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Chairman
Harris Pitsillides
6. Investment Committee:
There shall be an Investment Committee
composed of seven (7) voting members
appointed by the President of the
Parish Council as follows: The Treasurer
of the Parish Council shall be appointed
as Chairman of the Investment Committee.
Two other members from the Parish
Council shall be appointed to serve
each year.
In addition, four
(4) other members shall be appointed
for four-year terms who are members
of the Parish but not members of the
Parish Council. Of the original members
appointed from outside the Parish
Council to the Investment Committee,
one shall be appointed for one year,
one shall be appointed for two years,
one shall be appointed for three years
and one shall be appointed for four
years.
Thereafter, as each
term expires, the member shall be
appointed by the Parish Council President
for a term of four (4) years. If a
member dies, resigns or is removed
from the Committee, the Parish Council
President shall appoint a successor
to fill the unexpired term.
A Secretary is to
be elected from the Committee membership
to record minutes.
The Investment Committee
shall meet quarterly, during the months
of January, April, July, and October.
7. Duties of Investment
Committee: It shall be he duty and
responsibility of the In- vestment
Committee:
a. To invest the
Fund in accordance with these By-Laws
and upon a favorable vote by the majority
of the Investment Committee or no
less than four (4) members of the
Committee.
b. To safeguard the assets of the
Fund.
c. To adopt the rules of procedure
of its operation in accordance with
customary parliamentary procedures.
The Treasurer is responsible for maintaining
the minutes of the Investment Committee.
d. The Treasurer is required and has
the responsibility to execute the
investment decisions recommended by
the Investment Committee and upon
approval of the Parish Council.
8. Restrictions
on Use of Principal and Income:
a. Principal accumulated
in the Fund shall not be expended
for any purpose at any time.
b. No income derived from the investment
of the Fund shall be used until the
total assets of the Fund shall exceed
$200,000.00.
c. Capital gains shall not be considered
income and shall not be expended from
the Fund.
d. Income earned by the Fund may be
expended for the purposes listed in
item #3, on the recommendation of
either the Parish Council or the General
Assembly of the Parish and on the
subsequent approval of the General
Assembly of the St. Spyridon Cathedral.
BY-LAWS (GENERAL ASSEMBLY DECISIONS)
(con’t)
9. Investment of
Funds: Investment of funds shall be
made only in:
a. Certificates
of deposit in United States banking
institutions not in excess of FDIC
insurance limits in any on institution.
b. Federal securities
which are secured or backed by the
United States Government and/or are
FDIC insured.
c. Corporate bonds
or notes rated BBB or better by Moody’s
or Standard and Poor’s, and
which are listed on the New York or
American Exchanges. The total investment
in any one corporation shall not exceed
10% of the total Endowment Fund value
at the time of the investment.
d. Open-end mutual
funds rated four (4) star or better
by Morningstar or an equivalent rating
agency. The total investment in any
one fund shall not exceed 10% of the
total Endowment Fund value at the
time of the investment.
e. No more than
80% of the income earned in any year
will be available for investment purposes.
10. Audits: The
Cathedral Auditor and the Auditing
Committee of St. Spyridon Cathedral
shall annually audit the Fund and
shall report thereon to the General
Assembly.
11. These By-Laws:
These By-Laws may be amended at any
General Assembly of the parish by
two-thirds vote in accordance with
this section.
12. Adoption of
By-Laws: These By-Laws with amended
changes were approved by the General
Assembly of St. Spyridon Cathedral
on June 27, 2000.
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