9/85 LOGUE, PAUL 0 2,624.88 18,374.16 325.00 75.00 2 224 88 50 9/88 MASON, LARRY 1,492.83 10,449.81 78.16 1,414.67 39. 4/85 MC ARTHUR, RONALD A 1,604.92 11 234 44• 150.00. 50.00 1,404.92 35 2/82 MC CHRISTIAN, DWAYN 55.00 385.00 30.00 25.00 15 4/77 MC WHORTER, CHARLE 1,221.26 8,548.82 150.00 1,071.26 29 8/81 MILLER, DONALD 1,193.41 8,353.87 125.00 25.00 1,043.41 73 2/00 MILLER,KENNETH 2,910.17 20,371.19 2,910.17 42 2/86 MOORE, JAMES H. 55.00 385.00 55.00 17 2/66 MORRIS, WILKIE MRS. 55.00 385.00 55.00 16 4/64 MORRIS, WILLIAM H. 70.00 490.00 70.00 62 10/68 MORRISON, ELIENE 80.00 560.00 • 80.00 48 7/88 MULLENS, DENNIS W. 2,005.35 14,037.45 2,005.35 58 9/90 OSBURN, EDWARD 2,248.33 15,738.31 160.00 2,088.33 46 5/88 OSBURN, TROY 1,738.46 12,169.22 200.00 38.00 1,500.46 .81 02/01 PHILLIPS,LARRY 2,530.45 17,713.15 2,530.45 53 2/89 POAGE, LARRY 2,147.56 15,032.92 300.00 100.00 1,747.56 22 4/73 REED, JOE 55.00 385.00 55.00 30 3/81 SCHADER, EARVEL 1,268.40 8,878.80 1,268.40 41 9/85 SCHADER, TROY 1,395.58 9,769.06 57.00 1,338.58 82 03/01 SKELTON,KELLY 1,114.17 7,799.19 125.00 25.00 964.17 83 03/01 SKELTON, KIMBERLY 1,114.17 7,799.19 125.00 25.00 964.17 23 4/71 SKELTON, LAWRENCE E 870.50 6,093.50 870.50 66 8/98 SKELTON, PAULINE 390.00 2,730.00 390.00 • 36 5/76 SPRINGSTON,-CARL 737.78 5,164.46 70.00 17.00 650.78 rag FIREMEN S RELIEF AND PENSION 1UGUST, 2002 • DATE OF EMP#RETIREMENT NAME GROSS 90 03/02 STOUT, IMOGENE W. 702.65 25 2/75 STOUT, ORVILLE (DECEASED) 26 27 71 28 59 88 52 3/66 3/71 1/00 7/68 5/91 01/02 9/88 TUNE, BILLIE SUE TUNE, MILDRED MRS. WARFORD,THOMAS WATTS, DONALD WATTS, WAYNE WOOD,RONNIE D WRIGHT, RANDALL DROP DATE DROP EMPLOYEES 05/01/98 02/01/99 02/01/99 05/01/99 04/01/00 07/01/00 01/01/01 FREEDLE, LARRY LEDBETTER, DENNIS TATE, RALPH BACHMAN, EDDIE NAPIER,LONNIE REAGAN,PETE DOSS,MARION 80.00 80.00 2,290.35 400.00 1,642.10 2,816.02 1 547 82 75,561.20) 3,513.25 1,405.30 560.00 560.00 16,032.45 2,800.00 11,494.70 16,896.12 10,834.74 504,191.84 FED. TAX 300.00 130.00 200.00 6,994.22✓ ST. TAX NET 702.65 0.00 80.00 80.00 1,990.35 400.00 20.00 1,492.10 2,816.02 25.00 1,322.82 1,395.00 V. 67,171.98✓ NEW BENEFITS 3,492.86 3,455.40 3,356.83 2,396.34 3,219.73 3,235.68 4,920.63 WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE JUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY RENDERED OR FURNISHED; AND THAT THE CHARGES MADE THEREFORE DO NOT EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR SERVICES OR SUPPLIES • • SECRETARY CHAIRMAN AND PRESIDENT ACKNOWLEDGEMENT STATE OF ARKANSAS ) COUNTY OF WASHINGTON) SWORN TO AND SUBSCRIBED BEFORE ME THIS DAY OF 2002. MY COMMISSION EXPIRES : NOTARY PUBLIC 6810-9810-5335-00 CURRENT MONTH TOTAL EXPENSE YTD .6101. MONTHLY YTD 428,630.64 75,561.20 504,191.84 OP • • • • • • 144 AZ 1.44 w Li s S • • • • • • • • • e •_ • • • 1 IJ V J td d0 ,- N re 0 o \ La '.3l rC 0 et t w c Cc .. m c p Y EC rI0 Y GY 4.10 tin 61 NW 0 JW WNW CC Wr {j ~S W O. 61 WI 1.44 I IS Y= - V re W N 1 1 u u`. 01 6. N o9 4r to. O I i i C a V 0 6 �.. OM I O N > u .. VI ra 0 41 0 W le 0 ui-cbm ,`+ le c 0 0O CI C' .0iyaa.?X\ .?Ci:t400 0 V0 PP 49;Y E. N 1 G 0 Lel t, cc M F -m4 nb ' 4 C0 rM1 mQ v,m Yb0A P " AACC to Cv ce 0 00 00 ` 0P bY rel o ow u19 a EL at 1 I CeGr-1 PO O0 V,0 en en on N N4 01 {L y o- 0r en u F N A = •• a eri c S O c.0 t pYW r .. ro LL . •. it ' 1 I r r . .' " 000p 000000N . . . 0000000 O000CC000o00 OA0P O,9000 000 CCAP0000P00 . 00000000 0CLI I- a\>W o.+s�-.w O -PPO 0.000000 co 6 1",04 CI , . ' G P rteIC '.. m 00 0000000 0 C 0 m a. aet*GWrt Twoe el2 i+G ar^n YN Cew SrS NNIlN CC re v 0�0 ecR u`W ca aC 01 0 'C muto Ca 14- CX Qmi CD 3 ¢ Cti ¢ oo 0 no no .O i- _ 1 _ • • • • • • • P ON In Wenn lania Cella Mad • Ca ia NW a a car" Jaa GR` a 0 aa Owl wax Waa tai ROS caw W r ti 1.4o-� C 0 LC CC N c s s M a x `n vmr a 2 4:fie o Ct I= w to SC a L F J C 11.4 OM WW WI.-i- 0.4iG ry a W0 re 4 rc wx on RO r 44C LH la CF.= CAM me oin WW MO oo ACCOUNT. NURSER - Fire PeesloB,RP9eRue wo mo ale; ow nen Ir bo no no • no OM Ua r=. oo [f O oma t5O C.0 WN MN WOW WO Ma aia IC WW ti v1al r:.v.aar.. asi P o o ri:[-r a w 00a CaCaVN Via a FC. iw rr-c,a4WieWr(V rima O l oem N^ n • . I va.tb RaM10:, Wool Yavao.o c orwn V1N- 0 mN—lY NM 4 W (TN MKr - I Ma i I oo010000I 00 tl aa0t000000 d. OOOC+N G W 000Ma O 0 r 2E4'42 - (I000 I o COPcO00000 Waai in 1 HI 1 ift CM N L. a. o00c0^ Woo - coo lir M la M 1 sem' occc0000ao - 000 I r . . . . . 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Mountain Fayetteville, AR 72701 Dear Heather: On behalf of the entire Longer Investments organization, I would like to extend our appreciation to you and the other members of the City of Fayetteville Firemen's Pension and Relief Fund Board for selecting us as the investment manager for the firemen's retirement assets. We are truly honored that you have chosen our firm and are excited about the opportunity to provide investment management services to some very special members of the Fayetteville community. Enclosed you will find copies for your files of the paperwork that was signed yesterday to establish the account, along with a copy of the privacy policy that is referred to in the contract. Please feel free to call if you have any questions or if we can be of further assistance. Sincerely, • G U Elaine M. Longer, CFA President EMLfkmc Enclosure P0. Box 1269 Fnyrilrvillr, Arkansas 72702 Telephone: 501-443-5851 Toll fm: 800-827-7710 Fnr. 501-443-7129 Web silr: nnimdongerinv..mm RECEIVED AUG 04 2002. CITY OF, FAYETTEVILLE CITY CLERKS OFFICE • • • LONGER INVESTMENTS INC. PRIVACY POLICY At Longer Investments Inc., we respect your right to privacy. Protecting client data has always been a paramount concem at