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HomeMy WebLinkAbout1970-04-06 MinutesMINUTES OF THE REGULAR MEETING • BOARD OF TRUSTEES FIREMEN'S PENSION AND RELIEF FUND April 6, 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, April 6, 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, March 2, 1970, 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, 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 March pensions. Mr. Spring- ston moved that the disbursements be allowed. The motion was seconded by Mr. Logue, 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 reported that the $200,000.00 investment at 7 1/2 percent interest authorized at the March 2, 1970, meeting was not secured because the First National Bank and the McIlroy Bank would not take the money for a period of four and five years. It was also reported that the McIlroy Bank did not want the $100,000.00 investment at 7 1/2 percent interest under any circumstances. Mr. Blackard moved that the Treasurer be, and he is hereby, authorized to invest $100,000.00 at 7 1/2 percent interest for a period of one year at the First National Bank of Fayetteville and to invest $100,000.00 at 7 1/2 percent interest for a period of one year at First Federal Savings and Loan Association of Fayetteville; also, the Treasurer is authorized to invest the second $100,000.00 at 7 1/2 percent interest at the First National Bank of Fayetteville if First Federal Savings and Loan Association of Fayetteville does not want the investment. 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. 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. • APPROVED:WESLEY M OWE, CHAIRMAN ATTEST: MA I YN M00 , SECRETARY