HomeMy WebLinkAbout1997-05-29 - Agendas - FinalFAYETTEVILLE
THE CITY OF FAYETTEVILLE, ARKANSAS TRACT PAUL, CITY CLERK
TO: Firemen's Pension Board Members
FROM: Traci Paul, City Clerk/Treasurer Tp
DATE: May 16, 1997
SUBJECT: Firemen's Pension Board Meeting
The next Firemen's Pension Board meeting is Thursday, May 29, 1997,
at 11:00 a.m., in room 326 of City Hall. Attached, please find a
copy of the agenda for the upcoming meeting, the minutes from the
Apri1.24 meeting, a DROP application for M. Bonaduce, a revised
pension list for April and May, and the pension list for June,
1997.
Attachments
113 WEST MOUNTAIN 72701 501 575-8323
•
•
•
AGENDA
FIREMEN'S PENSION AND RELIEF BOARD
May 29, 1997
11:00 a.m.
City Hall Room 326
1. Approval of the minutes of April 24, 1997.
2. Approval of Pension Lists for April, May, and June 1997.
3. Investment Report, Merrill Lynch
4. Old Business
LEWIS SITUATION
5. New Business
A. DROP Application - Mike Bonaduce
6. Adjournment
•
•
MINUTES OF A MEETING OF THE FIRE PENSION BOARD
A meeting of the Fayetteville Firemen's Pension and Relief Board
was held on Thursday, April 24, 1997, at 11:00 a.m., in room 326,
of the City Administration Building, 113 W. Mountain, Fayetteville,
Arkansas.
PRESENT: Mayor Fred Hanna, Pete Reagan, Marion Doss, Ron Wood,
Darrell Judy, Howard Boudrey, and City Clerk/Treasurer
Traci Paul
CALL TO ORDER
Mayor Hanna called the meeting to order.
MINUTES
Reagan, seconded by Doss, moved to approve the minutes of the March
27, 1997 meeting. The motion passed unanimously.
PENSION LIST
Paul reported there were no changes in the pension list.
Paul explained that at the last meeting Doss had a question about
some of the figures on the printout dated March 11. She stated the
errors have been verified and the corrections will be made on the
next pension list.
In answer to a question from Doss, Paul stated she would send a
letter of explanation to those affected.
Reagan, seconded by Doss, made a motion to approve the May pension
list.
INVESTMENT REPORT
Curtis Williams, Merrill Lynch, distributed and reviewed the
Portfolio Performance Report dated December 31, 1996 through March
31, 1997.
Williams stated the markets have been a little turbulent the last
four months. Interest rates have been rising. He explained things
will probably get worse before they get better. He explained rates
will probably go up again in May and possibly again before the end
of the year.
Williams stated by the end of the year, we should start to see the
slowing of the economy and rates should fall back in line fairly
quickly. We could end the year with a positive return in the
income account.
1
•
•
April 24, 1997
Williams reviewed some market possibilities and stated we will set
this out and see what happens. He added there is an excellent
chance that the foreign investments will perform better this year
than the domestic investments.
Reagan asked if the Portfolio Performance Report could include a
track of the foreign investments.
Williams explained that he would see to it that that is done.
OLD BUSINESS
Roger and Marvie Lewis
Reagan explained he checked with City Attorney Jerry Rose per the
Board's instructions at the last meeting. Rose recommended obeying
a court order over a State Law. Reagan explained that in response
to the issue about what the decree actually states, Rose explained
the Board started doing it and should not change.
Reagan stated he did not know if Roger Lewis and his attorney had
come to any conclusions yet.
There being no further business, the meeting adjourned at 11:20
a.m.
2
FIREMEN'S RELIEF AND PENSION FUND
APRIL 1997
TRACI PAUL TREASURER
iZEVISEL7 .FOI? STATE
INCOME TAX
• THE FOLLOWING ARE THE OBLIGATIONS CO THE FIREMEN'S RELIEF FUND FOR THE
MONTH OF APRIL 1997. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE
PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED.