Longer. We are committed to maintaining the confidentiality, integrity and security of personal information entrusted to us by current and prospective customers. We further believe that our customers have a right to know how we protect and use private information. hi November 1999, Congress passed the Gramm -Leach -Bliley Act, which requires financial institutions to implement specific policies and procedures to safeguard nonpublic consumer information. In response to the Act, the Securities and Exchange Commission adopted Regulation S -P, effective on Nov. 13, 2000, which applies to federally registered investment advisers and broker/dealers. In general terms, Regulation S -P requires that we protect the information we receive from individuals in the course of doing business. We have always had procedures in place to safeguard your confidential information. For example, all of our employees sign and abide by a strict confidentiality agreement. We never give client names as references. We protect all information on our Web site, and maintain a secure office environment. In response to Regulation S -P, we are making this Privacy Policy explicit. We will disclose this Privacy Policy to our existing clients annually, as mandated by Regulation S -P, and to new clients when they Join us. We also continually monitor our results to ensure that our Privacy Policy keeps pace with business practices. To conduct business and provide customers with a broad range of products and investment advice, we must collect and use the financial information that belongs to our clients. We hold this nonpublic personal information in the strictest confidence. Information Collection In the normal course of business, we collect and use various types of information from various sources. These sources include personal interviews, applications and other forms, correspondence and conversations about your transactions, and information exchanges with approved nonaffiliated third parties (i.e. brokers and custodians that we use to administer the accounts). The information that we gather is used for internal purposes only. Your nonpublic personal information is available only to those employees and entities that have a specific business reason for knowing it, as permitted by law. Information Disclosure We do not disclose any nonpublic personal information about you either to affiliated or nonaffiliated third parties without your express consent, except as permitted by law for purposes of serving your financial needs. To that end, we may disclose the nonpublic personal information we collect, as described above, to nonaffiliated third parties that perform services on our behalf and to other financial institutions that must have it to process your financial transactions. However, no information will be provided to unaffiliated third parties without the explicit knowledge and approval of management. We may also disclose or report information when such disclosure is required or permitted under law, to satisfy legal or regulatory obligations. For example, we must give information in response to a valid court order, search warrant, or other legally valid inquiry or demand. We insist that any third party with whom we share your information agree to maintain the confidentiality of this information in accordance with applicable law. RECEIVED AUG 0 8 2002 CITY OF FAYETI hV ILLE CITY CLERK'S OFFICE • • Security Procedures We will of course continue to protect your information with appropriate safeguards and security measures. We restrict access to your personal information to personnel who need it to serve you. Our employees are familiar with our strict Privacy Policy and with the procedures necessary to safeguard your personal information. Adherence to our Privacy Policy is required of every employee. We maintain physical, electronic, and procedural safeguards to protect your nonpublic personal information. Our offices are monitored by a 24-hour electrical security system. We maintain secure office and computer environments to ensure that your information is not placed at risk, and we back up our systems as appropriate. All client files are kept in locked cabinets in a secure storage area, with access restricted to authorized personnel. All documents containing account information and/or client names are shredded before they are discarded. We audit our procedures and security measures regularly to ensure that they are being properly administered and that they remain effective and appropriate. Online Privacy Longer Investments Inc., considers Web site security to be just as critical as office security. Our Web site collects no individually identifiable information about visitors unless they knowingly and voluntarily provide it. You can visit our Web site without telling us who you are or revealing any information about yourself. Clients who choose to access their account information via our Web site are given passwords to protect their identities. If Web visitors give us individually identifiable information, we do not disclose it to anyone outside of Longer Investments Inc., without specific authorization except as permitted by law. Our site uses 128 -bit encryption, the highest level generally available today. We do not employ any tracking device to collect personal data on visitors, nor do we make use of "cookies"(reminders left on your computer by Web sites you visit). We do, however, use certain tracking devices that enable us to collect generic information, about visitors, in order to measure our site's effectiveness. To provide clients with easy access to additional information and resources, our Web site contains links