MEETING NUMBER 2849 JOURNAL OF PROCEEDINGS OF THE BOARD OF TRUSTEES OF THE POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT

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1 MEETING NUMBER 2849 JOURNAL OF PROCEEDINGS OF THE BOARD OF TRUSTEES OF THE POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT PROCEEDINGS HELD THURSDAY, AUGUST 4, :00 A.M. IN THE CONFERENCE ROOM OF THE RETIREMENT SYSTEMS 910 COLEMAN A. YOUNG MUNICIPAL CENTER DETROIT, MICHIGAN PRESENT Janice Butler Mark Diaz Matthew Gnatek Cheryl R. Johnson Brenda Jones Joseph Martinico James Moore Sean P. Neary Jeffrey Pegg Fred D. Wheeler Cynthia A. Thomas Ryan C. Bigelow Janet S. Lenear Ronald Zajac Joe Turner Ex/Officio Trustee Elected Trustee Elected Trustee/Vice Chairman Ex/Officio Trustee/Treasurer Ex/Officio Trustee/Council Member Ex/Officio Trustee Elected Trustee Elected Trustee/Chairman Elected Trustee Ex/Officio Trustee Assistant Executive Secretary Investment Analyst Recording Secretary Legal Counsel Special Legal Counsel EXCUSED George Orzech Walter Stampor Elected Trustee Executive Secretary ABSENT None

2 2 CHAIRPERSON Sean P. Neary VICE CHAIRPERSON Matthew Gnatek ROLL CALL WAS TAKEN AT 9:04 A.M. BY THE BOARD S RECORDING SECRETARY AND THE MEETING WAS CALLED TO ORDER. DROP RETIREMENTS BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE MOORE RESOLVED, THAT THE DROP APPLICATIONS WHICH ARE DESIGNATED BELOW BE APPROVED: DROP RETIREMENTS NAME, TITLE, DEPARTMENT: TOMMY BELL, JR. OFFICER - POLICE RETIREMENT TYPE, PLAN: DROP - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: ROBERT HAIG SERGEANT - POLICE RETIREMENT TYPE, PLAN: DROP - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: DANNY NEWKIRK OFFICER - POLICE RETIREMENT TYPE, PLAN: DROP - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: GERALD ROBINSON LIEUTENANT - POLICE RETIREMENT TYPE, PLAN: DROP - NEW SERVICE CR./EFFECTIVE DATE: NAME, TITLE, DEPARTMENT: ROBIN WILLIAMS OFFICER - POLICE RETIREMENT TYPE, PLAN: DROP - NEW SERVICE CR./EFFECTIVE DATE: TRUSTEES BUTLER, DIAZ, GNATEK, MOORE, PEGG AND CHAIRMAN NEARY 6

3 3 EARLY RETIREMENT BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE BUTLER RESOLVED, THAT THE EARLY RETIREMENT APPLICATION WHICH IS REFERENCED BELOW BE APPROVED: EARLY RETIREMENT NAME, TITLE, DEPARTMENT: JAMAL HOWELL FIRE FIGHTER - FIRE RETIREMENT TYPE, PLAN: EARLY RETIREMENT - NEW SERVICE CR./EFFECTIVE DATE: TRUSTEES BUTLER, DIAZ, GNATEK, MOORE, PEGG AND CHAIRMAN NEARY 6 CONFIRMATIONS BY TRUSTEE PEGG SUPPORTED BY TRUSTEE MOORE RESOLVED, THAT THE RECEIPTS AND DISBURSEMENTS THAT WERE PRESENTED TO THE BOARD THIS DATE AND WHICH ARE REFERENCED AT THE END OF THESE PROCEEDINGS BE CONFIRMED: TRUSTEES BUTLER, DIAZ, GNATEK, MOORE, PEGG AND CHAIRMAN NEARY 6 SPECIAL COUNSEL JOE TURNER ENTERED THE MEETING AT 9:13 A.M. REFUNDS OF ACCUMULATED CONTRIBUTIONS BY TRUSTEE MOORE SUPPORTED BY TRUSTEE PEGG RESOLVED, THAT THE CONTRIBUTIONS TO THE ANNUITY SAVINGS FUND BY MEMBERS OF THE POLICE AND FIRE RETIREMENT SYSTEM OF THE CITY OF DETROIT, AS SET FORTH ON LIST NUMBER 3414, IN THE AMOUNT OF $551,046.99, INCLUDING INTEREST, BE REFUNDED PENDING AUDIT BY RETIREMENT SYSTEM ACCOUNTING STAFF: TRUSTEES BUTLER, DIAZ, GNATEK, MOORE, PEGG AND CHAIRMAN NEARY 6

