HomeMy WebLinkAbout1970-11-02 MinutesMINUTES OF THE REGULAR MEETING
• BOARD OF TRUSTEES
FIREMEN'S PENSION AND RELIEF FUND
November 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 Administration Building on Monday, November 2, 1970, at 4:30 P.M.
Present: Chairman Wesley M. Howe, Acting Secretary Virginia Throckmorton,
Treasurer Patrick J. Tobin, Fire Chief Burl Skelton and Board Members: Joe
Fraley, Paul Logue and Carl Springston.
Absent: Board Member Dean Harris,
Mr. Skelton moved to approve the minutes of the last regular meeting on Monday,
September 28, 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 and Springston. "Nay" none.
There being four "Ayes" and no "Nays", the Chairman declared the motion passed.
The Secretary presented the Authorization Form to pay the October pensions.
Mr. Springston moved that the disbursements be allowed. The -
motion was seconded by Mr. Fraley, and upon roll call the following vote was
recoreded: "Aye" Skelton, Fraley, Logue and Springston. "Nay" none. There
being.four "Ayes" and no "Nays", the Chairman declared the motion passed.
• The attached Financial Statement, dated October 30, 1970, was presented and
explained by Treasurer Tobin,
Chief Skelton asked to thank Treasurer Tobin for preparing the financial state-
ment and having it available for the Board meeting.
Cheif Skelton asked Treasurer Tobin if the cash in bank ($19,681.25 as indicated
on the Financial Statement) could be put in a passbook account and drawn out
each month for pension payments. Mr. Tobin indicated that he would see no
problem other than maybe a penality for withdrawal. Mr. Howe recommended
leaving $6,000 in the bank (cash in bank) to pay three months pension payments.
Mr. Tobin reported that McIlroy Bank will be offering 7 1/2 percent debentures
in December and wanted to ask the Boards opinion about investing in these deben-
tures. Mr. Skelton reported that he had investigated the legality of the Board
purchasing debentures with the City Attorney, Mr. Skelton reported that he did
not approve of purchasing debentures. No vote was taken.
Mr. Tobin asked the Board's opinion concerning how much from the cash in bank
account should be placed in a passbook account. Mr. Skelton suggested that
an amount be transferred from the cash in bank account to the savings account
to bring the savings account up to $15,000. (According to the October Financial
Statement the savings account is $2,468.71.) A motion was made by Mr. Logue to
transfer the appropriate amount from cash in bank to savings account. Mr. Fraley
. seconded the motion. 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. Skelton moved that the meeting be adjourned.
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The motion was seconded by Mr. Springston and passed unanimously, whereupon the
Chairman declared the meeting adjourned.
APPROVED: Iv /(�7e� —
WESLEY M. OWE, CHAIRMAN
ATTEST:
VIRGINIA AROCKMORTON, ACTING SECRETARY
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