to other Web sites that are not affiliated with Longer. We do not monitor the privacy practices of these third -party sites, and we do not exercise any authority over them. We therefore do not assume any responsibility for the content or data collection policies and procedures of these sites, and we cannot guarantee that your privacy will be protected there as it is at Longer Investments. Such links in no way compromise the integrity of our Web site. Contact Us Your questions are important to us If you have any questions related to our Privacy Policy and procedures, please feel free to contact us at (479) 443-5851, (800) 827-7710 or via e-mail at info@longerinv.com. • • LONGER INVESTMENTS, INC. WEB SITE PRIVACY POLICY STATEMENT Privacy is our paramount concern at the Longer Investments Web site. Questions regarding this privacy statement should be directed to Longer Investments. You can e-mail infoalongerinv.com or call (501) 443-5851. Personally Identifiable Information: Under no circumstances will the Longer Investments Web site knowingly or intentionally capture or store personally identifiable information (for example, your name, address, telephone number, e-mail address, or other identifiers) without your express permission. All personally identifiable remains confidential. Under no circumstances will the Longer Investments Web site knowingly or intentionally share with any third parties such personal information. Collection and Use: Longer Investments intends to track general behavior, including the total number of visits to specific pages, what day of the week pages are most accessed, and other similar general information. Under no circumstances will this general behavior information ever be knowingly or intentionally associated with specific personally identifiable information you may have voluntarily provided to the Longer Investments Web site. We use IP addresses to analyze trends, administer the site, track users' movement, and gather broad demographic information for aggregate use. IP addresses are not linked to personally identifiable information. Therefore, users remain anonymous. Links: This Web site contains links to other Web sites. Please be aware that we at Longer Investments are not responsible for the privacy practices of such other sites. We encourage our users to be aware when they leave our site and to read carefully the privacy statements of each Web site that collects personally identifiable information, This privacy statement applies solely to information collected by the Longer Investments Web site. Children: The Longer Investments Web site has no intention of collecting any personally identifiable information from individuals under 18 years of age. If a child has provided the Longer Investments Web site with personally identifiable information without the consent of a parent or guardian, and the parent or guardian of that child would like such information deleted from our records, that person may contact us by phone of e-mail. The Longer Investments Web site will make reasonable efforts to delete the child's personally identifiable information from existing files. Security: Protecting your privacy and your information is a top priority for Longer Investments. We have taken careful measures to secure your information on our electronic premises just as we do on our physical premises. Please feel free to contact us at any time to discuss these or other issues associated with your privacy, our security measures, and other issues of interest to you. RECF "\ I"0 AUG 0 8 2002 CITY OF FA) CITY CLERK'S OFFICE • User Agreement • • 1. Use of the Longer Investments Incorporated Web site is covered by the following terms and conditions. By using this Web site, you (the site visitor) agree to the following terms and conditions. 2. Nothing in this Web site constitutes either the provision of investment advice or a solicitation to provide investment advice. Investment advice can only be provided through a formal investment advisory relationship. No information on this Web site is intended to be legal advice. You should consult with your legal counsel for advice regarding your particular circumstances. Certain portions of this Web site are intended only for the use of current clients of Longer Investments Incorporated. Information obtained from Web site pages that have limited access should not be shared with persons who have not been specifically granted individual access to the restricted Web pages. 3.WARRANTY DISCLAIMER: THE DATA ON THIS WEB SITE IS PROVIDED "AS IS" EXCLUSIVE OF ANY WARRANTY WHATSOEVER, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, SATISFACTORY QUALITY, FITNESS FOR A PARTICULAR PURPOSE, ORIGINALITY AND NONINFRINGEMENT, AND ALL WARRANTIES ARISING OUT OF COURSE OF PERFORMANCE, COURSE OF DEALING AND USAGE OF TRADE OR THEIR EQUIVALENTS UNDER THE LAWS OF ANY JURISDICTION. NOTHING IN THIS SITE IS INTENDED OR SHALL BE DEEMED TO BE INVESTMENT MANAGEMENT OR ADVISORY SERVICES. ANY USE OF THE SOFTWARE OR DATA FOR ANALYZING, MANAGING OR TRADING FINANCIAL INSTRUMENTS IS AT YOUR SOLE RISK. Third party data have been obtained from sources that Longer Investments Incorporated believes to be reliable, but its accuracy and completeness are not guaranteed. Neither Longer Investments Incorporated nor any third party warrants that the data will be free from error, uninterrupted or free from unauthorized hidden programs introduced without their knowledge. In addition, there is no assurance that any financial instruments identified or analyzed using the data will perform in a manner consistent with their historical characteristics, or that forecasts, expected values