HomeMy WebLinkAbout2001-05-17 Minutes•
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JOINT SPECIAL MEETING
OF THE
FIRE AND POLICE PENSION BOARDS
MAY 17, 2001
A special joint meeting of the Fayetteville Fire and Police Pension Boards was held on May 17,
2001 at 11:00 a.m. in Room 326 of the City Administration Building located at 113 West
Mountain Street, Fayetteville, Arkansas.
PRESENT: Ron Wood, Danny Farrar, Marion Doss, Gene Warford, Eldon Roberts, Hollis
Spencer, John Maguire and Steve Davis.
Mr. Williams stated the judge had made his rulings that the attorney fees were 25% of the total
amount. The total amount which was determined to illegally exacted. It had been determined
that $213,469.50 had been paid to both the Pension Board, more than what the constitution
allowed. The judge had made the determination that the attorneys for the plaintiffs were entitled
to their 25% and they were entitled to it within fourteen days of the judges order. The judges
order was entered on May 11, 2001. It was filed on May 14, 2001. He did not know exactly
what they means. He stated if they were to be more careful they needed to assume the fourteen
days stated on the 11th. The total amount of the attorney's fees was $53,367.38. When they had
the funds and the checks were cut, he would write out a release so that they will be totally clear
from the attorney. When they receive the money, they had to sign the release. They could not
come back again. In the future, there would be the remainder of the money that they would have
to pay. If they did not pay within the fourteen days, then the attorney could start chargmg
interest.
Mr. Roberts asked if their boards had to act on this. They did not have a quorum here.
Mr. Williams stated he would feel safer with a quorum. They might alert their investment people
that they would have to do this. He thought it would be better to officially do this. They did not
have an option, because the judge had ordered this They could garnish this if they wanted to.
He asked that they get a quorum as quickly as they could to go ahead and authorize this action.
Mr. Roberts asked if they were going to be required to pay all of this back, aside from attomey
fees or was it a portion of what was actually returned:
Mr. Williams stated it was his understanding that there was a set amount that they agreed to pay.
He was not involved in this case. He knew that not even half of the money was returned. The
25% had been based on the entire amount, not what had been returned. He thought that once
they paid the attorney fees, then it would only be the amount that the tax payers actually asked for
back. They had already rolled back the millage at the County. He thought that in order to get
back to a higher millage, that the City Council could not just go back to the higher millage, but
they would need a vote of the people to go back to the original millage. He knew that the various
other entities were facing terrible problems with this and had voted to go back to the millage,
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Fire and.Police Special Meeting
May 17, 2001 •
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even though, it had been rolled back temporary by this suit. He thought they could go back to the
citizens and have it reinstated.
Mr. Davis stated the $213,000 that the court system had declared illegally exacted. That was the
total. That included the legal fees and the refund amount. The only payments which had to come
out of the money was the legal fees at $53,000 and our portion of what the taxpayers actually
claimed. The County was going to send out the first checks on the refund on June 30.
Special meetings were set for Monday, May 21, 2001 at 1:30p.m. and 2:00 p.m. for Police and
Fire Pension Boards
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