HomeMy WebLinkAbout1971-11-01 Minutes• MINUTES OF THE REGULAR MEETING
BOARD OF TRUSTEES
FIREMEN'S PENSION AND RELIEF FUND
November 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 City Manager's Office
in the City Administration Building on Monday, November 1, 1971, at 4:30
p.m.
Present: Chairman Wesley M. Howe, Secretary LoVetta Moore, Fire Chief
Charles McWhorter, and Board Members: Paul Logue, Harold Lee, Howard
Boudrey and Dean Harris.
The minutes of the last regular meeting on October 4, 1971, copies of
which had previously been distributed to each of the Board members, were
approved.
The Secretary presented the Authorization Form to pay the November pensions.
Mr. Boudrey moved that the disbursements be allowed. The motion was
seconded by Mr. Harris, and upon roll call passed unanimously.
Treasurer Tobin advised the Board that a quarterly financial statement
would more accurately reflect the cash position of the pension fund and
recommended that preparation of the financial statement be set up on a
• quarterly basis as opposed to a monthly report. He stated that he would
advise the Board at its regular meetings if the cash position is suffi-
cient to warrant any investment action.
Following discussion by the Board members, it was unanimously agreed
that a quarterly statement would be sufficient.
Treasurer Tobin stated that the pension fund cash position would allow
for the release of $14,000 for investment purposes.
Following discussion by the Board, Chief McWhorter.moved that $14,000
be invested at First Federal for a period of two years at 6% interest
or better.
The motion was seconded by Mr. Lee, and upon roll call passed unanimously.
Chief McWhorter discussed the matter of the possibility of raising the
volunteer fir@men's pension pay. He reported that Act 64 of 1971 "Permits
the Board of Trustees of Firemen's Pension and Relief Fund in Cities over
20,000 with volunteer firemen to pay up to an additional $25.00 per month
over the present $30.00 per month for 20 years service plus $5.00 per
month for each additional year for five more years if sufficient money
is in the fund." "Applies primarily to City of Blytheville" is added
to the end of the Act and Chief McWhorter stated he did not know what
this last sentence means. Following discussion by the Board, Mr. Logue
moved that the City Attorney be consulted to see how this Act would
apply to Fayetteville. The motion was seconded by Mr. Boudrey, and
upon roll call passed unanimously.
•
There being no further business, Chief McWhorter moved that the meeting
41 be adjourned. The motion was seconded by Mr. Boudrey and passed unanimously,
whereupon the Chairman declared the meeting adjourned. �n
APPROVED: /
Wesley Howe, Chairman
ATTEST:Y%pgdZQ�
Lo etta Moore, Secretary
L�
40