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VLCT Property and Casualty Intermunicipal Fund, Inc.
Board of Directors Meeting
Friday, August 18, 2017
VLCT Offices, Montpelier, Vermont

Minutes

Directors Present: Pat Scheidel, Mel Adams,Pete Johnson, Joshua Powers, John Lawe,Brendan Whittaker, Neal Fox, Aaron Frank, Carl Rogers, Stuart Hurd, Jackie Higgins

Staff Present: Joe Damiata, David Sichel, Jeremiah Breer,Maura Carroll, Fred Satink

The meeting was called to order by President Scheidel at 10:30 a.m.

Upon motion (Fox/Rogers) duly adopted, the Board voted unanimously to approve the agenda with the addition of a VERB Trust update.

Upon motion (Fox/Higgins) duly adopted, the Board voted unanimously to approve the minutes with the corrected meeting location from the June 23, 2017meeting.

Joe Damiata provided an organizational update.

  • The VLCT migration to the IT cloud is under way.
  • VLCT’s new website is live and is getting good reviews.
  • PACIF is participating in the NLC Mutual Insurance Company data leveraging project.  A vendor, Domo, has been selected.
  • VLCT's 50th anniversary celebration was held on June 27, 2017.
  • Town Fair will be on Thursday, October 5.
  • There will be an all RMS staff meeting to review the strategic plan.
  • Board member photos will be taken after the meeting.

Jeremiah Breer reviewed how the additional cost of utilizing the services of our actuary to assist with the underwriting and rating review will be absorbed into the budget.  Cost savings in other areas will offset the cost.

Joe Damiata reviewed the Line of Credit Borrowing Resolution.

Upon motion (Hurd/Higgins) duly adopted, the Board voted unanimously to approve the line of credit and authorize the Assistant Secretary to sign the line of credit “Loan Resolution”.

The Board discussed nominations to fill two Alternate Board Member positions.

Upon motion (Rogers/Whittaker) duly adopted, the Board voted unanimously to move to agenda item 6 prior to making the appointments.

Upon motion (Rogers/Frank) duly adopted, the Board voted unanimously to approve the proposed bylaw amendment.

Upon motion (Whittaker/Powers) duly adopted, the Board voted unanimously to appoint Bruce Urie as an Alternate Board Member.

Upon motion (Scheidel/Powers) duly adopted, the Board voted unanimously to appoint Jerry Storey as an Alternate Board Member.

Pat Scheidel announced that he expected to retire in April 2018.

The Board discussed trying to learn in the board member application process the applicants long term interest and commitment to local government service.

Fred Satink reviewed the proposed changes to the underwriting and rating system.  Three alternatives were tested.  Based on this process staff recommends that the Board approve the Three Tier Base Adjusted Underwriting model that was presented.

Upon motion (Whittaker/Frank) duly adopted, the Board voted unanimously to approve the proposed Three Tier Base Adjusted Underwriting Model.

Joe Damiata reviewed the strategic planning process that the VERB Board undertook.  One option that they discussed was dissolution of VERB.  If this went forward PACIF might be asked to take over operation of the Unemployment Insurance program.  Staff wanted to know if the board was open to considering this possibility.

Upon motion (Fox/Johnson) duly adopted, the Board voted unanimously that it is interested in exploring the option of absorbing the Unemployment Insurance program into PACIF.

The Board discussed whether both alternate directors would be able to vote if only one was needed to make up a quorum of the board.  Joe Damiata will seek the opinion of our corporate counsel John Riley on this question.

Upon motion (Powers/Hurd) duly adopted, the Board adjourned at 12:10 p.m.

Respectfully submitted,

David Sichel
Assistant Secretary

Board or Committee: 
PACIF Board of Directors

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