HomeMy WebLinkAbout1984-07-02 MinutesMINUTES OF A FIRE PENSION RELIEF BOARD MEETING
A meeting of the Fire Pension Relief Board was held on Monday, July
2, 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, Assistant
Fire Chief Bill Boudrey; Firemen Dill, Judy, Reagan,
and Springston; Acting Secretary Sherry Rowe
ABSENT: Fire Chief Paul Logue; Secretary Suzanne Kennedy
CALL TO ORDER
The meeting was called to order by Chairman Don Grimes.
MINUTES
With no additions or corrections, the Minutes of the June 3, 1984
meeting were approved as distributed.
PENSION LIST
Fireman Judy, seconded by Dill, made a motion to approve the Pension
List for July. The motion was passed unanimously.
OLD BUSINESS
Treasurer Linebaugh reported that one C.D. for $260,000 had matured
and had been re -invested with Mcllroy Bank for 241 days at 12.0% interest.
Linebaugh stated that both First Federal of Fayetteville and First
Federal of Arkansas had bid on the C.D. but were not the high bidders.
The Fire Pension Board members were satisfied with the bid received
and about having presented the C.D. for bids to the two additional
savings and loans.
NEW BUSINESS
C.D. 's
Treasurer Linebaugh reported the following investment will come due
July 6, 1984:
Mcllroy Bank & Trust C.D. 1124387 $441,794.44 10.536%
Fire Pension Relief Board
July 2, 1984
Page Two
Linebaugh stated this amount would be reinvested with an additional
$50,000 making a total of $491,794.44. Linebaugh reported that the
current interest rates are as follows:
90 days
180 days
360 days
11.5%
12.0%
12.25%
Linebaugh recommended investing for 210 days in anticipation of increasing
interest rates around February.
Fireman Reagan, seconded by Springston, made a motion to accept Treasurer
Linebaugh's recommendation on investing the July money. The motion
passed unanimously.
OTHER BUSINESS
State Insurance Check
Linebaugh stated that toward the end of the month the state insurance
check for around $105,000 will be arriving, and he recommended investing
it for maturity in February.
The Board agreed to accept Treasurer Linebaugh 's investment recommendation.
Bank of Elkins
Linebaugh further stated that he contacted the Bank of Elkins, and
they do have government backed C.D.'s. Linebaugh reported that the
bank is going to supply him with a financial statement, and he does
not feel that bank would have any trouble with pledging.
Fireman Dill asked what the original Board statement was regarding
out-of-town investing. Mr. Grimes requested that the Secretary research
this for the next meeting.
Upcoming Investments
Linebaugh stated that the next C.D. to mature would be in November.
Fire Pension Relief Board
July 2, 1984
Page Three
ADJOURNMENT
With no further business before the Board, Assistant Fire Chief Boudrey,
seconded by Springston, made a motion to adjourn the meeting. The
motion passed unanimously and the meeting was adjourned at 4:50 P.M.
/ V
NE C. KERNE-, SECRET Y
N LD L. GRIMES, PRESIDENT