•
•
EMP# NAME
43 BAIRD, RICHARD H.
2 BLACKARD, PAUL
63 BOLAIN, ANN
44 BOUDREY, BETTY MRS.
45 BOUDREY, HOWARD
49 BOUDREY, JACK
4 CARL, FLOYD JR
5 CASELMAN, ARTHUR
57 CATE, ROY
6 CHRISTIE, ARNOLD
8 COUNTS, WAYNE
61 DAVIS, BEULAH F.
10 DEARING, EMMA MRS.
11 FARRAR, ALONZO
38 FRALEY, JOSEPH G.
33 HARRIS, BILL C.
34 HARRIS, JAMES E.
64 JORDAN, CHARLIE
47 JUDY, DARRELL
37 KING, ARNOLD D.
54 KING, ARVIL
12 LANE, HOPE MRS
13 LAYER, MERLIN
14 LEE, HAROLD
51 LEWIS, CHARLES
60 LEWIS, MARVIE
55 LEWIS, ROGER
40 LOGUE, PAUL D.
50 MASON, LARRY
39 MC ARTHUR, RONALD A.
35 MC CHRISTIAN, DWAYNE
15 MC WHORTER, CHARLES
29 MILLER, DONALD
42 MOORE, JAMES H.
17 MORRIS, WILKIE MRS.
16 MORRIS, WILLIAM H.
62 MORRISON, ELIENE
48 MULLENS, DENNIS W.
58 OSBURN, EDWARD
46 OSBURN, TROY
53 POAGE, LARRY
20 POLLY, GRACE A. MRS.
22 REED, JOE
30 SCHADER, EARVEL
41 SCHADER, TROY
23 SKELTON, BURL L.
24 SKELTON, LEE
56 SKELTON, ROY
36 SPRINGSTON, CARL
25 STOUT, ORVILLE
27 TUNE, MILDRED MRS.
26 TUNE, BILLIE SUE
GROSS FED. TAX
1,191.06 100.00
55.00
55.00
1,641.57 180.00
1,383.66
1,088.98 287 68
55.00
75.00
1,182.35
55.00
55.00
377.50
55.00
707.84
1,171.39 100.00
55.00
55.00
1,525.81
1,088.98
1,008.97 100.00
1,131.00 130.00
55.00
417.50
55.00
1,088.98
439.16
439.17
1,902.69 175.00
1,078.16 29 35
1,159.11 100.00
55.00 30.00
886.19 50.00
863.01 125.00
55.00
55.00
65.00
70.00
1,448.31
1,646.01 160.00
1,255.55 65.81
1,556.57 200.00
55.00
55.00
923.01
1,007.92 20.00
692.50 - 42.50
390.00
1,626.02 126.02
609.88 50.00
590.36 50.00
70.00
70.00
ST. TAX NET
1,091..06
55.00
55.00
6.08 1,455.49
1,383.66
50.00 751.30
55.00
75.00
1,182.35
55.00
55.00
377.50
55.00
707.84
10.00 1,061.39
55.00
55.00
1,525.81
1,088.98
10.00 898.97
1,001.00
55.00
417.50
55.00
1,088.98
439.16
439.17
20.00 1,707 69
1,048.81
1,059.11
25.00
836.19
738.01
55.00
55.00
65.00
70.00
1,448.31
6.34 1,479.67
1,189.74
30.00 1,326.57
55.00
55.00
923.01
987.92
650.00
390.00
50.00 1,450.00
9.88 550.00
540.36
70.00
70.00
•
28 WATTS, DONALD
59 WATTS, WAYNE
52 WRIGHT, RANDALL
DROP EMPLOYEES
JOHNSON, ROBERT
MILLER, KENNETH
WARFORD, THOMAS
400.00
1,191.51
1,128.98
96.17
150.00
400.00
1,095.34
978.98
37,414.70 2,367 53 192.30
34,854.87
2,042.47
2,129.57
1,659.70
WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
JUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT
THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT
THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY
RENDERED OR FURNISHED; AND THAT THE CHARGES MADE THEREFORE DO NOT
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR
SERVICES OR SUPPLIES.
