HomeMy WebLinkAbout1984-05-07 MinutesMINUTES OF A FIRE PENSION RELIEF BOARD MEETING
A meeting of the Firemen's Pension and Relief Board was held on Monday,
May 7, 1984 at 4:30 P.M. in Room 217 of the City Administration Building,
113 W. Mountain Street, Fayetteville, Arkansas.
PRESENT: Treasurer Linebaugh; Fire Chief Logue; Firemen Boudrey,
Dill, Judy and Springston; Secretary Kennedy
ABSENT: Chairman Grimes
CALL TO ORDER
Treasurer Linebaugh called the meeting to order in the absence of
the Chairman.
MINUTES
The minutes of the April 2, 1984 meeting were approved, unanimously.
OLD BUSINESS
Investments
Linebaugh reported investments which came due on April 23, 1984 were
both won by First Federal:
240 days 11.15% $300,000
60 days 10.85% $260,000
Linebaugh reported investments at Northwest National at 11.837% came
due today, April 7, 1984, which were not discussed at the last meeting.
Linebaugh reported that, after polling Pension Board members, it was
agreed to split the investments.
Northwest National 240 days 11.28 $440,000
Mcllroy Bank 60 days 10.536 $441,794.44
Linebaugh pointed out Northwest National Bank still has over $1 million
in investments.
Fireman Dill, seconded by Logue, made a motion to approve the investments.
The motion passed, 5-0.
Fire Pension Minutes
May 7, 1984
Page 2
PENSION LIST
With copies of the revised pension list having been distributed, Fireman
Springston, seconded by Judy, made a motion to approve the pension
list for May. The motion passed, 5-0.
NEW BUSINESS
Upcoming Investments
Linebaugh reported the next investments, for $260,000, come due on
June 22, 1984 and asked the Pension Board to be thinking about this
before the next meeting.
First South
Fireman Springston asked Linebaugh if he had approached First South
yet regarding any investments. Linebaugh stated the only savings
and loan associations he had been working with were First Federal
of Fayetteville, First Federal of Arkansas and Superior Federal.
Springston asked Linebaugh to research the possibility of investing
with First South between now and the next meeting.
Treasury Bills
Linebaugh reported he had obtained quotes on a six-month Treasuary
Bill for 10.81% interest and a 9 -month Treasury Bill for 11.14% interest.
Linebaugh stated there are some costs involved, but these would not
be tremendous.
Applicaton for Retirement Pension
Chief Logue reported Joseph G. Fraley has applied for retirement benefits
to begin May 20, 1984. Logue explained Fraley's monthly pension,
based on his salary of $1786.75, would be $903.38 (including $10 monthly
for two years extra service).
Fireman Springston, seconded by Judy, made a motion to amend the pension
list for May to reflect a partial pension for Joseph Fraley in May.
The motion passed, 5-0.
Fire Pension Minutes
May 7, 1984
Page 3
ADJOURNMENT
Fireman Judy, seconded by Boudrey, made a motion to adjourn. The
motion passed, 5-0. The meeting was adjourned at 4:53 P.M.
NALD L. GRIMES, PRESIDENT