HomeMy WebLinkAbout1974-10-07 Minutes• MINUTES OF A MEETING OF THE FIREMEN'S
PENSION AND RELIEF BOARD
October 7, 1974
The regular monthly meeting of the Firemen's Pension and Relief Board
was held on, October 7, 1974, at 4:30 p.m. in the Fayetteville City
Manager's Office.
Present: Donald L. Grimes, Chairman; Pat Tobin, Treasurer; Darlene
Westbrook, Secretary; and Fire Pension Board members Charles McWhorter,
Larry Poage, Don Miller, Ronald McArthur, and N. D. McChristian.
•
Absent: None
After calling the meeting to order, Chairman Grimes askedfifhthereebe
any corrections or additions to the minutes of the September 3, 1974
Pension Board meeting. No corrections being necessary, Charles McWhorter
made a motion to approve the minutes as submitted. The motion was seconded
by Larry Poage and was unanimously passed by the Board.
Charles McWhorter then made a motion to approve the October, 1974 pension
list. The motion was seconded by Ronald McArthur and was passed in a
unanimous vote of the Board.
• At the September 3, 1974 meeting, the Board had discussed the possibility
of investing $68,000 with a $12,694.44 certificate of deposit held by
Mcllroy Bank; however, Mr. Tobin reported that the bank was unwilling to
reissue the certificate under those terms. Mr. Tobin said that, of the
$40,000 available for investment, $38,822.00 was invested in Treasury
Bills with the remainder returned to the pension fund. The Treasury Bills
pay 8.7 percent interest, Mr. Tobin said, and would expire January 16, 1975.
Charles McWhorter reported that a telephone poll of the Board members con-
cerning the purchase of the bills hadobeen cbnducte'aandhthat the members
favored the purchase. Mr. McWhorter then made a:motion to confirm the
purchase and Don Miller seconded the motion. The motion was passed unani-
mously by the Board.
Mr. Tobin reported that a certificate of deposit in the amount of $15,000
invested with First Federal Savings and Loan will mature October 20, 1974
and is currently drawing 8.00 percent. Mr. Tobin said the certificate
could be renewed or it could be withdrawn and held until January, 1975
when the proceeds could be invested with a $120,000 certificate maturing
in January. After some discussion, Charles McWhorter made a motion to
renew the certificate at First Federal Savings and Loan. The motion was
seconded by Larry Poage and was unanimously approved by the Board.
•
Mr. Tobin then informed the Board that $10,600 in:cash was available for
investment but advised the Board to retain the money in the pension fund.
There being no further business, a motion to adjourn was made by Charles
McWhorter and seconded by Larry Poage. The motion was unanimously approved
by the Board. Chairman Grimes adjourned the meeting.
ATTEST:
9" IIA.F.f
Darlene Westbrook, Secretary
APPROVED:
Donald L. Grimes, Chairman