HomeMy WebLinkAbout1984-08-06 MinutesMINUTES OF A FIRE PENSION RELIEF BOARD MEETING
A meeting of the Fire Pension Relief Board was held on Monday, August
6, 1984 at 4:30 P.M. in Room 313 of the City Administration Building,
113 W. Mountain Street, Fayetteville, Arkansas.
PRESENT: Chairman Grimes; Fire Chief Logue (arrived at 4:45);
Firemen Dill, Judy, Reagan and Springston; Secretary
Kennedy
ABSENT: Treasurer Linebaugh
CALL TO ORDER
The meeting was called to order by Chairman Don Grimes.
INVESTMENTS
Chairman Grimes passed around a Fire Pension Investment
for July which showed that Mcllroy Bank and Trust won the bid
for $491,794.44 at 12.175% interest.
Fireman Dill, seconded by Judy, made a motion to approve the
The motion passed, 4-0, with Logue absent.
PENSION LIST
Fund report
on CD#24387
investment.
Secretary Kennedy reported the only change in the August Pension List
was a request by Burl Skelton for a tax deduction of $29.00 per month,
beginning in July, so that $58.00 is being deducted from the August
Pension List.
Fireman Springston, seconded by Reagan, made a motion to approve the
Pension List for August. The motion passed, 4-0.
BANK OF ELKINS
Fireman Dill asked if further information was available regarding
past history on investments with the Bank of Elkins. Chairman Grimes
reported Suzanne Kennedy had researched the past minutes; that on
Fire Pension Relief Board
August 6, 1984
Page 2
March 6, 1978, the Board agreed there would be no objection to investing
with out-of-town institutions so long as the institution was located
"in the immediate vicinity". Grimes stated minutes of September 14,
1981 and October 5, 1981 reflect statements by Linebaugh and Grimes
to the Board stressing the importance of public relations between
local financial institutions and the Fire Department; that on November
2, 1981, the Board decided "as long as the Fayetteville institutions
are within 1%, the Board would stay in Fayetteville. However, if
more than 1% more interest could be earned out of town, then the Board
would invest out of Fayetteville. It was decided to write a letter
to the banks in Fayetteville informing them of this decision."
STATE INSURANCE CHECK
Fireman Springston asked if the State insurance check had been received.
Chairman Grimes stated the Finance Office informed him the check was
received on July 25, in the amount of $108,900 and has been invested.
Grimes stated a report will be made on this investment at the next
meeting.
MINUTES
Fireman Reagan, seconded by Judy, made a motion to approve the minutes
of the July 2 meeting. The minutes were approved, 5-0.
OTHER BUSINESS
Fireman Reagan asked if he could be provided with a printout on invest-
ments, as he is a new Board member.
REQUEST FOR PENSION
Fire Chief Logue reported that Fireman Jerry Davis intends to submit
a request to receive his pension funds.
Fireman Springston made a motion, which was seconded, to return Jerry
Davis' portion of pension funds, upon his request. The motion passed,
5-0.
Fire Pension Relief Board
August 6, 1984
Page 3
REQUEST FOR RAISE IN BENEFITS
Fireman Springston asked if there had been a response yet from the
State regarding the request for an increase in benefits. Chairman
Grimes stated a response has not yet been received.
ADJOURNMENT
Fireman Dill, seconded by Reagan, made a motion to adjourn the meeting.
The motion passed, 5-0. The meeting was adjourned at 4:55 P.M.
DON LD L. GRIMES, CHAIRMAN