HomeMy WebLinkAbout1975-07-07 Minutes•
•
•
MINUTES OF A MEETING OF THE FIREMEN'S PENSION AND RELIEF FUND BOARD
July 7, 1975
The regular monthly meeting of the Firemen's Pension and Relief Fund Board
was held July 7, 1975 at 4:30 p.m. in the City Manager's Office.
PRESENT: Chairman Donald L. Grimes; Treasurer Pat Tobin; Secretary Darlene
Westbrook; and Board members Charles McWhorter, Ronald McArthur,
and Howard Boudrey
ABSENT: Dean Harris, and Don Miller
The meeting was called to order by Chairman Grimes who asked if there be
any amendments to the minutes of the June 2, 1975 meeting. There being
none, Charles McWhorter motioned to approve the minutes as submitted. The
motion was seconded by Howard Boudrey and passed unanimously.
Howard Boudrey, seconded by Charles McWhorter, moved that the July pension
list be approved. In voice vote of the Board the motion passed unanimously
The treasurer reported that a $136,000 certificate of deposit had matured
at First Federal Savings and Loan and advised that $28,000 additional funds
be added to the certificate and be reinvested. Following slight further dis-
cussion, Charles McWhorter moved to authorize the Treasurer to invest $164,000
in a certificate of deposit for a one-year period with an institution offering
the highest interest rate. The motion was seconded by Ronald McArthur and
passed unanimously.
The Board discussed the deposit insurance and whether or not pension funds
were insured for each member's share or just for the fund as a whole. The
Chairman stated that he would contact the FDIC and the FLIC in order to
obtain an answer to the question. -
There being no further business, Charles McWhorter motioned.to adjourn the
meeting. The motion met with the Board's approval whereupon Chairman Grimes
adjourned the meeting.
ATTEST:
tan a A ad
ar
ar ene Westbrook, Secretary
APPROVED:
onaldD"L. Grimes, Chairman