/CaP Qt'
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SECRETARY CHAIRMAN AND PRESIDENT
ACKNOWLEDGEMENT
• STATE OF ARKANSAS )
COUNTY OF WASHINGTON) )SS
•
SWORN TO AND SUBSCRIBED BEFORE ME THIS3aih DAY OF /my
V /jam
Y PUBLIC
MY COMMISSION EXPIRES: 3 -/ - a oo.r
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,1997. ' I NOTARY
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FIREMEN'S RELIEF AND PENSION FUND
MAY 1997
TRACI PAUL TREASURER
• THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE
MONTH OF MAY 1997. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE
PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED.
•
EMP# NAME GROSS FED. TAX
43 BAIRD, RICHARD H. 1,191.06 100.00
2 BLACKARD, PAUL 55.00
63 BOLAIN, ANN 55.00
44 BOUDREY, BETTY MRS. 1,641.57 180.00
45 BOUDREY, HOWARD 1,383.66
49 BOUDREY, JACK 1,088.98 287.68
4 CARL, FLOYD JR 55.00
5 CASELMAN, ARTHUR 75.00
57 CATE, ROY 1,182.35
6 CHRISTIE, ARNOLD 55.00
8 COUNTS, WAYNE 55.00
61 DAVIS, BEULAH F. 377.50
10 DEARING, EMMA MRS. 55.00
11 FARRAR, ALONZO 707.84
38 FRALEY JOSEPH G. 1,171.39 100.00
33 HARRIS, BILL C. 55.00
34 HARRIS, JAMES E. 55.00
64 JORDAN, CHARLIE 1525.81
47 JUDY, DARRELL 1,088.98
37 KING, ARNOLD D. 1,008.97 100 00
54 KING, ARVIL 1,131.00 130.00
12 LANE, HOPE MRS 55.00
13 LAYER, MERLIN 417.50
14 LEE, HAROLD 55.00
51 LEWIS, CHARLES 1,088.98
60 LEWIS, MARVIE 439.16
55 LEWIS, ROGER 439.17
40 LOGUE, PAUL D. 1,902.69 175.00
50 MASON, LARRY 1,078.16 29.35
39 MC ARTHUR, RONALD A. 1,159.11 100.00
35 MC CHRISTIAN, DWAYNE 55.00 30.00
15 MC WHORTER, CHARLES 886.19 50.00
29 MILLER, DONALD 863.01 125.00
42 MOORE, JAMES H. 55.00
17 MORRIS, WILKIE MRS. 55.00
16 MORRIS, WILLIAM H. -90.00
.4 62 MORRISON, ELIENE -120.00
48 MULLENS, DENNIS W. 1448.31
58 OSBURN, EDWARD 1,646.01 160.00
46 OSBURN, TROY 1,255.55 65.81
53 POAGE, LARRY 1,556.57 200.00
20 POLLY, GRACE A. MRS. 55.00
22 REED, JOE 55.00
30 SCHADER, EARVEL 923.01
41 SCHADER, TROY 1,007.92 20.00
23 SKELTON, BURL L. 692.50 42.50
24 SKELTON, LEE 390.00
56 SKELTON, ROY 1,626.02 126.02
36 SPRINGSTON, CARL 609.88 50.00
25 STOUT; ORVILLE 590.36 50.00
*27 TUNE, MILDRED MRS.- - - - - 120.00
*26 TUNE, BILLIE SUE 120.00
ST. TAX
50.00
10.00
10.00
20.00
30.00
50.00
9,88
NET
1,091.06
55.00
55.00
1,461.57
1,383.66
751.30
55.00
75.00
1,182.35
55.00
55.00
377.50
55.00
707.84
1,061 39
55.00
55.00
1,525.81
1,088.98
898.97
1,001.00
55.00
41750
55.00
1,088.98
439.16
439.17
1,707 69
1,048.81
1,059.11
25.00
836.19
738.01
55.00
55.00
90.00
120.00
1,448.31
1,486.01
1,189.74
1,326.57
55.00
55.00
923.01
987.92
650.00
390.00
1,450.00
550.00
540.36
120.00
120.00
•
28 WATTS, DONALD
59 WATTS, WAYNE
52 WRIGHT, RANDALL
DROP EMPLOYEES
JOHNSON, ROBERT
MILLER, KENNETH
WARFORD, THOMAS
400 00
1,191.51
1,128.98
96.17
150.00
400.00
1,095.34
978.98
37,589.70 2,367 53 179.88 35,042.29
2,042.47
2,129.57
1,659.70
WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
JUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT
THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT
THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY
RENDERED OR FURNISHED; AND THAT THE CHARGES MADE THEREFORE DO NOT
EXCEED THE AMOUNT ALLOWED BY LAW OR THE CUSTOMARY CHARGE FOR SIMILAR
SERVICES OR SUPPLIES.
