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proposed modification to the Mo Constitution voter turnout for new tax <br />increases that would impact governmental plans but as of now nothing has been passed. <br /> <br /> a discrepancy in the Investment Policy Statement <br />-cap U.S. stocks. <br />Allocations to small/midcap stocks, international, real estate-related, and other complementary <br />asset classes are permitted; provided, however, that such allocations do not exceed 15% of the <br />total assets of the respective Fund. <br /> <br />motion was seconded by <br />Member McCarthy and carried unanimously. <br /> <br />Report of Contract Review <br />Member McCarthy stated they did not review the contracts but proposes reviewing the contracts <br />and then possibly sending out RFPs so they have something to which to compare them. <br /> <br /> <br />Council Liaison/City Manager Remarks <br />Council Liaison Steve McMahon commented that the big news at the council meeting last night <br />expires July 1 and hean appointment. Mr. McCarthy commented that this <br />would be his last meeting as his term is expiring as well. <br /> <br />City Manager Rose commented that the agreement the City has tentatively reached with Novus <br />Development will be introduced on May 28, 2019. His intention is to recommend approval on <br />thth <br />June 10. It is intended that all information will be provided to the public on Friday, May 17 and <br />there will be a press conference on the following Monday. <br /> <br />Other Matters <br /> <br />Potential Unauthorized Transfer <br />Interim Finance Director Keith Cole stated there was a wire from Commerce Bank into UMB <br />non-uniformed <br />for that transfer. It appears the process of City Council formally approving the contribution was <br />circumvented. City Manager Rose stated a recommendation will be made to City Council and <br />that City Council could elect to reverse the transfer but any decisions will be made once they <br />learn all of the facts. <br /> <br />Attorney Krawzick discussed prohibited transaction rules governed by ERISA and the IRS and <br />that there are concerns with putting funds into a pension plan then the reverting it back to the <br />employer. There are rules that it has to occur within a specific amount of time so that should be <br />reviewed to make sure any action taken is in compliance with the rules. <br />Џ <br /> <br /> <br />