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HomeMy WebLinkAbout1971-03-01 Minutes• MINUTES OF THE REGULAR MEETING BOARD OF TRUSTEES FIREMEN'S PENSION AND RELIEF FUND March 1, 1971 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, March 1, 1971, at 4:30 P.M. Present: Chairman Wesley M. Howe, Secretary LoVetta Moore, Treasurer Patrick J. Tobin, Fire Chief Burl Skelton and Board Members: Joe Fraley, Paul Logue, Carl Springston and Dean Harris. Absent: None. Mr. Springston moved to approve the minutes of the last regular meeting on February 1, 1971, a copy of which had previously been mailed to each Board Member. The motion was seconded by Chief Skelton 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 declared the motion passed. The Secretary presented the Authorization Form to pay the February pensions. Mr. Logue moved that the disbursements be allowed. 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 declared the motion passed. Treasurer Tobin reported that the $15,000 tied up in investments had not been journalized in the savings account but had been deposited. Mr. Harris turned over $82.44 to one of the Cashiers in the Business Office, representing the Volunteer Firemen's 3% Pension Contributions for 1970. Chief Skelton recommended withdrawing $5,000 out of the checking account at the First National Bank, $10,000 from the passbook savings account at the McIlroy Bank, and putting it with the $15,000 already withdrawn from the Fayetteville Building $ Loan Association, making a total of $30,000, and purchase a two-year Savings Certificate at First Federal Savings $ Loan Association to draw 6% interest. Mr. Springston moved that Treasurer Tobin be authorized to make these with- drawals and purchase the $30,000 Savings Certificate at First Federal Savings $ Loan. 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 Chair- man declared the motion passed. There being no further business, Mr. Skelton moved that the meeting be adjourned. The motion was seconded by Mr. Fraley and passed unanimously, • whereupon the Chairman declared the meeting adjourned. /�y� APPROVED:4*ou!/rn40;ile P yIQ y�l Wesley . Howe, Chairman ATTEST: (J D LoVetta Moore, Secretary FAYETTEVILLE 13UILDING AND LOAN ASSOGLATION ORGANIZED IYzz Local Mutual %hriR and Home %Ynancirt9 Institution DAVID M. McNAIR, PRESIDENT February 23, 1971 Mr. Pat Tobin City of Fayetteville Fayetteville, Arkansas 72701 Dear Mr. Tobin: 201 NORTH EAST AVENUE FAYETTEVILLE, ARKANSAS We have appreciated having the Firemen's Relief and Pension Fund Fayetteville, Arkansas account and are sorry that it was necessary for the funds to have been withdraw, particularly between the earnings paying periods. The Variable Rate Certificates issued for the account previously involved a penalty of fifty per cent of the current passbook rate, if withdrawn before the contracted maturity dates. Fortunately, regulations later amended this certificate contract so that this penalty could be waived. However, regulations do not permit us to pay interest to date on this type of certificate, if withdrawn between earnings paying periods unless this date would also be the maturity date of the certificate. We discussed and agreed that a savings deposit account loan could be made on this account which would have resulted in a net gain on earnings payable on March 31, 1971 which would have in most part made up for any loss on earnings from the first of January, 1971. We appreciate all of the City of Fayetteville accounts and are always glad to be of service to you. Thank you. Yours t ly, Jack Tuck, Vice President 0