4 4 TRUSTEE FRED WHEELER ENTERED THE MEETING AT 9:14 A.M. MINUTES OF JULY 21, 2011 BY TRUSTEE GNATEK SUPPORTED BY TRUSTEE BUTLER RESOLVED, THAT THE MINUTES OF THE MEETING HELD THURSDAY, JULY 21, 2011 BE APPROVED AS AMENDED AND SUBMITTED BY THE BOARD S RECORDING SECRETARY: RETURN TO WORK DIRECTIVE FOR ROBERT MAGEE CHAIRMAN NEARY DIRECTED THAT DETROIT RECEIVING HOSPITAL S JULY 27, 2011 REPORT REGARDING ROBERT MAGEE BE ACCEPTED AND MR. MAGEE BE RETURNED TO WORK AND HIS NAME BE REMOVED FROM THE DISABILITY RETIREMENT PAYROLLS AS OF THE DATE HE RETURNS TO WORK. Pre-Employment Military Service Credit Application of Kevin Wight Pension Number: By Trustee Gnatek Supported by Trustee Diaz Whereas, Kevin Wight has applied to this Board for Pre-Employment Military Service Credit and has complied with all of the necessary requirements of Section b of the Charter Provisions, as amended by Board resolution of February 3, 1983, Therefore Be It Resolved, That payment of the full amounts be made to the Pension Accumulation Fund by the method selected by Mr. Wight and the number of months eligible active duty be credited him as membership service credit subject to the conditions and limitations of the authorizing ordinance provisions as amended by Board resolution of February 3, 1983: TRUSTEES BUTLER, DIAZ, GNATEK, MOORE, PEGG, WHEELER AND CHAIRMAN NEARY 7

5 5 LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST, INC. BY TRUSTEE MOORE SUPPORTED BY TRUSTEE PEGG RESOLVED, THAT THE LIGHTSTONE VALUE PLUS REAL ESTATE INVESTMENT TRUST, INC. PROXY (STOCKHOLDER MEETING TO BE HELD SEPTEMBER 20, 2011) BE SUBMITTED TO COURTLAND PARTNERS FOR REVIEW AND RECOMMENDATION, AND BE IT FURTHER RESOLVED, THAT A COPY OF THIS RESOLUTION BE FORWARDED TO COURTLAND PARTNERS: TRUSTEES BUTLER, DIAZ, GNATEK, MOORE, PEGG, WHEELER AND CHAIRMAN NEARY 7 TRUSTEE JOSEPH MARTINICO ENTERED THE MEETING AT 9:26 A.M. COMMERCE COMMUNICATIONS GROUP, INC./MARX LAYNE JAMAINE DICKENS (OF COMMERCE COMMUNICATIONS GROUP, INC.) AND ALAN UPCHURCH AND MICHAEL SZUDAREK (OF MARX LAYNE) DISCUSSED PUBLIC RELATIONS AND CRISIS MANAGEMENT SERVICES AT LENGTH. TRUSTEES CHERYL R. JOHNSON AND BRENDA JONES ENTERED THE MEETING AT 10:12 A.M. FISHER INVESTMENTS LEON STAMPS AND OWEN MUEHFELD DISCUSSED PERFORMANCE. ADRIAN ANDERSON AND DONALD TABRON (WHO RECENTLY JOINED NORTH POINT ADVISORS DETROIT OFFICE AS A CONSULTANT) JOINED THE BOARD IN LISTENING TO FISHER S PRESENTATION. TRUSTEE MATTHEW GNATEK TEMPORARILY EXCUSED HIMSELF (AT 10:30 A.M.) DURING FISHER S PRESENTATION. TRUSTEE CHERYL R. JOHNSON TEMPORARILY EXCUSED HERSELF AT 10:56 A.M.

