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Home My WebLink About1969-04-07 MinutesMINUTES OF THE REGULAR MEETING OF THE BOARD OF TRUSTEES OF THE FIREMEN'S PENSION & RELIEF FUND The regular meeting of the Board of Trustees of the Firemen's Pension and Relief Fund of Fayetteville, Arkansas, was held in the City Manager's office on Monday, April 7, 1969, at 4:45 P.m. Present: Chairman Wesley M. Howe, Fire Chief Burl Skelton, Secretary Marilyn Moore, and Board Members: Paul Loaue, Paul Blackard, Clarence Tune, and Bill Harris. Absent: Treasurer Albert J. Jones, Mr. Skelton moved to approve the Minutes of the last regular meeting on Monday, March 10, 1969, a copy of which had previously been mailed to each Board Member. The motion was seconded by Mr. Blackard and upon roll call the following vote was recorded: "Aye" Skelton, Logue, Blackard, Tune, and Harris. "Nay" none, There being five "Ayes" and no "Nays", the Chairman declared the motion passed, The Secretary presented the Authorization Form to pay the March pensions. lair. Harris moved that the disbursements be allowed. The motion was seconded by • Mr. Tune and upon roll call the following vote was recorded: "Aye" Skelton, Logue, Blackard, Tune, and Harris. "Nay" none. There being five "Ayes" and no "Nays", the Chairman declared the motion passed. Treasurer Jones prepared a memo which was presented to the Board Members concerning investment of funds. Mr. Jones recommended: 1. Withdraw $10,000.00 from the Little Rock Savings and Loan, (Interest rate 4.75%) 2. Cash in certificate of deposit No. 713 (McIlroy Bank) in the amount of $10,000.00 on April 10. (Interest rate 4.5%) 3. Cash in certificate of deposit No. 1295 (First State Bank, Springdale) in the amount of $10,000.00 on April 10. (Interest rate 4.5%) Invest the $30,000.00 received from items 1, 2, and 3 above in variable rate certificates (5.25%) in the following building and loan associations: First Savings and Loan Association, Clarksville, Arkansas $15,000.00 First Federal Savings and Loan Association, Russellville, Ark, $15,000.00 Both associations are members of the Federal Savings and Loan Insurance Corporation, 0 0 -2- Mr. Harris moved to accept the recommendation of Treasurer Jones as outlined in the memo.and reinvest the funds in associations paying 5.25% interest. The motion was seconded by Mr. Blackard and upon roll call the following vote was recorded: "Aye" Skelton, Logue, Blackard, Tune, and Harris. "Nay" none. There being five "Ayes" and no "Nays", the Chairman declared the motion passed. A discussion was held concerning Pension Fund payments, but action was postponed until a later date. There being no further business, Mr. Skelton moved to adjourn. The motion was seconded by Mr. Tune and passed unanimously, whereupon the Chairman declared the meeting adjourned. APPROVED:ks k 5 / �Sf—,76e �� LE M. HOWE, CHAIRMAN • ATTEST: Qij �c) YSEOC Q� MARILYN M RE, SECRETARY • MEMO TO: Board of Trustees, Firemen's Pension and Relief Fund FROM: Albert J. Jones, Controller -Treasurer SUBJECT: Investment of Funds DATE: April 4, 1969 At the March 10th meeting it was reported that your investment in the First Federal Savings and Loan of Little Rock would receive a first quarter interest payment on April 1. The interest was received and the following action is suggested for ,your consideration. 1. Withdraw $10,000.00 from the Little Rock Savings and Loan. (Interest rate 4.75%) I •� 2.' Cash in certificate of deposit Number 713 (P4cIlroy Bank) in the amount of $10,000.00 on April 10. (Interest rate 4.5/'00 3. Cash in certificate of deposit Number 1295 (First State Bank, Springdale) in the amount of $10,000.00 on April 10. (Interest rate 4.5%) Invest the $30,000.00 received from items 1, 2, and 3 above in variable rate certificates (5.25%) in the following building and loan associations: First Savings and Loan Association, Clarksville, Arkansas $15,000.00 First Federal Savings and Loan Association, Russellville, Arkansas $15,000.00 Both associations are members of the Federal Savings and Loan Insurance Corporation. 0 U • CITY OF FAYETTEVILLE April 8, 1969 'First State Bank Springdale, Arkansas Gentlemen: Please find enclosed Certificate of Deposit No. 1295• Kindly close out this certificate and mail a check, made payable to the Firemen's Pension and Relief Fund of Fayetteville, Arkansas, to the City of Fayetteville. Enclosure Respectfully, Evan Brott Assistant Controller E CITY OF FAYE T TEVILLE April 8, 1969 First Federal Savings and Loan Association 312 Louisiana Street Little Rock, Arkansas Gentlemen: Please find enclosed a passbook for the City of Fayetteville, Arkansas, Firemen's Pension and Relief Fund, and also a withdrawal O slip. Please withdraw $10,000.00 from this account and make the check payable to the above mentioned fund. D Respectfully, Evan Brott Assistant Controller Enclosure i CITY• OF FAYETTEVILLE April 11, 1969 First Federal Savings and Loan Association Russellville, Arkansas Gentlemen: O The City of Fayetteville Firemen's Pension and Relief Fund would like to invest $15,000 in a variable rate certificate at 5.25% with your association. Please find enclosed check No. 55386 for this amount. • D Respectfully, 1 j Evan Brott Assistant Controller Enclosure i ' I CITY'�'OF FAYETTEVILLE April 11, 1969 I First Savings and Loan Association i Clarksville, Arkansas Gentlemen: The City of Fayetteville Firemen's Pension and Relief Fund O would like to invest $15,000 in a variable rate certificate at 5.25% with your association. Please find enclosed check No. 55385 for this amount. (� • D Respectfully, i . Evan Drott Assistant Controller Enclosure ' , I 1 City of Fayettevillo Firomonlb Pension and Relief Fund �. Balanco Shoot 'At March 31.. 1.969 Exhibit Assets "t i :i. '.P.. Cash in 8anks Checking Account 1„ $6,919.19 Savings Account 2.37L.31 .. $;.9,293.50 investments At cost1. �0�0�0_00 —. Total ' M59,29I� Liabilities and Reserve,, Officcr;,J Contributions 'Refundable $ 14,770.01 Retirement Reserve 2L423.I:Q Total S259. Statement of.Cash Receipts and Disbursements, A' For Three Months Ended March 31,, 1969 Exhibit 1r1-2" Cash P.alance, December 31, 1968 $ 10,839.351 , Reccints Property Taxes $2,916.15' Interest Received2,587.50 Officers' Contributions 1,064.75.' Ambulance Service Payments. 54.00 , Total Receipts 6,622_1,0 Total Available S 7461.75 Disbursements .'' Purchase of Investments $5,000.00 Pensions Paid II: 5.542.56 Total Disbursements 10;5L2o% Cash Balance, March 310 1969. t 6;919,19 :i PIi i. kP if .y i q. ' <t P Id .. �' 4, . d.