or market impact projections will be accurate. Longer Investments Incorporated reserves the right at any time and without notice to change, amend, or cease publishing the data. 4. LIMITATION OF LIABILITY: NEITHER Longer Investments Incorporated NOR ANY OF ITS AFFILIATES SHALL BE LIABLE FOR ANY DAMAGES, INCLUDING DIRECT, INDIRECT, INCIDENTAL SPECIAL OR CONSEQUENTIAL DAMAGES, OR DAMAGES FOR LOSS OF PROFITS, REVENUE, DATA OR USE, INCURRED BY YOU OR ANY THIRD PARTY, WHETHER IN AN ACTION IN CONTRACT OR TORT, EVEN IF YOU, Longer Investments Incorporated, ANY VENDOR OR ANY OTHER PERSON HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. You assume the entire risk of any use made of the data and take full responsibility for any decisions and/or analyses in which the data is used or relied upon. Any reliance by you or others on the data will not diminish that responsibility. Neither Longer Investments Incorporated nor any affiliate shall be liable for, and you agree to indemnity and hold Longer Investments Incorporated and its affiliates harmless from and against, any claims, expenses, losses or liabilities (including professional fees and expenses) in connection with any claim by a third party relating to your use of the data, or relating to any decisions or analyses arising out of such use. 5. You may, through hypertext or other computer "links," gain access to other sites on the Internet that are not part of this Web site and that are provided only for your convenience. Longer Investments Incorporated assumes no responsibility or liability for any material outside of this Web site, which may be accessed through any such "link". The provision by Longer • • • Investments Incorporated of a link to another site does not constitute an authorization by Longer Investments Incorporated to access materials at that site, or an endorsement by Longer Investments Incorporated of any such material. 6. The Internet is not completely secure. We have taken reasonable steps to secure the information you submit through our online forms. However, we cannot guarantee the security of submissions. You will be responsible for the confidentiality and use of your password. You agree to immediately notify Longer Investments Incorporated if you become aware of any loss or theft of your password(s) or any unauthorized use of any of your password(s). 7. Longer Investments Incorporated, its licensors, or information providers are the sole and exclusive owners of all right, title and interest, including trademarks, copyrights, patents, trade names, trade secrets and other intellectual property rights. You may not copy, modify, adapt, reproduce, translate, reverse engineer, decompile, disassemble, sublicense or assign any aspect of the Longer Investments Incorporated information accessed via this service. Information in this Web site is for your private, non-commercial use only. 8. This Agreement shall for all purposes be governed, interpreted, construed and enforced in accordance with the law of the State of Arkansas, USA. You hereby agree that the courts located in Arkansas, USA shall constitute the sole and exclusive forum for the resolution of any and all disputes arising out of or in connection with the use of the Longer Investments Incorporated Web site and you hereby consent to the jurisdiction of such courts and irrevocably waive any objections thereto. Regardless of where you access Longer Investments Incorporated information, you agree to comply with all applicable laws of the United States of America including those regarding the export of data. You are also responsible for complying with all other laws, rules and regulations that may be applicable to your use of this Web site. 9. If any portion of the terms and conditions is held to be unenforceable, the unenforceable portion shall be construed in accordance with applicable laws as nearly as possible to reflect the original intentions of the parties and the remainder of the provisions shall remain in full force and effect. 10. Failure of Longer Investments Incorporated to insist upon or enforce strict performance of any provision of the terms and conditions shall not be construed as a waiver of any provision or right. Neither the course of conduct between parties nor trade practice shall act to modify any provision of the terms and conditions. 11. Longer Investments Incorporated reserves the right in its sole discretion to change, modify, add or remove these terms and conditions in whole or in part and at any time. 12. Any rights not expressly granted herein are reserved by Longer Investments Incorporated. • • • INVESTMENT ADVISOR AGREEMENT This agreement is made and entered into this 6th day of August, 2002, by and between LONGER INVESTMENTS, INC., a corporation organized and existing under and by the virtue of the laws of the State of Arkansas, having its principal place of business at 9 N. West Avenue, City of Fayetteville, County of Washington, State of Arkansas, hereinafter referred to as ADVISOR; and the City of Fayetteville Firemen's Pension and Relief Fund Board, hereinafter referred to as CLIENT. The parties stipulate and recite that: 1. The CLIENT, as trustee for the City of Fayetteville Firemen's Pension and Relief Fund has certain funds to invest for gain and income. 2. The ADVISOR is organized as a corporation under the laws of the State of Arkansas, is registered under the Investment Advisers Act of 1940, and is in the business of acting as investment advisor to corporations, clients and banks, and rendering research and advisory services to such companies and individuals. 