HomeMy WebLinkAbout1984-11-05 MinutesMINUTES OF A FIRE PENSION RELIEF BOARD MEETING
A meeting of the Fire Pension Relief Board was held on Monday, November
5, 1984 at 4:35 P.M. in Room 313 of the City Administration Building,
113 W. Mountain Street, Fayetteville, Arkansas.
PRESENT: Chairman Grimes; Treasurer Linebaugh; Secretary Kennedy;
Fire Chief Logue; Firemen Dill and Springston
ABSENT: Firemen Judy and Reagan
CALL TO ORDER
The meeting was called to order by Chairman Grimes.
MINUTES
With no corrections or additions, the minutes of the last meeting
were approved as circulated.
OLD BUSINESS
Linebaugh reported that two investments were made during the month
of October: The C.D. which came due on October 19, and was held with
Northwest National in the amount of $437,205 at 9.905% interest, was
combined with $65,000 in savings for a total of $502,205 to be invested.
Linebaugh reported that investment was won by First Federal of Arkansas,
as follows:
$252,205, for 182 days at 11.25%
$250,000, for 367 days at 11.75%
Linebaugh reported the other investments which came due on October
31st were as follows:
First National Bank
First National Bank
Add from Savings
$145,000
312,000
13,000
TOTAL $470,000
9.75%
Fire Pension Relief Board
November 5, 1984
Page 2
Linebaugh reported the investment was won by First Federal of Fayetteville,
as follows:
$250,000, for 362 days at 11.1%
$220,000, for 210 days, at 10.9%
Fireman Dill, seconded by Springston, made a motion to approve the
investments. The motion passed unanimously.
PENSION LIST
Fire Chief Logue, seconded by Dill, made a motion to approve the Pension
List for November, with no changes. The motion passed unanimously.
NEW BUSINESS
Investments
Linebaugh reported a C.D. would be coming
amount of $383,000 at Mcllroy Bank, which
9.75% interest.
Linebaugh quoted
90 days
180 days
1 year
Linebaugh quoted
T -Bills
180 days
1 year
current rates for C.D.'s:
9.5%
9.65%
10.0%
due
had
on November 20, in the
a term of one year at
current rates for T -Bills and T -Notes:
9.60%
9.94%
T -Notes
2 years
10.83%
Linebaugh noted that rates are dropping fast and experts are still
predicting they will go down further and then rise again next year.
Linebaugh predicted that, by November 20, rates will be down quite
a bit, and he recommended that the Board consider a term of 180 days
at which point he predicted rates would rise again.
Fireman Springston, seconded by Dill, made a motion to make the investment
for a term of 180 days. The motion passed unanimously.
Fire Pension Relief Board
November 5, 1984
Page 3
Linebaugh reported the next investment would come due on December
19.
OTHER BUSINESS
Benefit Increase Request
Linebaugh reported to the Board regarding their request for an increase
in pension benefits. Linebaugh explained that, in checking with Ms. Hin-
shaw of the State Office, he was told that the request had been lost
in the State Auditor's Office and never received in the LOPFI office.
Ronald McArthur
Chairman Grimes reported that a certificate for twenty years of service
had been presented to employee Ronald McArthur.
Payback to Former Employees
Fireman Dill asked Treasurer Linebaugh how much former employees Durham
and Davis had been paid back in pension contributions. Linebaugh
stated he would report to them with this information.
ADJOURNMENT
Chief Logue, seconded by Springston, made a motion to adjourn the
meeting. The motion passed unanimously and the meeting was adjourned
at 4:55 P.M.
d®ter
d0 ALD L. GRIMESS, CHAIRMAN