HomeMy WebLinkAbout1974-07-01 Minutes•
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MINUTES OF A MEETING OF THE FIREMEN'S
PENSION AND RELIEF BOARD
July 1, 1974
The monthly meeting of the Firemen's Pension and Relief Board was held
on July 1, 1974 at 4:30 P.M. in the Fayetteville City Manager's Office.
Present: Pat Tobin, Treasurer; Darlene Westbrook, Secretary; and Fire
Pension Board Members Larry Poage, Don Miller, Ronald McArthur,
and N. D. McChristian.
Absent: Chairman Donald L. Grimes and Fire Chief Charles McWhorter
In the absence of Chairman Donald Grimes, Pat Tobin called the meeting to
order and asked that the minutes of the last meeting be read. Following
the reading of the minutes, acting chairman Tobin asked if any changes
or additions needed to be made and there being none the minutes were
approved by the Board.
A motion to approve the Pension List for the month of July was made by
Larry Poage and seconded by Don Miller. Upon a vote of four "Ayes" and
no "Nays", the list was unanimously approved.
Mr. Tobin then distributed copies of the Firemen's Pension Fund Balance
Sheet. After giving the Board a brief summary as to its investments and
earned interest, Mr. Tobin suggested that the Board might increase an
available $7,000 to $10,000 to be invested with a matured Certificate of
Deposit in the amount of $21,000 and one in the amount of $105,000.
He suggested the resulting $136,000 in combined available funds be
re -invested at the First Federal Savings and Loan.
Mr. Poage told the Board he had reviewed regulations placed upon the invest-
ment of Firemen's Pension Funds and reported that the funds must be invested
in the name of the Firemen's Pension and Relief Fund. He then made a motion
to invest the $136,000 for one year at the First Federal Savings and Loan.
The motion was seconded by Don Miller and was approved by a unanimous vote
of the Board.
Mr. Tobin told the Board that he had been contacted as to whether or not the
Board would want to invest in stocks and bonds. During discussion, the
Board concurred that the funds should be invested locally so it could be
used for local purposes.
There being no further business, the meeting was adjourned.
APPROVED:
ATTEST: CHAIRMAN
SECRETARY