3. The CLIENT desires to retain the ADVISOR to render such services in investing said funds in the manner and on the terms and conditions hereafter set forth. For the reasons recited above, and in consideration of the mutual promises contained herein, the CLIENT and ADVISOR agree as follows: SECTION I SERVICES 1. ADVISOR shall in its complete, total, and full discretion, in accordance with the good business judgment and the prudent man rule set forth in the Security Exchange Act and the securities laws of the State of Arkansas, and to the extent reasonably required in its capacity as a financial advisor pertaining to the management, investment, and administration of certain monies, funds, and assets of CLIENT, place at the disposal of CLIENT the judgment and experience of ADVISOR for purposes of managing, buying, trading, and selling such funds and assets of CLIENT pursuant to the complete, total, and full discretion granted herein to ADVISOR by CLIENT. Upon execution of this agreement and the placement of said monies, funds, and assets of CLIENT with ADVISOR, ADVISOR agrees to evaluate CLIENT'S financial situation, including any and all information provided to 1 • • • ADVISOR by CLIENT from CLIENT'S investment portfolio, and to analyze and research any and all matters pertaining to any monies, funds, and assets of CLIENT which are placed with ADVISOR, and to properly manage, invest, and administer said monies, funds, and assets on behalf of CLIENT in accordance with the terms and provisions of this agreement, however, in no respect shall ADVISOR ever take possession of any monies, funds, or assets of CLIENT. CLIENT does hereby designate and appoint ADVISOR, and its representatives, as CLIENTS Attomey-In-Fact solely for the purpose of managing, investing, and administrating the monies, funds, and assets of CLIENT which are placed with ADVISOR in accordance with the terms and provisions of this agreement, and to execute any and all documents for accomplishing this purpose. The ADVISOR shall also from time to time, famish or place at the disposal of the CLIENT such reports and information relating to industries, businesses, corporations or securities as may be reasonably required by the CLIENT or as the ADVISOR may deem helpful to the CLIENT in the administration of the aforesaid investments. 2. The ADVISOR agrees to use its best efforts in the furnishings of such advice and recommendations and in the preparation of such reports and information, and for this purpose the ADVISOR shall maintain at all times a staff of officers and other trained personnel for the performance of its obligations under this agreement. The ADVISOR may at its expense, employ other persons to furnish to ADVISOR statistical and other factual information, advice regarding economic factors and trends, information with respect to technical and scientific developments, and such other information, advice and assistance as ADVISOR may desire. The CLIENT will release information to the ADVISOR including statements of the investments and transactions relating to said funds and the CLIENT will make available to ADVISOR such financial reports, proxy statements and legal and other information relating to said funds as may be in possession of the CLIENT or available to it to insure proper administration of the account. 3. The ADVISOR will vote proxies for securities held the CLIENT s account according to the ADVISOR's Proxy Voting Policy. The CLIENT will instruct the custodian to forward promptly to the ADVISOR copies of all proxies and shareholder communications relating to securities held in the account. The CLIENT agrees that the ADVISOR will not be responsible or liable for failing to vote any proxies if it has not received such proxies or related shareholder communications on a timely basis from the custodian. 2 • • • SECTION II INVESTMENT POLICY 1. CLIENT hereby expressly acknowledges that the representatives of ADVISOR have reviewed completely and in full detail the investment philosophy of LONGER INVESTMENTS INC., and that ADVISOR will analyze and research CLIENTS account at which time a written investment policy specifically structured for CLIENT shall be prepared and provided to CLIENT, and upon said investment policy being reviewed, executed, and returned by CLIENT to ADVISOR, said investment policy shall by this reference be incorporated herein, and made a part hereof, as though fully set forth herein word for word. CLIENT hereby further expressly agrees and acknowledges that the investment policy subsequently provided to CLIENT after the execution of this agreement does accurately portray CLIENT'S investment objectives, risk tolerance, tax consequences, liquidity needs, appropriate asset allocation and administration as set forth. The policy may by mutual agreement be amended and revised in writing. Deviations from the policy are reviewed with the CLIENT periodically. 2. CLIENT hereby agrees and acknowledges that any and all investment, or administration of the assets of CLIENT placed with ADVISOR, including but not limited to any and all purchasing, trading, selling, exchanging, pursuant to any and all investment policies, strategies, plans, or other actions taken on behalf of CLIENT by ADVISOR shall be performed by ADVISOR at its sole, complete, total, and full discretion pursuant to the terms and provisions of this agreement. 3. ADVISOR and CLIENT hereby expressly understand and agree that ADVISOR is not qualified to render any legal or accounting advice and/or to prepare any accounting or legal documents for implementation on behalf of CLIENT. CLIENT hereby expressly agrees that CLIENT'S attorney and/or accountant is solely responsible for rendering and/or preparation of any and all legal advice, legal opinions, determinations, legal documents, tax returns, and accounting statements and documents. 