SECR TARY CHAIRMAN A i PR SIDENT
ACKNOWLEDGEMENT
• STATE OF ARKANSAS )
1
COUNTY OF WASHINGTON) )SS
SWORN TO AND SUBSCRIBED BEFORE ME THISjahi DAY OF /227 , 1997.
�lzC /4
(
N Y PUBLIC
MY COMMISSION EXPIRES: 3 -/--,7C0
•
pop
FIREMEN'S RELIEF AND PENSION FUND
JUNE 1997
TRACI PAUL TREASURER
•THE FOLLOWING ARE THE OBLIGATIONS OF THE FIREMEN'S RELIEF FUND FOR THE
MONTH OF JUNE 1997. YOU ARE HEREBY INSTRUCTED TO ISSUE CHECKS TO THE
PAYEES, IN THE AMOUNTS SHOWN, AND FOR THE PURPOSE SO STATED.
•
EMP# NAME
43 BAIRD, RICHARD H.
2 BLACKARD, PAUL
63 BOLAIN, ANN
44 BOUDREY, BETTY MRS.
45 BOUDREY, HOWARD
49 BOUDREY, JACK
4 CARL, FLOYD JR
5 CASELMAN, ARTHUR
57 CATE, ROY
6 CHRISTIE ARNOLD
8 COUNTS, WAYNE
61 DAVIS, BEULAH F.
10 DEARING, EMMA MRS.
11 FARRAR, ALONZO
38 FRALEY JOSEPH G.
33 HARRIS, BILL C.
34 HARRIS, JAMES E.
64 JORDAN, CHARLIE
47 JUDY, DARRELL
37 KING, ARNOLD D.
54 KING, ARVIL
12 LANE, HOPE MRS
13 LAYER, MERLIN
14 LEE, HAROLD
51 LEWIS, CHARLES
60 LEWIS, MARVIE
55 LEWIS, ROGER
40 LOGUE, PAUL D.
50 MASON, LARRY
39 MC ARTHUR, RONALD A.
35 MC CHRISTIAN, DWAYNE
15 MC WHORTER, CHARLES
29 MILLER, DONALD
42 MOORE, JAMES H.
17 MORRIS, WILKIE MRS.
16 MORRIS, WILLIAM H.
62 MORRISON, ELIENE
48 MULLENS, DENNIS W.
58 OSBURN, EDWARD
46 OSBURN, TROY
53 POAGE, LARRY
20 POLLY, GRACE A. MRS.
22 REED, JOE
30 SCHADER, EARVEL
41 SCHADER, TROY
23 SKELTON, BURL L.
24 SKELTON, LEE
56 SKELTON, ROY
36 SPRINGSTON, CARL
25 STOUT, ORVILLE
27 TUNE, MILDRED MRS.
26 TUNE, BILLIE SUE
GROSS FED. TAX
1,191.06 100.00
55.00
55.00
1,641.57 180.00
1,383.66
1,088.98 287 68
55.00
75.00
1,182.35
55.00
55.00
377.50
55.00
707.84
1,171.39 100.00
55.00
55.00
1,525.81
1,088.98
1,008.97 100.00
1,131.00 130.00
55.00
417.50
55.00
1,088.98
439.16
439.17
1,902.69 175.00
1,078.16 29.35
1,159.11 100.00
55.00 30.00
886.19 50.00
863.01 125.00
55.00
55.00
70.00
80.00
1,448.31
1,646.01 160.00
1,255.55 65.81
1,,556.57 200.00
55.00
55.00
923.01
1,007.92 20.00
692.50 42.50
390.00
1,626.02 126.02
609.88 50.00
