Min Ute S of the Board of Pension Commissioners
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MIN UTE S OF THE BOARD OF PENSION COMMISSIONERS MEETING OF OCTOBER 21, 1982 The Board of Pension Commissioners of the City of Los Angeles met in Room 155, City Hall South, on Thursday, October 21, 1982. COMMISSIONERS: Arthur Burdorf, President Bert Cohen Olga Marcus Karl L. Moody DEPARTMENT OF PENSIONS: Gary Mattingly, Manager-Secretary James J. McGuigan, Assistant Manager-Fiscal Wm. S. Hutchison, Assistant Manager-Benefits CITY ATTORNEY: Siegfried O. Hillmer, Assistant City Attorney President Burdorf called the meeting to order at 9:40 a.m. and referred to Item No. 1 on the agenda. PRESENTATION OF MINUTES OF THE MEETINGS OF JANUARY 21, 1982; JANUARY 28, 1982; FEBRUARY 4, 1982; FEBRUARY 11, 1982; AND SEPTEMBER 23, 1982 Approved. Motion by Commissioner Marcus, seconded by Commissioner Moody and adopted by the following vote: ayes, Commissioners Cohen, Marcus, Moody and President Burdorf - 4; noes, none. INVESTMENTS The Manager-Secretary, Mr. Gary Mattingly, stated The Boston Company sent a letter transmitting their bond purchase transactions and that Wright Investors' Service sent a letter transmitting their stock purchases and sales but that no action was required. Mr. Bill Hibschman from Security Pacific National Bank was present in the Board room and came forward. He stated he was present today because Security had added a company to their list that needed approval by the Board. STOCK PURCHASE RESOLUTION NO. 83019 2525 NEW SYSTEM GENERAL PENSION FUND After discussion by the Board it was moved by Commissioner Marcus that upon the advice of investment counsel, the Manager-Secretary and/ or Security Pacific Investment Management be authorized to purchase up to $3,500,000 of capital stock in each of the following companies at the market price, plus commission and charges: Abbott Laboratories Anheuser-Busch Aetna Life & Casualty Asarco Incorporated Air Products and Chemicals Atlantic Richfield Allegheny Power System, Inc. Avery International Allied Bancshares Avnet Incorporated Aluminum Company of America Avon Products American Cyanamid Baker International American Home Products Bally Manufacturing American Hospital Supply Baltimore Gas & Electric American Medical International Barnett Banks American National Resources Bausch & Lomb American Broadcasting Company Baxter Travenol American Building Maintenance Beatrice Foods American Express Becton Dickenson American International Group Bendix Corporation American Standard Incorporated Best Products American Telephone & Telegraph Black & Decker Amerada Hess Boeing Company Amsted Industries Borden Incorporation Bristol-Myers Gulf Oil Corporation Brown Group Incorporated Halliburton Burlington Northern Heinz (HJ) Burroughs Corporation Hercules, Incorporated Capital Cities Communications Heublein Incorporated Carlisle Corporation Hewlett-Packard Carnation Company Hilton Hotels Carter Hawley Hale Holiday Inns Caterpillar Tractor Homestake Mining CBS Incorporated Honeywell Centex Corporation Hospital Corp. of America Champion International Houston Industries Chase Manhattan Bank Houston Natural Gas Chesebrough Ponds Humana, Incorporated Chubb Corporation Hutton (EF) Churchs Fried Chicken Imperial Corporation Citicorp Inco Limited Cities Service Ingersoll-Rand Clark Equipment Inland Steel Coastal Corporation Interco Inc. Coca-Cola Company Internorth Coleman Company IBM Colegate-Palmolive International Flavors & Fragrances Cigna Corporation International Paper Continental Illinois International Telephone & Telegraph Continental Telephone Corporation Johnson & Johnson Cooper Industries K Mart Corporation Corning Glass Kaiser Cement Cox Communications Kerr-Mc Gee Crum & Forster Keystone International Dana Corporation Levi Strauss Dart & Kraft Lilly (Eli) Dayton-Hudson Litton Industries Delta Airlines Loral Corporation Denny's Incorporated Lucky Stores Disney (Walt) Products Marriott Corporation Dover Corporation MIA-Com Incorporated Dow Chemical Macy (RH) Company Dresser Industries Marathon Oil Dun & Bradstreet Mary Kay Cosmetics Du Pont (EI) Masco Corporation E-Systems Masonite Corporation Eastman Kodak May Department Stores Eastern Gas & Fuel May tag Company Eaton Corporation MCA, Incorporated Echlin Manufacturing Mc Donald's Corporation Eckerd Jack MEl, Corporation Edwards (AG) Merck & Company Emerson Electric Mercantile Stores Envirotech Merrill Lynch Exxon Corporation Middle South Utilities Federated Department Stores Milton Bradley Fleetwood Enterprises Minnesota Mining & Manufacturing Florida Power & Light Monsanto Company Foothill Group Morgan (JP) Ford Motor Morrison-Knudsen Foster Wheeler Motorola First Chicago Nabisco Brands First International Banks Nalco Chemical Gannett Company National Medical Care General Electric