HomeMy WebLinkAbout1970-04-08 MinutesMINUTES OF A SPECIAL MEETING
• BOARD OF TRUSTEES
FIREMEN'S PENSION AND RELIEF FUND
April 8, 1970
A special 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
Administration Building on Wednesday, April 8, 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, and
Carl Springston.
Absent: Paul Blackard.
The Chairman reported the purpose of the meeting was to discuss the $100,000.00
investment at 7 1/2 percent interest for a period of one year at First National
Bank of Fayetteville and the investment of $100,000.00 at 7 1/2 percent interest
for a period of one year at First Federal Savings and Loan Association of Fayette-
ville authorized at the April 6, 1970, meeting.
Treasurer Tobin reported that First National Bank would pay 6 percent interest
on either $100,000.00 or $200,000.00 for a period of one year, but they would
not pay 7 1/2 percent interest on the investment. He reported that the 6 percent
interest rate would not justify drawing $100,000.00 out of institutions where it
• now draws 5 1/4 percent interest and having to pay the penalty.
Chairman Howe suggested that the Board leave all investments as is for the present
and then look at the investment situation at a later date.
Mr. Springston moved that Fire Chief Burl Skelton be, and he is hereby, authorized
to contact First Federal Savings and Loan Association of Fayetteville to try to
secure a $100,000.00 investment at 7 1/2 percent interest for a period of one year.
The motion was seconded by Mr. Fraley, and upon roll call the following vote was
recorded: "Aye" Skelton, Fraley, Logue, and Springston.
"Nay" none. There being four "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. Springston and passed unanimously, whereupon the Chairman declared
the meeting adjourned.
*4 APPROVED: op
WESLEY M. HOWE, CHAIRMAN
MOOT,0 MARILYN