HomeMy WebLinkAbout1984-06-03 MinutesMINUTES OF A FIRE PENSION RELIEF BOARD MEETING
A meeting of the Fire Pension Relief Board was held on Monday, June
3, 1984 at 4:30 P.M. in Room 313 of the City Administration Building,
113 W. Mountain Street, Fayetteville, Arkansas.
PRESENT: President Don Grimes, Treasurer Scott Linebaugh, Fire
Chief Paul Logue; Firemen Dill and Springston; Secretary
Suzanne Kennedy
ABSENT: Firemen Boudrey and Judy
CALL TO ORDER
The meeting was called to order by Chairman Don Grimes. It was noted
that Fireman Pete Reagan would be replacing Jack Boudrey on the Board
and that Fireman Springston has been re-elected.
MINUTES
With no additions or corrections, the Minutes of the May 7, 1984 meeting
were approved as distributed.
PENSION LIST
Fireman Springston, seconded by Dill, made a motion to approve the
Pension List for June, 1984. The motion was passed unanimously.
OLD BUSINESS
Fireman Dill asked Treasurer Linebaugh if he had checked into the
possibility of investments at First South. Linebaugh stated he had
checked with First South and is reviewing their financial statements.
He stated they are not interested at this time in bidding as they
do not have any governmental securities in their investment portfolio.
Linebaugh noted they will be interested at a later time if the market
"turns around".
Linebaugh stated no investments have been made since the last meeting.
NEW BUSINESS
C.D. 's
Linebaugh reported the following investment will come due June 22,
1984:
First Federal of Fayetteville C.D. #01420 $260,000.00 10.85%
Fire Pension Relief Board
June 3, 1984
Page Two
Linebaugh speculated that First Federal will be the only savings and
loan association to bid but stated he would put out bids to all the
savings and loan associations and all the banks. Linebaugh reported
current rates being advertised are 11% for 90 days, 11.55% for 180
days and 11.80% for 1 year.
Treasury Bills and Notes
Linebaugh reported a $260,000 Treasury Bill for 360 days will yield
11.65% interest, less the $25.00 investment fee -- this compared to
a 1 -year C.D which will yield 11.80% interest. Linebaugh stated a
2 -year Treasury Note for $260,000 will yield 12.5% to 12.6% interest,
less the $25.00 fee, with interest payable every six months. Linebaugh
stated a 2 -year C.D., paying interest every month, will yield 12.0%
or 12.1%.
Linebaugh stated he would not recommend long term investments at this
time because of strong predictions that the market will "turn up"
after the election. Linebaugh suggested a 6 -month investment, at
11.5% interest, would come due right after the election.
Fireman Dill, seconded by Springston, made a motion to approve the
investment of $260,000.00 for 240 days. The motion passed unanimously.
OTHER BUSINESS
Bank of Elkins
Fireman Springston stated he had been contacted by John Bunch of the
Bank of Elkins who asked that Linebaugh contact him regarding investments
with the Bank of Elkins. Springston asked why the Pension Fund had
invested at the Bank of Elkins in the past but no longer did so.
Chairman Grimes stated he would research the past history to find
out the reasons why the Pension Fund stopped investing with the Bank
of Elkins. Springston asked that the staff check to see if the Bank
of Elkins has governmental securities to back any investments.
July Investments
Linebaugh stated the next C.D. (#24387) will come due on July 6,
in the amount of $441,794.44, currently held at Mcllroy Bank, that
this investment can be considered at the July 2 meeting.
Fire Pension Relief Board
June 3, 1984
Page Three
ADJOURNMENT
With no further business before the Board, Fire Chief Logue, seconded
by Springston, made a motion to adjourn the meeting. The motion passed
unanimously and the meeting was adjourned at 4:50 P.M.
UZAN / C. KENNEDY,EC
ONALD L. GRIMES, PRESIDENT