4. CLIENT hereby certifies that CLIENT has exclusive ownership of any and all monies, funds, and assets placed with ADVISOR, and that no restrictions have been placed upon said monies, funds, or assets of CLIENT which would prevent the investment or disposition of said monies, funds, and assets. CLIENT 3 • • • further certifies that there is no lien or encumbrance existing or recorded of record on said monies, funds, or assets placed by CLIENT with ADVISOR. 5. The parties executing this contract on behalf of the CLIENT and ADVISOR certify that they have the full power and authority to enter into the contract. 6. The terms of the contract do not violate any obligation by which either CLIENT or ADVISOR is bound, whether arising by contract, operation of law, or otherwise. SECTION III COMPENSATION TO THE INVESTMENT ADVISOR 1. The CLIENT agrees to pay to the ADVISOR, and the ADVISOR agrees to accept as full compensation for all services rendered and as full reimbursement for all expenses assumed by ADVISOR hereunder, an annual fee calculated as detailed in the fee schedule attached hereto and incorporated herein. The fee shall be assessed • quarterly on the net asset value of the invested funds, computed at the close of the New York Stock Exchange on the last trading date of the calendar quarter. The amounts thus accrued during each calendar quarter shall be billed to the CLIENT in advance and paid to the ADVISOR by the fifteenth (15th) day of the succeeding month. SECTION IV DURATION, TERMINATION 1. This agreement shall remain in force unless terminated by the CLIENT (ADVISOR) on thirty (30) days notice in writing to the ADVISOR (CLIENT) for any reason or no reason at all without the payment of any penalty. If this agreement is terminated by either party, the CLIENT shall be entitled to the prepaid portion of its annual fee computed on a pro rata basis which it has paid past the effective date of termination. By way of example: If the effective date of termination is May 15, 20X, the ADVISOR will be entitled to the first quarter of the 20X fee as herein described, plus an amount computed on a pro rata basis for the period May 1, 20X to May 15, 20X and the CLIENT will be entitled to an amount computed on a pro rata basis for the period of May 16, 20X to June 30, 20X 4 • • • and assessed on the net asset value computed at the close of the New York Stock Exchange on May 15, 20X. The ADVISOR shall not be entitled to any additional fee beyond the above-described amount. 2. CLIENT aclmowledges having received a copy of ADVISOR'S Form ADV Part II not less than 48 hours prior to entering into this agreement. CLIENT has read and understood Form ADV Part II in its entirety and any questions related thereto have been satisfactorily answered by ADVISOR. 3. CLIENT acknowledges having received a copy of ADVISOR'S Privacy Policy. 4. This agreement may be terminated by CLIENT without penalty (including the refund of any prepaid management fees), within five business days after entering into the agreement. 5. The provisions regarding arbitration will survive any expiration or termination of this contract. 6. Upon termination, the CLIENT is responsible for monitoring the securities in the account. ADVISOR will have no further obligation to act or advise with respect to those assets and no continuing responsibility for performance of those assets. SECTION V ARBITRATION OF DISPUTES 1. Arbitration - The CLIENT agrees that all controversies which may arise between the CLIENT and the ADVISOR concerning the transaction or the construction, performance, or breach of this or any other agreement between the CLIENT and ADVISOR, whether entered into prior, on or subsequent to the date hereof, shall be determined by arbitration. Any arbitration under this agreement shall be conducted pursuant to the federal arbitration act and the laws of the State of Arkansas in accordance with the securities arbitration rules of the American Arbitration Association ("AAA") under the rules then prevailing at the AAA. The award of the arbitrator, or of the majority of them if more than one, shall be final, and judgment upon the award rendered may be entered in any court, state or federal, having jurisdiction. 5 • • • SECTION VI This contract is duly authorized and will be binding upon the CLIENT and ADVISOR in accordance with its terms. It represents the entire understanding of the parties with regard to the matters specified herein and any changes must be made in writing and signed by the parties. This agreement may not be amended, transferred, assigned, sold, or in any manner hypothecated or pledged without the written consent of the CLIENT; and this agreement shall automatically and immediately terminate in the event of its assignment by the ADVISOR. If any part of the contract is found to be invalid or unenforceable, it will not affect the validity or enforceability of the remainder of the contract. CLIENT understands that securities markets are subject to volatility, and all investments involve some risk. ADVISOR makes no promise or guarantee of future returns. WITNESS WHEREOF, the parties hereto have caused this agreement to be signed by their individual names affixed hereto, the day and year first written above. BY / - ////Ai: Lon • er Investments c. Elaine M. Longer, President BY: Longer Investments Inc. Kim M. Cooper, Secretary BY: 'ht9 City o BY: Ci Fayetteville Firemen Pension & Relief Fund Fa ville Firemen's Pensirn &'Re Fund BY: (� , City of Fayettevi BY: City o SJ%S - ale Firemen's Pension & Relief Fund e_ men's Pen Fayett & Relief Fund 6 • • FEE SCHEDULE Portfolio Management $0 to $3,000,000 1.00% of the market value of assets under management, calculated on an annual basis, and assessed quarterly. $3,000,000 to $6,000,000 0.75% of assets under management. $6,000,000 to $10,000,000 0.65% of assets under management. Over $10,000,000 0.50% of assets under management. Account Origination Fee 0.25% of funds under management, assessed at account origination, has been waived. 