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McIlroy Bank, and putting it with the $15,000 already withdrawn from the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
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