HomeMy WebLinkAbout1974-06-10 MinutesMINUTES OF MEETING OF FIREMEN'S PENSION
AND RELIEF FUND BOARD
June 10, 1974
4:30 P.M. City Managers Office
The June 3, 1974 meeting had been cancelled because of failure to obtain
a Quorum
Present: Chairman Donald L. Grimes; Darlene Westbrook, Secretary; Pat
Tobin, Treasurer, Charles McWhorter, Fire Chief; and Fire Pension Board
Members Larry Poage, Don Miller, Ronald McArthur, and N. D. McChristian.
Absent: None
Chairman Grimes called the meeting to order after which Fire Chief McWhorter
introduced Don Miller and Ronald McArthur as new members of the Board.
Chairman Grimes asked if any changes or additions needed to be made to the
minutes of the May 6, 1974 meeting. There being no changes or additions,
Chief McWhorter made a motion to approve the minutes and Don Miller
seconded the motion. The motion was passedobyla unanimous vote of the Board.
Larry Poage made a motion to approve the pension payment list for June and
Ronald McArthur seconded the motion. There being a unanimous vote on the
motion, the pension list was approved.
Pat Tobin, Treasurer, reported that one Certificate of Deposit in the amount
of $21,000 had matured at First Federal Savings and Loan.and that $17,000
in cash was available for investment. Mr. Tobin suggested the Board might
want to invest $7,000 of the $17,000 in cash with the $21,000 matured Certifi-
cate and then combine the resulting $28,000 with the City's other pension
funds to build the funds to $100,000 total investment. When the interest
came due on all of the pension funds, the interest would then be divided
between the funds with each fund credited with the correct amount of interest.
The $100,000 investment would be beneficial in that it would earn a higher
rate of interest.
Chief McWhorter asked if the process would be legal as he believed the invest-
ments had to be made in the name of the Firemen's Pension fund. Mr. Tobin
said he was not aware of any such restriction but that he would investigate
the legalities.
Mr. McChristian suggested action be delayed until thetJuiy meeting when other
investments were due to mature and then discuss combining the fnvdstments. Mr.
Tobin said the $21,000 matured investment could be left in the fund for another
month and draw additional interest. Chief McWhorter then made a motion to
retain the $21,000 investment for another month with the intention of possibly
combining it with a $105,000 investment that will mature in July.. The motion
was seconded by Mr. McChristian and was passed by a unanimous vote of the Board
•
FIREMEN'S PENSION MEETING
June 10, 1974
Page 2
Chief McWhorter then submitted a certificate of 20 -year service for Harold
Lee which all members of the Board signed.
A motion was made by Chief McWhorter to adjourn the meeting. The motion
was seconded by Larry Poage and passed unanimously by the Board. Chairman
Grimes then adjourned the meeting.
APPROVED:
/4-+t-eiLle.d4-tfrjs
C AIRMAN
ATTEST:
• C�7c,c, t ..c..J U.ce-ent dc.
•