HomeMy WebLinkAbout1991-01-31 MinutesVII
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MINUTES OF A MEETING OF THE FIRE PENSION BOARD
A meeting of the Fayetteville Fire Pension and Relief Fund Board of
Trustees was held on Thursday, January 31, 1991, at 1:30 p.m. in
Room 326 of City Hall.
PRESENT: Chief Mickey Jackson, Firemen Mike Bonaduce and
John Dill, Retiree Darrell Judy, Finance Director
Ben Mayes, City Attorney Jerry Rose, and City Clerk
Sherry Thomas
ABSENT: City Manager Scott Linebaugh and Fireman Pete
Reagan
CALL TO ORDER
The meeting was called to order by Chief Mickey Jackson.
SKELTON TRIAL
City Attorney Rose stated that the judge has not yet signed the
order in the case. Rose stated he would call for a special meeting
when the decision was finalized for the Board to consider if they
wanted to appeal the case.
PENSION LIST
Jackson stated the there were no new changes on the pension list
and a copy could be obtained if anyone at the meeting so desired.
Judy, seconded by Bonaduce, made a motion to approve the pension
list. The motion passed by a unanimous vote.
OLD BUSINESS
There was no old business to consider.
NEW BUSINESS
Chief Jackson read a proxy from New Mexico Capital Management.
Dill, seconded by Judy, made a motion to designate New Mexico
Capital Management as proxy. The motion was approved by a
unanimous vote.
Richard Yada, of Merrill Lynch, reviewed the contents of the
portfolio with New Mexico Capital. He stated that there had been
300 shares of NCR purchased in February, 1990, and 200 shares were
purchased on November 27, 1990. The stock that was purchased on
November 27th was sold one week later for approximately a 50%
profit. During the month of December, 1000 shares of K -Mart and
United Technologies stocks were purchased.
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January 31, 1991
Jackson asked what the net worth of the fund was compared to last
year. Yada stated that the fund was worth approximately $5.3
million compared to $5.19 million last year.
He reported that 300 shares of Tele-Communications Inc., stock was
purchased and sold January 30, 1991. He further reported that a CD
had matured, and a little over $100,000 was available for the month
of January. Interest rates rose the first two weeks of January.
Some treasury bonds and government agency bonds were purchased. He
stated that the purchases that were made was a timely transaction,
in regard to the Middle East situation.
Dill asked when an AIM report would be available. Yada stated they
were waiting on the December bank statement and hope to have the
report ready by the April meeting.
ADJOURNMENT
The meeting was adjourned at 2:00 p.m.