HomeMy WebLinkAbout1985-08-12 MinutesMINUTES OF A FIRE PENSION RELIEF BOARD MEETING
A meeting of the Fire Pension Relief Board was held on Monday, August
12, 1985 in Room 318 of the City Administration Building, Fayetteville,
Arkansas.
PRESENT: Chairman Don Grimes, Treasurer Scott Linebaugh, Secretary
Suzanne Kennedy; Assistant Fire Chief Bill Boudrey;
Fire Fighters Dill, Judy, Reagan, and Springston
ABSENT: Fire Chief Logue
CALL TO ORDER
The meeting was called to order at 4:30 P.M. by Chairman Don Grimes.
PENSION -LIST
It was moved by Springston, seconded by Reagan, and unanimous, to
approve the Pension List for August.
OLD BUSINESS
Investments
It was moved by Dill, seconded by Judy, and unanimous, to approve
the investments made in July by Treasurer Linebaugh, pursuant to the
Board's instructions at the July meeting.
NEW BUSINESS
Investments
Linebaugh reported one Certificate of Deposit lk 18254 was due to mature
on August 19 - presently held at Northwest National Bank, in the amount
of $153,000, currently earning 7.38%. Linebaugh suggested this amount
be reinvested with the addition of $130,000 (including interest and
State turnback funds), for a total investment of $580,000. Linebaugh
reported on current local rates:
C.D.'S
90 days
180 days
1 year
2 years
7.5%
7.65%
7.85%
8.5%
T -BILL'S
2 years
5 years
ZERO COUPON's
8.5%
9.83%
5 years 10.25%
Linebaugh recommended the Board invest for a short term - pointing
out that long term interest rates are not high enough.
Reagan, seconded by Dill, made a motion to make the investment for
a 90 day term. The motion passed unanimously.
Turnback Check
Linebaugh reported that the State turnback check had been received,
in the amount of $116,436. Linebaugh noted that the 1984 turnback
was for $105,091, and the 1983 turnback was for approximately $102,000.
Meetings with Investment Firms
Linebaugh stated he would try to schedule meetings with investment
firms, regarding the possibility of a money manager, for late August.
Linebaugh suggested the Board meet with firms such as Merrill -Lynch,
E. F. Hutton, Prudential and A. G. Edwards. John Dill asked that
E. F. Hutton not be included among the firms. Pete Reagan asked that
the meetings be short. It was agreed that the meetings be limited
to thirty minutes and that E. F. Hutton not be included.
MINUTES
The minutes of the the July 11, 1985 meeting were approved.
ADJOURNMENT
It was moved, seconded and unanimous to adjourn the meeting at 4:45
P.M.
111
C. KENNEDY,/ SJECRETARY
DONALD L. GRIMES, CHAIRMAN