590 36 50.00
80.00
80.00
ST. TAX
50.00
10.00
10.00
20.00
30.00
50.00
9.88
NET
1,091.06
55.00
55.00
1,461.57
1,383.66
751 30
55.00
75.00
1,182.35
55.00
55.00
377.50
55.00
707.84
1,061.39
55.00
55.00
1,525.81
1,088.98
898.97
1,001.00
55.00
417.50
55.00
1,088.98
439.16
439.17
1,707.69
1,048.81
1,059.11
25.00
836.19
738.01
55.00
55.00
70.00
80.00
1,448.31
1,486.01
1,189.74
1,326.57
55.00
55.00
923.01
987.92
650.00
390.00
1,450.00
550.00
540.36
80.00
80.00
•
•
28 WATTS, DONALD
59 WATTS, WAYNE
52 WRIGHT, RANDALL
DROP EMPLOYEES
JOHNSON, ROBERT
MILLER, KENNETH
WARFORD, THOMAS
400.00
1,191.51
1,128.98
96.17
150.00
400.00
1,095.34
978.98
_ 37,449.70 2,367.53 179 88
34,902.29
2,042.47
2,129.57
1,659.70
WE, THE UNDERSIGNED, DO SOLEMNLY SWEAR THAT THE ABOVE OBLIGATIONS ARE
JUST AND CORRECT; THAT NO PART THEREOF HAS BEEN PREVIOUSLY PAID; THAT
THE PENSION PAYMENTS SO CHARGED ARE IN ACCORDANCE WITH THE ACTIONS OF
THE BOARD OF TRUSTEES OF THE FIREMEN'S RELIEF AND PENSION FUND; THAT
THE SERVICES OR SUPPLIES FURNISHED, AS THE CASE MAY BE, WERE ACTUALLY
RENDERED OR FURNISHED; AND THAT THE CHARGES MADE THEREFORE DO NOT
EXCEED THE AMOUNT ALLOWED BY LAW OR THE C STOMARY CHARGE FOR SIMILAR
SERVICES OR SUPPLIES.
SECRETARY CHAIRMAN AND ESIDE T
ACKNOWLEDGEMENT
• STATE OF ARKANSAS )
COUNTY OF WASHINGTON) )SS
SWORN TO AND SUBSCRIBED BEFORE ME THIS 3o64DAY OF /may , 1997.
•
MY COMMISSION EXPIRES: 3 - /- o?OO,S-
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•
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•
FAYETTEVILLE FIRE DEPT PENSION AND RELIEF FUND
PORTFOLIO PERFORMANCE 12/31/96 TO 04/30/97
NM CAPITAL MANAGEMENT
INCOME ACCOUNT
KEYSTONE ASSET MGNT
3 - MONTHS TREASURY PILLS
DJIA W/DIV REINVESTED
S & P 500 W/DIV REINVEST
LONG TERM TREASURY BONDS
H IGH GRADE CORP BONDS
CPI {jan}
NM CAPITAL (time wtd)
INCOME ACCOUNT
KEYSTONE ASSET MGNT
12/31/96
$3,987,776
4,518,042
1,201,845
12/31/95
+ 5.46
+35.53
+34.94
+27.63
+23.51
+ 2.67
+ 15.68
+ 15.61
January 1996 original inv.
