HomeMy WebLinkAbout1970-08-10 MinutesMINUTES OF A SPECIAL MEETING
• BOARD OF TRUSTEES
FIREMEN'S PENSION AND RELIEF FUND
August 10, 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 Monday, August 10, 1970, at 4:30 p.m.
Present: Secretary Marilyn Moore, Treasurer Patrick J. Tobin, Fire Chief
Burl Skelton and Board Members: Joe Fraley, Paul Logue, Carl Springston, and
Dean Harris.
Absent: Chairman Wesley M. Howe.
The purpose of the meeting was to discuss a $100,000.00 investment at McIlroy
Bank.
Mr. Skelton reported that he had discussed the idea of the investment with
members of the Fire Pension Board and obtained permission to approach McIlroy
Bank officials to see about a $100,000.00 investment. He reported that the
McIlroy Bank would take an investment of $100,000.00 at 7% interest for a
period of one (1) year. Mr. Skelton recommended that Certificates of Deposit
in the amount of $15,000.00 each be withdrawn from Savings and Loan Institu-
tions in Siloam Springs, Bentonville, Rogers, and Springdale to make a total
of $60,000.00. There is $45,000.00 in the checking account. He recommended
that $40,000.00 in the checking account along with the $60,000.00 from the
• Certificates of Deposit be used to invest $100,000.00 at 7% interest for
one (1) year at the McIlroy Bank.
Mr. Harris moved to accept Mr. Skelton's recommendation and that Treasurer
Tobin be, and he is, hereby authorized to invest $100,000.00 at 7% interest
for one (1) year at the McIlroy Bank, withdrawing Certificates of Deposit
from Savings and Loan Institutions in Siloam Springs, Bentonville, Rogers,
and Springdale for a total of $60,000.00 and using $40,000.00 in the check-
ing account for the investment.
The motion was seconded by Mr. Fraley, and upon roll call the following vote
was recorded: Aye: Skelton, Fraley, Logue, Springston, and Harris.
"Nay" none. There being five "Ayes" and no "Nays", the Chairman Pro Tem
declared the motion passed.
There being no further business, Mr. Fraley moved to adjourn. The motion
was seconded by Mr. Logue and passed unanimously, whereupon the Chairman Pro
Tem declared the meeting adjourned.
APPROVED: 193,e. J�lre
BURL SKELTON, CHAIRMAN PRO TEM
ATTEST:
• MAR LYN MTM, SECRETARY