7 • • • City of Fayetteville Firemen's Pension and Relief Fund Investment Policy Review August 29, 2002 Page 1 I. C. Discuss actuarial return assumptions and possible amendment to the following language: Page 2 H. A. II. B. III B 2 Page 3 "The long-term goal is to realize an average annual rate of return of _% on the Fund's total portfolio to satisfy the actuarial projections. The Board expects the total fund, as well as each component, (i.e., equity fund, fixed income fund, balanced fund) to:... " The risk profile may negate the relative performance requirements. Recommendation: Review current plan obligations and current portfolio value with actuary to determine if plan can maintain benefits at 90%. How do you measure risk incurred versus return? Risk tolerance and return expectations are inconsistent. Define expected distribution schedule. Text appears to be missing and is inconsistent with IV. C. 4. b. on page 4. Recommendation: Change text to read as follows: "...Excluding direct obligations of the U.S. government and US. government agencies, maximum of any one corporate issue shall not exceed 10% of the fixed income portfolio at cost.... III B 3 Is equity exposure limited to 5% of cost on the equity portion of the portfolio or 5% of cost of the total portfolio? (See IV. C. 4. a.) Page 4 IV. C. 4. a. Inconsistent with III B 3 on page 3. Discuss minimum equity ratings and possible amendment of policy to include the following language: "No more than 2.5% of the fund's total assets valued at cost may be invested in the equities of any one company or affiliated group of companies. (Each telephone company issuer shall be considered a separate and distinct issuer.) Rated equities purchased for the account will carry a minimum Standard & Poor's rating of "B-". Non -rated stocks will be assigned a rating less than B- for calculation of the weighted average return. The weighted average rating of the equity portfolio must be equivalent to a Standard & Poor's rating of "B+" or better." IV. C. 4. b. Inconsistent with lII B 2 , related to maximum investment in one debt issue. Is exposure limited to 15% of fixed income portfolio or 3% of total assets? (This section will not be necessary if recommended change is made to III B 2 ) IV. C. 4. f. Recommendation: Define upper limit of foreign stock exposure as a percent of equities. Foreign stock exposure will be achieved by Longer Investments Inc. through the use of selected mutual funds. (Note: Foreign stocks sold were approximately 9.6% of equity portfolio and 4.0% of total portfolio. IFAYKTT Y ILLI •HE CITY OF FAYETTEVILLE, ARKANSAS Interview Time 8:30 a.m. 9:00 a.m. 9:30 a.m. 10:00 a.m. 10:30 a.m. 11:00 a.m. 11:30 a.m. Noon -1:00 1:00 p.m. 1:30 p.m. 2:00 p.m. 2:30 p.m. 3:00 p.m. 3:30 p.m. Fireman's Pension and Relief Fund Board Interviews Friday. August 1, 2002 113 WEST MOUNTAIN 72701 479421.7700 FAX 479-575.8257 Company ARVEST Asset Management Bank of Fayetteville Stephens, Inc. Morgan Stanley Bank of Arkansas Consulting Services Group, LLC A. G. Edwards & Sons, Inc. Lunch Break Soloman Smith Barney UBS/Paine Webber • Longer Investments Incorporated Merrill Lynch Investment Managers • Presentation of Proposal Buddy Ledford D. Frederick Shefte Alex Jordan Alicia Broyles Gordon R. Polly Ron Behymer Brian Keck Richard H. Yada 'Hal G. Tabb Elaine M. Longer Gib Weisbecker i Interview Time 8:30 a.m. 9:00 a.m. 9:30 a.m. 10:00 a.m. 10:30 a.m. 11:00 a.m. 11:30 a.m. Noon -1:00 1:00 p.m. 1:30 p.m. 2:00 p.m. 2:30 p.m. 3:00 p.rn. 3:30 p.m. Fireman's Pension and Relief Fund Board Interviews Friday. August 1, 2002 Company ARVEST Asset Management Bank of Fayetteville Stephens, Inc. Morgan Stanley Bank of Arkansas Consulting Services Group, LLC A. G. Edwards & Sons, Inc Lunch Break Soloman Smith Barney UBS/Paine Webber Longer Investments Incorporated Presentation of Proposal Buddy Ledford D. Frederick Shefte Alex Jordan Alicia Broyles Gordon R. Polly Ron Behymer Brian Keck Richard H. Yada Hal G Tabb Elaine M. Longer Merrill Lynch Investment Managers Gib Weisbecker • • FAYEETTEVILLE 4E CITY OF FAYETTEVILLE, ARKANSAS • July 29, 2002 Buddy Ledford ARVEST Asset Management 75 N. East Street Fayetteville, AR 72701 Dear Mr. Ledford, The Fayetteville Fireman's Pension and Relief Fund Board thanks you for taking the time to submit your proposal to the Fayetteville Firemen's Pension and Relief Fund. We have reviewed your proposal and would like to schedule an interview with you on Friday, August 2, 2002. Since the Board will be interviewing several firms we are asking each candidate to submit written responses to the following questions: 1. Describe your view of investments for a closed pension plan. 2. What percentage of assets should be in equities? 3. What is your firm's track record on asset preservation of trust funds? 4. What is your firm's corporate policy on investment research and investment considerations? 5. How did your firm do in predicting the change in market? 6. If you were managing this fund, would you invest in funds / stocks where your firm is the market maker? If so, under what circumstances? Would you forego any commissions? 