HomeMy WebLinkAbout1984-12-03 MinutesMINUTES OF A FIRE PENSION RELIEF BOARD MEETING
A meeting of the Fire Pension Relief Board was held on Monday, December
3, 1984 at 4:30 P.M. in Room 313 of the City Administration Building.
PRESENT:
Chairman Don Grimes, Treasurer Scott Linebaugh,
Secretary Kennedy, Fire Chief Logue, Firemen Dill,
Reagan and Springston
ABSENT: Fireman Judy
CALL TO ORDER
The meeting was called to order by Chairman Don Grimes.
MINUTES
The minutes of the November 5 meeting were approved as submitted.
OLD BUSINESS
Linebaugh reported that CD#23261, held at Mcllroy Bank, in the amount
of $383,000, with the addition of $50,000 of new money, for a total
of $433,000, was invested at First National Bank (the high bidder)
for 182 days at 10.10% interest. Linebaugh noted this C.D. will come
due on May 21, 1985. It was the consensus of the Board to approve
the investment.
PENSION LIST
Fireman Springston, seconded by Reagan, made a motion to approve the
Pension List for December. The motion passed unanimously.
NEW BUSINESS
Linebaugh reported that First Federal CD#01419, for $300,000, at 11.15%,
will mature on December 19; that Northwest National C.D.#11848, for
$440,000, at 11.28%, will mature on January 2, 1985. Linebaugh commented
that the market estimate is that rates will continue to drop and will
rise next year.
Fire Pension Relief Board
December 3, 1984
Page 2
Linebaugh reported quotes on interest rates for December 19:
90 days
180 days
1 year
9.20%
9.35%
9.85%
Treasury Note
Treasury Bills
180 days
1 year
9.06%
9.56%
2 years 10.44%
Linebaugh recommended investing for a short term and not combining
C.D.'s. He recommended making the investment on December 19th for
90 days and on January 2 for 120 days. Linebaugh commented that good
interest rates are predicted for February or March.
There was discussion regarding the investments. Springston, seconded
by Dill, made a motion to invest each of the C.D.'s for 60 days.
The motion passed unanimously.
ADJOURNMENT
With no further business, the meeting was adjourned at about 4:45
P.M.
DONALD L. GRIMES, CHAIRMAN