6 6 FRANCO PUBLIC RELATIONS MICHELLE ZDRODOWSKI DISCUSSED PUBLIC RELATIONS AND CRISIS MANAGEMENT SERVICES AT LENGTH. INTERNSHIPS FOR ACCOUNTING DIVISION OPERATIONS AND INVESTMENT ANALYST ASSISTANT BY TRUSTEE PEGG SUPPORTED BY TRUSTEE JONES WHEREAS, THE BOARD IS IN THE PROCESS OF REVIEWING THE NEEDS OF THE RETIREMENT SYSTEM REGARDING THE ABOVE MATTERS, AND WHEREAS, THE BOARD HAS DISCUSSED THE POSSIBILITY OF RETAINING INTERNS OR SIMILARLY SITUATED PERSONNEL TO ASSIST THE ACCOUNTING DIVISION AND INVESTMENT ANALYST AS DETERMINED BY THE EXECUTIVE SECRETARY AND ASSISTANT EXECUTIVE SECRETARY, THEREFORE BE IT RESOLVED, THAT THE BOARD APPROVES THE OBTAINING OF SERVICES OF INTERNS OR QUALIFIED PERSONNEL TO ASSIST THE ACCOUNTING DIVISION AND INVESTMENT ANALYST CONSISTENT WITH HOURLY RATES PREVIOUSLY UTILIZED BY THE RETIREMENT SYSTEM AS DETERMINED BY THE EXECUTIVE SECRETARY AND ASSISTANT EXECUTIVE SECRETARY: FOLLOWING DISCUSSION OF THE FOREGOING MOTION, THE MOTION WHICH FOLLOWS WAS MADE: BY TRUSTEE JONES SUPPORTED BY TRUSTEE MOORE RESOLVED, THAT THE FOREGOING MOTION BE TABLED: A ROLL CALL VOTE WAS TAKEN AS FOLLOWS: TRUSTEES BUTLER, DIAZ, JONES, MARTINICO, MOORE, PEGG, WHEELER AND CHAIRMAN NEARY 8 RACINE & ASSOCIATES THE BOARD DISCUSSED PARAMOUNT LIMITED, LLC/ PARAMOUNT LAND HOLDINGS, LLC WITH MARIE RACINE.

7 7 RECESS THE BOARD RECESSED FOR LUNCH AT 11:45 A.M. TRUSTEE CHERYL R. JOHNSON RE-JOINED THE MEETING (AT 12:43 P.M.) DURING RECESS. CHAIRMAN NEARY CALLED THE MEETING BACK TO ORDER AT 12:58 P.M. LEGAL COUNSEL S REPORTS GENERAL COUNSEL RONALD ZAJAC DISCUSSED VARIOUS MATTERS WITH THE BOARD OF TRUSTEES AS FOLLOWS: SCOTT & SCOTT -COUNTRYWIDE CLA (UPDATE) HILTON NAPOLEON (UPDATE) MAYFIELD GENTRY REALTY ADVISORS, LLC MR. ZAJAC PROVIDED THE BOARD WITH A COPY OF MAYFIELD S AUGUST 4, 2011 RESPONSE TO GENERAL COUNSEL S INQUIRY REGARDING PETE KING NEVADA CORPORATION, CARPENTERS LOCAL 1977 NOTICE OF LABOR DISPUTE WHEREIN MAYFIELD GENTRY ASSURES THE BOARD THAT THE PATRICK COMMERCE CENTER HAS NEVER BEEN THE SUBJECT OF ANY LABOR DISPUTE WITH ANY ORGANIZED TRADE UNION. MBIA DERIVATIVE LITIGATION MR. ZAJAC PROVIDED THE BOARD WITH A COPY OF A JULY 25, 2011 COMMUNICATION FROM SPECIAL LEGAL COUNSEL KOHN, SWIFT & GRAF, P.C. WHEREIN KOHN, SWIFT & GRAF STATES THAT KSG AGREED TO ATTEMPT TO MEDIATE A SETTLEMENT OF THE MATTER. AMBAC FINANCIAL GROUP, INC. MR. ZAJAC PROVIDED THE BOARD WITH A COPY OF TWO JULY 27, 2011 COMMUNICATIONS FROM SPECIAL LEGAL COUNSEL WOLF, HALDENSTEIN, ALDER, FREEMAN & HERZ, LLP WHEREIN WOLF, HALDENSTEIN, ALDER, FREEMAN & HERZ INTEND, AS THE SYSTEM S REPRESENTATIVE, TO FILE A FORMAL OBJECTION TO DEFENDANTS NOTICE OF PRESENTMENT OF AMENDED ORDER. PFRS VERSUS SMITH INTERNATIONAL, INC. MR. ZAJAC PROVIDED THE BOARD WITH A COPY OF AN AUGUST 2, 2011 COMMUNICATION FROM SPECIAL LEGAL COUNSEL KOHN, SWIFT & GRAF WHEREIN KOHN, SWIFT &