7. Do you have any complaints filed against you at either the State or Federal level? 8. Because this fund has an unfunded actuarial liability of over four million dollars, what strategy would you propose for this gap? 9. What would you charge to manage our fund at five million rdollars and at ten million dollars? Interviews will begin Friday, August 2, 2002 at 8:30 a.m. Each firm will be allowed a twenty minute presentation and ten minutes to respond to questions from the Board. Please contact Heather Woodruff or Joan Blackard in the City Clerk's office to arrange an interview time. Sincerely, Heather Woodruff City Clerk 113 WEST MOUNTAIN 72101 479-621.7700 FAX 479-676-8257 • • • July 29, 2002 D. Frederick Shefte The Bank of Fayetteville, N.A. 1 S. Block St. Fayetteville, AR 72701 Dear Mr. Shefte, The Fayetteville Fireman's Pension and Relief Fund Board thanks you for taking the time to submit your proposal to the Fayetteville Firemen's Pension and Relief Fund. We have reviewed your proposal and would like to schedule an interview with you on Friday, August 2, 2002. Since the Board will be interviewing several firms we are asking each candidate to submit written responses to the following questions: 1. Describe your view.of investments for a closed pension plan. 2. What percentage of assets should be in equities? 3. What is your firm's track record on asset preservation of trust funds? 4. What is your firm's corporate policy on investment research and investment considerations? 5. How did your firm do in predicting the change in market? 6. If you were managing this fund, would you invest in funds / stocks where your firm is the market make?? If so, under what circumstances? Would you forego any commissions? 7. Do you have any complaints filed against you at either the State or Federal level? 8. Because this fund has an unfunded actuarial liability of over four million dollars, what strategy would you propose for this gap? 9. What would you charge to manage our fund at five million dollars and at ten million dollars? Interviews will begin Friday, August 2, 2002 at 8:30 a.m. Each firm will be allowed a twenty minute presentation and ten minutes to respond to questions from the Board. Please contact Heather Woodruff or Joan Blackard in the City Clerk's office to arrange an interview time. Sincerely, Heather Woodruff City Clerk • • • • July 29, 2002 Alex Jordan Stephens Inc. 111 Center Street Suite 2120 Little Rock, AR 72201-4430 Dear Mr. Jordan, The Fayetteville Fireman's Pension and Relief Fund Board thanks you for taking the time to submit your proposal to the Fayetteville Firemen's Pension and Relief Fund. We have reviewed your proposal and would like to schedule an interview with you on Friday, August 2, 2002. Since the Board will be interviewing several firms we are asking each candidate to submit written responses to the following questions: 1. Describe your view of investments for a closed pension plan. 2. What percentage of assets should be in equities? 3. What is your firm's track record on asset preservation of trust funds? 4. What is your firm's corporate policy on investment research and investment considerations? 5. How did your firm do in predicting the change in market? 6. If you were managing this fund, would you invest in funds / stocks where your firm is the market maker? If so, under what circumstances? Would you forego any commissions? 7. Do you have any complaints filed against you at either the State or Federal level? 8. Because this fund has an unfunded actuarial liability of over four million dollars, what strategy would you propose for this gap? 9. What would you charge to manage our fund at five million dollars and at ten million dollars? Interviews will begin Friday, August 2, 2002 at 8:30 a.m. Bach firm will be allowed a twenty minute presentation and ten minutes to respond to questions from the Board. Please contact Heather Woodruff or Joan Blaokard in the City Clerk's office to arrange an interview time. Sincerely, Heather Woodruff City Clerk • • July 29, 2002 Alicia Broyles Morgan Stanley 112 W Center Suite 100 Fayetteville, AR 72701 Dear Ms. Broyles, The Fayetteville Fireman's Pension and Relief Fund Board thanks you for taking the time to submit your proposal to the Fayetteville Firemen's Pension and Relief Fund. We have reviewed your proposal and would like to schedule an interview with you on Friday, August 2, 2002. Since the Board will be interviewing several firms we are asking each candidate to submit written responses to the following questions: 1. Describe your view of investments for a closed pension plan. 2. What percentage of assets should be in equities? 3. What is your firm's track record on asset preservation of trust funds? 4. What is your firm's corporate policy on investment research and investment considerations? 5. How did your firm do in predicting the change in market? 6. If you were managing this fund, would you invest in funds / stocks where your firm is the market maker? If so, under what circumstances? Would you forego any commissions? 7. Do you have any complaints filed against you at either the State or Federal level? 8. Because this fund has an unfunded actuarial liability of over four million dollars, what strategy would you propose for this gap? 9. What would you charge to manage our fund at five million dollars and at ten million dollars? Interviews will begin Friday, August 2, 2002 at 8:30 a.m. Each firm will be allowed a twenty minute presentation and ten minutes to respond to questions from the Board. Please contact Heather Woodruff or Joan Blackard in the City Clerk's office to arrange an interview time. Sincerely, Heather Woodruff City Clerk