HomeMy WebLinkAbout1970-03-02 Minutes• MINUTES OF THE REGULAR MEETING
BOARD OF TRUSTEES
FIREMEN'S PENSION AND RELIEF FUND
March 2, 1970
The regular meeting of the Board of Trustees of the Firemen's Pension and Relief
Fund of Fayetteville, Arkansas, was held in the Directors Room in the City Admini-
stration Building on Monday, March 2, 1970, at 4:30 p.m.
Present: Chairman Wesley M. Howe, Treasurer Patrick J. Tobin, Secretary Marilyn
Moore, Fire Chief Burl Skelton and Board Members: Joe Fraley, Paul Logue, Carl
Springston, and Paul Blackard.
Absent: None.
Mr. Skelton moved to approve the minutes of the last regular meeting on Monday,
February 2, 1970, a copy of which had previously been mailed to each Board Member.
The motion was seconded by Mr. Springston, and upon roll call the following vote
was recorded: "Aye" Skelton, Fraley, Logue, Springston, and Blackard.
"Nay" none. There being five "Ayes" and no "Nays", the Chairman declared the
motion passed.
The Secretary presented the Authorization Form to pay the February pensions.
Mr. Fraley moved that the disbursements be allowed. The motion was seconded
by Mr. Blackard, and upon roll call the following vote was recorded: "Aye"
•
Skelton, Fraley, Logue, Springston, and Blackard.
"Nay" none. There being five "Ayes" and no "Nays", the Chairman declared the
motion passed.
Mr. Skelton reported that Orville Stout, a Captain in the Fire Department, had
applied for a temporary disability pension of 90 days duration at his Doctor's
request. Mr. Stout was placed on sick leave March 2, 1969, until July 15, 19692
due to disc surgery on his back. At that time, he used all regular sick leave
and vacation leave, and was then granted 1/2 pay from the Board of Directors.
He also drew a disability pension at the rate of $210.00 per month from the Fire-
men's Pension and Relief Fund. Since July 15, 1969, he has been working on a
limited basis only, answering the telephone, etc. This application for disability
is a complication of his back surgery.
Mr. Springston moved that Orville Stout's application for temporary disability
of 90 days duration be accepted and that he receive payment in the amount of
$265.00 per month to begin when regular sick leave is depleted.
The motion was seconded by Mr. Fraley, and upon roll call the following vote was
recorded: "Aye" Skelton, Fraley, Logue, Springston, and Blackard.
"Nay" none. There being five "Ayes" and no "Nays", the Chairman declared the
motion passed.
The Treasurer presented financial statements for the year ended December 31, 1969.
Attention is called to a correction on the statement of Cash Receipts and Disburse-
ments. Under Disbursements, the Purchase of Investments should be $85,000.00 instead
of $5,000.00.
• Mr. Logue moved that the Treasurer be, and he is hereby, authorized to draw $200,000.00
out of institutions the greatest distance from Fayetteville and invest $100,000.00 in
the First National Bank of Fayetteville at the rate of 7 1/2 percent interest; and
invest $100,000.00 in the McIlroy Bank of Fayetteville at the rate of 7 1/2 percent
interest; one $100,000.00 investment to be for a period of 4 years and one $100,000.00
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investment to be for a period of 5 years.
The motion was seconded by Mr. Blackard, and upon roll call the following vote
• was recorded: "Aye" Skelton, Fraley, Logue, Springston, and Blackard.
"Nay" none. There being five "Ayes" and no "Nays", the Chairman declared the
motion passed.
There being no further business, Mr. Fraley moved to adjourn. The motion was
seconded by Mr. Blackard and passed unanimously, whereupon the Chairman declared
the meeting adjourned.
ATTEST: ///
MAI N MOO , SECRETARY
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0
APPROVED: ` 4 4
WESLEY M HOWE, CHAIRMAN
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Cash in Bank
Savings.Account
Investments
Total Assets
CITY OF FAYETTEVILLE, ARKANSAS
Firemen's Pension and Relief Fund
Refundable Officers' Contributions
Retirement Reserve
Total Liabilities and Reserve
•
Balance Sheet
At December 31, 1969
Assets
Liabilities and Reserve
Exhibit "K-1"
$ 129640.96
2,464.15
280,000.00
$295,105.11
$ 145231.94
280,873.17
$295,105.11
4
Cash in Bank
Savings.Account
Investments
Total Assets
CITY OF FAYETTEVILLE, ARKANSAS
Firemen's Pension and Relief Fund
Refundable Officers' Contributions
Retirement Reserve
Total Liabilities and Reserve
•
Balance Sheet
At December 31, 1969
Assets
Liabilities and Reserve
Exhibit "K-1"
$ 129640.96
2,464.15
280,000.00
$295,105.11
$ 145231.94
280,873.17
$295,105.11
E
CITY OF FAYETTEVILLE, ARKANSAS
Firemen's Pension and Relief Fund
Statement of Cash Receipts and Disbursements
For the Year Ended December 31, 1969
Cash balance, December 31, 1968
Receipts
Property Taxes $ 321216.72
State Insurance Commission 132261.62
Interest Received 145019.21
Officers' Contributions 22304.58
Ambulance Service Payments 262.00
Proceeds from Investments 49,958.46
Total Receipts
Total Available
Disbursements
Purchase of Investments $ 855000.00
Pensions Paid 235443.08
Refunds to Officers Terminated 13777.90
Total Disbursements
• Cash Balance, December 31, 1969
•
Exhibit "K-2"
$ 10,839.35
112,022.59
$1223861.94
$110,220.98
$ 125640.96