8 8 CONTINUATION OF LEGAL COUNSEL S REPORTS GRAF STATE THAT A TENTATIVE SETTLEMENT OF THE ISSUE REGARDING ATTORNEYS FEES HAS BEEN REACHED WITH THE DEFENDANTS. ICG-REA MANAGER, LLC AND ICG LEASEBACK FUND I, LLC VERSUS GRS/PFRS MR. ZAJAC PROVIDED THE BOARD WITH A COPY OF A JULY 29, 2011 ORDER TO SHOW CAUSE AND TEMPORARY RESTRAINING ORDER WITHOUT NOTICE, AND A COPY OF AN AUGUST 3, 2011 AMENDED ORDER TO SHOW CAUSE AND TEMPORARY RESTRAINING ORDER WITHOUT NOTICE TRUSTEE CHERYL R. JOHNSON EXCUSED HERSELF (AT 1:02 P.M.) DURING GENERAL COUNSEL S REPORTS. TRUSTEE MATTHEW GNATEK RE-JOINED THE MEETING (AT 1:15 P.M.) DURING GENERAL COUNSEL S REPORTS. BAB ASSOCIATES, LLC BRUCE BABIARZ DISCUSSED PUBLIC RELATIONS AND CRISIS MANAGEMENT SERVICES AT LENGTH. INTERNSHIPS FOR ACCOUNTING DIVISION OPERATIONS AND INVESTMENT ANALYST ASSISTANT BY TRUSTEE PEGG SUPPORTED BY TRUSTEE JONES RESOLVED, THAT THE BOARD S MOTION REGARDING THE HIRING OF INTERNS, WHICH WAS TABLED THIS DATE, BE REMOVED FROM THE TABLE: A ROLL CALL VOTE WAS TAKEN AS FOLLOWS: TRUSTEES BUTLER, DIAZ, GNATEK, JONES, MARTINICO, MOORE, PEGG, WHEELER AND CHAIRMAN NEARY 9 FOLLOWING IS THE BOARD S MOTION OF THIS DATE REGARDING THE HIRING OF INTERNS:

9 9 INTERNSHIPS FOR ACCOUNTING DIVISION OPERATIONS AND INVESTMENT ANALYST ASSISTANT BY TRUSTEE PEGG SUPPORTED BY TRUSTEE JONES WHEREAS, THE BOARD IS IN THE PROCESS OF REVIEWING THE NEEDS OF THE RETIREMENT SYSTEM REGARDING THE ABOVE MATTERS, AND WHEREAS, THE BOARD HAS DISCUSSED THE POSSIBILITY OF RETAINING INTERNS OR SIMILARLY SITUATED PERSONNEL TO ASSIST THE ACCOUNTING DIVISION AND INVESTMENT ANALYST AS DETERMINED BY THE EXECUTIVE SECRETARY AND ASSISTANT EXECUTIVE SECRETARY, THEREFORE BE IT RESOLVED, THAT THE BOARD APPROVES THE OBTAINING OF SERVICES OF INTERNS OR QUALIFIED PERSONNEL TO ASSIST THE ACCOUNTING DIVISION AND INVESTMENT ANALYST CONSISTENT WITH HOURLY RATES PREVIOUSLY UTILIZED BY THE RETIREMENT SYSTEM AS DETERMINED BY THE EXECUTIVE SECRETARY AND ASSISTANT EXECUTIVE SECRETARY: TRUSTEES BUTLER, DIAZ, GNATEK, JONES, MARTINICO, MOORE, PEGG, WHEELER AND CHAIRMAN NEARY 9 SPECIAL LEGAL COUNSEL S REPORTS SPECIAL LEGAL COUNSEL JOE TURNER DISCUSSED VARIOUS MATTERS WITH THE BOARD OF TRUSTEES, INCLUDING TRADEWINDS AND GREGORY CIAGLO. TRUSTEE BRENDA JONES EXCUSED HERSELF AT 2:24 P.M. RE: TRADEWINDS AIRLINES, INC. BY: Trustee Pegg Supported by Trustee Butler WHEREAS, the Board of Trustees is in receipt of a Motion for authorization to Reimburse Expenses to Tuggle Duggins & Mescham, P.A., Special Litigation Counsel for the Trustee (served upon the Retirement System on July 22, 2011), and WHEREAS, the Board of Trustees received a legal report (Tab 8 of 8/4/11 legal report) regarding this matter, and

