HomeMy WebLinkAbout1993-11-18 Minutes•
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MINUTES OF A MEETING OF THE FIRE PENSION BOARD
A meeting of the Fayetteville Firemen's Pension and Relief Board
was held on Thursday, November 18, 1993, at 11:10 a.m. in Room 326
of the City Administration Building, 113 W. Mountain, Fayetteville,
Arkansas.
PRESENT: Marion Doss, Retirees Darrell Judy and Richard Baird,
Mayor Fred Hanna, City Clerk Sherry Thomas, and Treasurer
Glyndon Bunton
ABSENT: Ron Wood and Pete Reagan
CALL TO ORDER
Mayor Hanna called the meeting to order.
MINUTES
Judy, seconded by Baird, made a motion to approve the minutes of
the October 28, 1993 meeting. The motion was approved unanimously.
PENSION LIST
Judy, seconded by Doss, made a motion to approve the pension list
for December. There were no changes in the pension list. The
motion was approved unanimously.
OLD BUSINESS
DROP PLAN
Bunton stated he supports the Drop Plan, but he feels the Board
needs to wait until all members are present to act on this plan.
Doss, seconded by Judy, made a motion to table this discussion to
the next meeting when all pension board members could be present.
The motion passed unanimously.
NEW BUSINESS
INVESTMENTS
Bunton stated a $245,000 treasury bill matured on November 11,
1993. He asked what was to be done with this money.
Mayor Hanna sated would like to have one of the investment advisors
here to tell the Pension Board what investment options are
available and what they think would be best. He stated the T-bill
that matures was earning 8.75%. He stated Ben Mayes always invests
any available money, but he is sure it is not earning nearly as
much interest.
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November 18, 1993
Doss stated he would like to see what another treasury coupon would
earn.
Mayor Hanna stated the Board could ask that both Richard Yada and
Ben Mayes are at the next meeting and have checked the current
rates.
Ben Mayes joined the meeting. He stated the money is currently
earning about 3%. He does not know what treasury strips are
earning at this time. He stated he would contact banks and let
them bid on the money. He stated he would bid the money for a 5
year period and have it for the next meeting.
Doss stated he feels that might be the best way to reinvest these
funds.
Mayor Hanna stated treasury strip interest is paid all along the
life of the investment.
Mayes stated the Pension Board has hired Richard Yada as their
investment manager, but the City can sure re -invest the funds, and
he will have the current figures at the next meeting.
ADJOURNMENT
The meeting adjourned at 11:27 a.m.