Finance and Audit
Committee Substitute
January 14, 2008
IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI
Title
A RESOLUTION authorizing the Chief Administrative Officer to execute extensions to the contracts with Asset Consulting Group, Inc., of St. Louis, MO, Hotchkiss and Wiley Capital Management, LLC of Los Angeles, CA, and Enhanced Investment Technologies, LLC of Palm Beach Garden, FL.
Intro
RESOLUTION #16494, January 7, 2008
INTRODUCED BY Scott Burnett, County Legislator
Body
WHEREAS, by Resolution 16294, dated May 14, 2007, the Legislature did authorize contracts with the following vendors to provide the specified services in connection with the Jackson County Employees' Pension Plan, all for the period ending December 31, 2007:
Vendor Services Cost
Asset Consulting Investment Consulting $15,000/quarter
Group, Inc.
St. Louis, MO
Hotchkiss and Wiley Investment Management varying percentage
Capital Management, of asset
LLC value/month
Los Angeles, CA (avg. $43,000/quarter)
Enhanced Investment Management varying percentage
Investment Technologies, of asset
LLC value/quarter
Palm Beach Gardens, FL (avg. $31,000/quarter)
and,
WHEREAS, since the award of these contracts, the Director of Finance and Purchasing have solicited proposals via Request For Proposals 34-07, for the furnishing of investment advisor services for 2008 and beyond; and
WHEREAS, an evaluation committee has reviewed the proposals received in response to RFP 34-07, interviewed the four firms deemed most qualified, and has made a recommendation will be presented to the Legislature in due course; and,
WHEREAS, the investment advisor ultimately selected pursuant to RFP 34-07 will be tasked with seeking out and recommending new investment managers; and:
WHEREAS, pending the adoption of a resolution awarding a contract on RFP 34-07, it is appropriate that the contracts with the County's current investment advisor and investment managers be extended to allow an orderly transition in the provision of these services; now therefore
BE IT RESOLVED by the County Legislature of Jackson County, Missouri, that the Chief Administrative Officer, as Chair of the Pension Plan Administration Committee, be and hereby is authorized to execute contracts with Asset Consulting Group, Inc., of St. Louis, MO, for a period of thirty days, and Hotchkiss and Wiley Capital Management, LLC of Los Angeles, CA, and Enhanced Investment Technologies, LLC of Palm Beach Garden, FL, both for a period of ninety days in forms substantially similar to those contained in the current contracts, to be approved by the County Counselor; and,
BE IT FURTHER RESOLVED that the Director of the Department of Finance and Purchasing be and hereby is authorized to make all payments including final payments on the agreements as extended.
Enacted and Approved
Effective Date: This Resolution shall be effective immediately upon its passage by a majority of the Legislature.
APPROVED AS TO FORM:
______________________________ _________________________________
Chief Deputy County Counselor County Counselor
Certificate of Passage
I hereby certify that the attached resolution, Resolution #16494 of January 7, 2008 was duly passed on January 14, 2008 by the Jackson County Legislature. The votes thereon were as follows:
Yeas ________9_________ Nays ______0________
Abstaining ______0_______ Absent ______0_______
______________________ _________________________________
Date Mary Jo Spino, Clerk of Legislature
Fiscal Note
REVENUE CERTIFICATE
This expenditure will be made from funds in custody of M&I Bank as Trustee. The source of these funds is the Jackson County, Missouri Revised Pension Plan. This Revenue Certificate is not signed by the Director of Finance and Purchasing because such funds are not subject to annual appropriation and not within his custody.