10 10 RE: TRADEWINDS AIRLINES, INC. - CONTINUED WHEREAS, the Retirement System s local bankruptcy counsel in Miami, FL recommends that no objection to the motion be filed for the reasons stated in the legal report to the Retirement System on August 4, 2011, which recommendation is concurred with by Clark Hill, the Retirement System s special legal counsel, therefore be it RESOLVED, that the Board accepts and approve the recommendations of legal counsel and agrees that no objection to the motion should be filed, and be it further RESOLVED, that a copy of this resolution be forwarded to Clark Hill, LLC, Attention: Joe Turner; and Clark Hill is requested to forward a copy of this resolution to Miami local bankruptcy legal counsel, and be it further RESOLVED, that a copy of this resolution be maintained in the Police and Fire Retirement System records: TRUSTEES BUTLER, DIAZ, GNATEK, MARTINICO, MOORE, PEGG, WHEELER AND CHAIRMAN NEARY 8 THE SEMINOLE COMPANIES INVESTMENT ANALYST RYAN C. BIGELOW DISCUSSED SEMINOLE S REQUEST THAT THE SYSTEM RE-ALLOCATE ALL OR A PORTION OF THE SAS MORTGAGE TRUST TO SECTION 20 (D) TO ACCOMMODATE INVESTMENTS IN CONSTRUCTION LOANS AND PERMANENT MORTGAGES FOR RENEWABLE ENERGY PROJECTS BACKED BY LICENSES AND RECOMMENDED THAT THE BOARD NOT APPROVE SAME (PER AUGUST 4, 2011 COMMUNICATION). CAPITAL CALLS BY TRUSTEE PEGG SUPPORTED BY TRUSTEE MOORE WHEREAS, THE BOARD HAS BEEN PRESENTED WITH A SUMMARY OF CAPITAL CALLS WHICH ARE REFERENCED AT THE END OF THESE PROCEEDINGS, AND WHEREAS, THE BOARD HAS BEEN REQUESTED TO APPROVE FUNDING OF SAID CAPITAL CALLS, THEREFORE BE IT

11 11 CAPITAL CALLS - CONTINUED RESOLVED, THAT SUBJECT TO FINAL APPROVAL OF ALL TRANSACTION DOCUMENTS BY THE BOARD S LEGAL COUNSEL AND SUBJECT TO STAFF AUDIT, THE BOARD APPROVES FUNDING OF SAID CAPITAL CALLS: TRUSTEES BUTLER, DIAZ, GNATEK, MARTINICO, MOORE, PEGG, WHEELER AND CHAIRMAN NEARY 8 FEES AND EXPENSES BY TRUSTEE PEGG SUPPORTED BY TRUSTEE WHEELER WHEREAS, THE BOARD HAS BEEN PRESENTED WITH A SUMMARY OF MANAGEMENT FEES, LEGAL FEES AND ADMINISTRATIVE AND OTHER EXPENSES WHICH ARE REFERENCED AT THE END OF THESE PROCEEDINGS, AND WHEREAS, THE BOARD HAS BEEN REQUESTED TO APPROVE PAYMENT OF SAID FEES AND EXPENSES, THEREFORE BE IT RESOLVED, THAT SUBJECT TO FINAL APPROVAL OF ALL TRANSACTION DOCUMENTS BY THE BOARD S LEGAL COUNSEL AND SUBJECT TO STAFF AUDIT, THE BOARD APPROVE PAYMENT OF SAID FEES AND EXPENSES: TRUSTEES BUTLER, DIAZ, GNATEK, MARTINICO, MOORE, PEGG, WHEELER AND CHAIRMAN NEARY 8 PARAMOUNT LIMITED, LLC/PARAMOUNT LAND HOLDINGS, LLC BY TRUSTEE MOORE SUPPORTED BY TRUSTEE GNATEK WHEREAS, SPECIAL LEGAL COUNSEL IN THIS MATTER, RACINE & ASSOCIATES, HAS SUBMITTED THE REQUEST OF THE RECEIVER IN THIS MATTER, MCTEVIA & ASSOCIATES, LLC, FOR AN ADVANCE OF NINETY-SIX THOUSAND AND NO/100 DOLLARS ($96,000.00) FOR PURPOSES OF PAYING THE START UP COSTS AND FEES ASSOCIATED WITH THE ENFORCEMENT OF THE RECEIVER ORDER ISSUED BY THE COURT IN THIS MATTER, AND WHEREAS, RACINE & ASSOCIATES HAS REPORTED THAT MCTEVIA & ASSOCIATES REPAID FORTY-SIX THOUSAND AND NO/100 DOLLARS ($46,000.00) OF THE FIFTY THOUSAND AND NO/100 DOLLARS ($50,000) ADVANCE FROM THE BOARD WHICH WAS APPROVED BY THE BOARD ON JUNE 9, 2011, AND