National City Corporation General Foods National Distiller General Instruments Natomas Company General Mills NCNB Corporation General Motors NCR Corporation Georgia-Pacific Norfolk & Western Railway company Getty Oil Company Northern States Power Gillette Company Northern Telecommunications Golden west Financial Northrup Corp. Goodyear Norton Simon Grainger Incorporated Northwest Airlines Great Western Financial Northwest Bancorp Gulf Canada Northwest Industries Nucor Corporation Oak Industries Stauffer Chemical Owens-Corning Standard Oil - California Pacific Gas & Electric Standard Oil - Indiana Panhandle Eastern Standard Oil - Ohio Parsons Corporation Sterling Drug Penney (JC) Stone Container Pepsico Incorporated Sunstrand Corporation Perkin-Elmer Syntex Corporation Pfizer, Incorporated Tektronix Phelps Dodge Teledyne Philips Industries Tenneco Incorporated Philip Morris Texaco Incorporated Phillips Petroleum Textron Piedmont Aviation Tiger International Pioneer Corporation Times Mirror Polaroid Corporation Texas Eastern Corporation Proctor & Gamble Texas Gas Transmission Public Service Elec . & Gas Company Texas Instruments Public Service of Indiana Texas Oil & Gas Quaker Oats Texas Utilities Company Ralston Purina Tracor Incorporated Raytheon Company Tucson Electric Power Company RCA Corporation U.S. Bancorp Republic Financial Services U.S. Fidelity & Guaranty Revco Drug Stores U.S. Home Corporation Revlon Incorporated U.S. Shoe Coporation Reynolds (RJ) U.S. Steel Corporation Reynolds Metals UAL Incorporated Rockwell International Union Camp Rohm & Haas Union Oil California Royal Dutch Petroleum Union Carbide Safeco Corporation Union Pacific Safeway Stores United Technologies Scher-Plough United Telecommunications Schlumberger Valley National Bank Scientific Atlanta Viacom International Seafirst Corporation Wal-Mart Sealed Power Wang-Laboratories - Class B Sears Roebuck Warner Communications Shell Oil Company Warner-Lambert Signal Cos Waste Management Smithkline Beckman Wendy's International Southern California Edison Western Company of North America Sonat, Incorporated Western Union Southern Pacific Westinghouse Electric Southern Railroad Weyerhaeuser Southwest Airlines Whirlpool Sperry Corporation White Consolidated Square D Company Winn-Dixie Squibb Corporation Wolverine Worldwide st. Paul Cos Xerox Corporation Zenith Radio RECOMMENDED SECURITY PACIFIC STOCKS UNDER THE "PRUDENT MAN" PROVISIONS Advanced Micro Devices MCI Communications Air Florida Micom Systems Apple Computer Mobil Corporation Charter House NBI Incorporated Color Tile Nike Incorporated Computervision Nordstrom Coors Company Prime Computer Cross & Trecker Quadrex Corporation Data General Redman Industries Datapoint Corporation Rolm Corporation Digital Equipment Sanders Associates Federal Express Subaru of America General Dynamics Tandem Computers Goulds Pumps Tandy Corporation Key Pharmaceuticals Toys R Us Intel Coporation Whittaker Corporation Intergraph Winnebago Industries ISC systems Worthington Industries zayre Corporation This authorization for stock purchase is to remain in effect for 90 days after this date. The motion was seconded by Commissioner Moody and adopted by the following vote: ayes, Commissioners Cohen, Marcus, Moody and President Burdorf - 4; noes, none. President Burdorf stated a letter had been received from Chemical Bank transmitting their most recent update of portfolio and stock purchases and sales but that no action was required. President Burdorf stated that a motion would be required on Chemical's list of stocks which are additions to their common stock universe. STOCK PURCHASE RESOLUTION NO. 83018 2525 NEW SYSTEM GENERAL PENSION FUND After discussion by the Board, it was moved by Commissioner Moody that upon the advice of the investment counsel, the Manager-Secretary and/or Chemical Bank Investment Management be authorized to purchase up to $3,500,000 of capital stock in each of the following companies at the market, plus commission and charges: Abbott Laboratories CBS Incorporated AETNA Life & Gas Company Celanese Corporation Air Products and Chemicals Inc. Central & South West Corporation Allied Corporation Celeron Aluminum Co. Amer. Centel American Broadcasting Cessna Aircraft Company American Cyanamid Company Champion International Corporation American Express Company Chase Manhattan Corporation American Home Products Cpo Chemical Nuclear System Incorporated American Hospital Supply Chesebrough-Pond's Incorporated American International Group Chubb Corporation American Med. International Inc. Cigna American Telephone & Telegraph Co. Cincinnati Milacron AMP Incorporated Citicorp Anheuser Busch Cos. Incorporated Cleveland Cliffs Iron Archer Daniels Midland Coca Cola Company Arizona Public Service Colgate Palmolive Company ARKLA Corporation Collins & Aikman