Dow
United Kingdom
Japan
Hong Kong..(3/97)
MAY 1996
$75,000
75, 000
75,000
75,000
DOW $75,000
United Kingdom75,000
Japan 75,000
75,000
Hong Kong
SEPT 1996
Dow
$75, 000
United Kingdom75, 000
Japan 75, 000
Hong Kong 75,000
•lt/f.l ,cVaiJ
ar;e _ ;20, oo a .
04/30/97
$3,987,1
4,475,147
1,256, 787
9,/y,p35
12/31/96 04/
+ 5.31
+29.49
+22.98
- 1.21
+ 1.61
+ 3.32
+ 11.37
+ 4.2'4
+ 17.91
/0, cc, 6. “,s—
'/97
+ 1,51
+ 9.39
+ 8.84
- 3. 1 1
- 2.11
+ 0.95
+ 0.11
- 0.49
+ 4, 82
value 4/30/97
$ 94,538
74, 858
45,599
68, 796
Ar3, 79l
$ 88, 792
88,084
49,768
74,637
30/, .at/
$ 85,391
73,409
51,615
74, 622
av/ , 0jl
57z-7/47
/O/, /SS
7G,4S/
,T1,/47
/7,20*
304', rs 1
94, %?4P
99,721
sh, (2.3
83,p.0*
3.t3, $2'
90,7??.
8/,7YS
,58, /a b.
79,7S' /
sisomplic
3
4. 4/, 013
•
FAYETTEVILLE FIREMEN'S PENSION AND RELIEF FUND
DEFERRED RETIREMENT OPTION PLAN (DROP)
MEMBER ELECTION FORM
I hereby elect the DROP as my retirement benefit option from the pension plan in place of
normal retirement benefit. I understand that m electing DROP, I have agreed to the following
statements:
1. The amount of the DROP payments will be $ 1 tq 75, 5 per month. This
amount includes all service and age 60 bonuses that I have earned to this date.
This amount is the same as if I retired today.
2. I understand that the monthly benefit that I will receive at the end of the
DROP period is the exact same amount stated in Item 1, regardless of any pay
raises I receive or extra years of service I may work.
3. I understand that at the end of the DROP period I will have the option to
receive the DROP account as a Lump sum or convert the DROP account to a
monthly annuity account or any other method of payment as provided for in the
current Rules and Regulations of DROP.
4. I understand that the DROP account will remain in Lilo pension fund until
withdrawn in accordance with the Rules and Regulations of the DROP plan. I do
not have the ability to withdraw from the DROP account until the time of my
departure.
5. I have elected to begin the DROP on _ll u,i F 1 , 10017 . DROP will
end at the earlier of when I resign or .1t It�1F 1l 9m9 , (5 years from
the above date, unless authorizations to participate in DROP shall be specifically
extended by the Arkansas Statutes).
6. I understand that neither the pension fund nor the Department has given any
tax advice concerning the way the DROP account is taxed. I have, or will
consult, my own tax advisor for this information.
7. I have read the Rules and Regulations pertaining to DROP.
'Two exceptions to these rules: Age 60 bonuses (for members with over 25 years of service when they go on to DROP)
begin at age 60 whe er still on DROP or not; raises given to retirees are also given to DROP participants.
Y,ti LC_ &\Q . - ( tic 4- cig `1
Member Signature .;
/7
po se Sign re
Date
Date
da.r,, 5- -17
Plan Representative Date
•
Name: Michael Bonaduce
Emp No. 63
DOH: 50277
Yrs Service: 20
•
Hourly Rate:
Hours Base:
General Fire Pension
11.228
3248
Annual Salary 36,468.5440
65.000%Annual Salary. 23,704.5536
1/12 Monthly Benefit 1,975.3795
Rounded to nearest cent 1,975.38
Additional Yrs Beyond: 0
5 Max at: $20.00 0.00
Drop Amount 1,975.38
Date: 05/05/97