12 12 PARAMOUNT LIMITED, LLC/PARAMOUNT LAND HOLDINGS, LLC CONTINUED WHEREAS, THE ADVANCE TO THE RECEIVER IS A PROTECTIVE ADVANCE PURSUANT TO THE RECEIVER ORDER AND WILL BE REPAID FROM THE FIRST FUNDS AVAILABLE FROM THE PARAMOUNT OPERATION AS MARSHALED AND MANAGED BY THE RECEIVER, AND WHEREAS, THE BOARD HAS DISCUSSED THIS MATTER, THEREFORE BE IT RESOLVED, THAT THE BOARD AUTHORIZE THE ADVANCE OF NINETY-SIX THOUSAND AND NO/100 DOLLARS ($96,000.00) TO MCTEVIA & ASSOCIATES FOR COSTS ASSOCIATED WITH THE ENFORCEMENT OF THE RECEIVER ORDER AS TO THE RECEIVERSHIP PROPERTY, AND BE IT FURTHER RESOLVED, THAT THE BOARD S AUTHORIZATION TO ADVANCE SUCH FUNDS TO MCTEVIA & ASSOCIATES IS BASED UPON THE UNDERSTANDING THAT IT IS A PROTECTIVE ADVANCE PURSUANT TO THE RECEIVER ORDER AND WILL BE REPAID FORM THE FIRST FUNDS AVAILABLE FROM THE PARAMOUNT OPERATION AS MARSHALED AND MANAGED BY THE RECEIVER, AND BE IT FURTHER RESOLVED, THAT A COPY OF THIS RESOLUTION BE IMMEDIATELY FORWARDED TO MCTEVIA & ASSOCIATES, LLC (ATTENTION: JAMES V. MCTEVIA), TELEGRAPH ROAD, SUITE 185, BINGHAM FARMS, MI 48025; RACINE & ASSOCIATES (ATTENTION: MARIE T. RACINE), 1001 WOODWARD AVENUE, SUITE 1100, DETROIT, MICHIGAN 48226); AND THE ACCOUNTING DIVISION OF THE RETIREMENT SYSTEM: TRUSTEES BUTLER, DIAZ, GNATEK, MARTINICO, MOORE, PEGG, WHEELER AND CHAIRMAN NEARY 8 PUBLIC FORUM AT 3:10 P.M., CHAIRMAN NEARY DECLARED THE MEETING IN OPEN FORUM FOR GENERAL DISCUSSION BY THE PUBLIC ATTENDING THE MEETING. ADJOURNMENT THERE BEING NO FURTHER BUSINESS BEFORE THE BOARD, CHAIRMAN NEARY ADJOURNED THE MEETING AT 3:10 P.M. UNTIL THURSDAY, AUGUST 11, 2011 AT 9:00 A.M., IN ROOM 910 OF THE COLEMAN A. YOUNG MUNICIPAL CENTER, DETROIT, MICHIGAN RESPECTFULLY SUBMITTED, CYNTHIA A. THOMAS, ASSISTANT EXECUTIVE SECRETARY

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