HomeMy WebLinkAbout1986-04-07 MinutesMINUTES OF A FIREMEN'S RELIEF & PENSION BOARD MEETING
A regular meeting of the Firemen's Relief and Pension Board was held
on Monday, April 7, 1986 at 4:15 p.m. in Room 318 of City Hall, 113
West Mountain Street, Fayetteville, Arkansas.
PRESENT: Acting City Manager Murphy, Treasurer Linebaugh, Secretary
Kennedy, Fire Chief Jackson, Firemen Dill, Reagan and
Springston; Richard Yada and Curtis Williams of Merrill
Lynch, Pierce, Fenner & Smith, Inc.
ABSENT: Fireman Judy
The meeting was called to order by Chairman Jim Murphy.
Merrill -Lynch presented a report on the $1 million in funds invested
with their firm from December 1, 1985 up to the end of March. They
reported the present market value of the investment to now be worth
$1,050,587.50, with the present amount of cash in the account to be
$49,402.80. They reported the average yield per security to be 8.52%,
and that $13,800 will be paid in interest on dividends within the
next six weeks.
Yada presented the Board with the idea of having a "Cash Management
Account". Williams noted there would be a $100 annual fee for this
account and the Board would receive a much more detailed accounting
statement. After brief discussion, it was moved by Reagan, seconded
by Dill and unanimously approved, to -approve a Cash Management Account.
MINUTES
It was moved by Dill, seconded by Springston and unanimous to approve
the Minutes of the last meeting.
PENSION LIST
.3t was noted by Secretary Kennedy that Ronald A. McArthur had requested
withholding from his pension check in the monthly amount of $112.00
and'that this month Richard Baird would receive his first full month
pension benefit.
I"t was moved .by Reagan, seconded by Dill and unanimous to approve
the tension List for April.
NEW BUSINESS'
Treasurer Ltnebaugh reported on investments to mature:
April 21
April 28
Linebaugh reported
$324,000
$250,000
on local rates available:
Certificates of Deposit
90 days
180 days
360 days
180 days
1 year
6.3%
6.45%
6.7%
Treasury's
6.25%
6.30%
Linebaugh reported that, on June 17, an investment of $312,000 will
reach maturity.
Springston made a motion that the Board reinvest both the April investments
for 6 -month terms, leaving it up to Linebaugh to determine whether
to make two investments or to combine them both into one investment.
That motion was seconded by Reagan and passed unanimously.
OLD BUSINESS
Chief Jackson announced that he would post the list of nominees for
positions on the Board in about a week.
ADJOURNMENT
It was moved by Reagan, seconded by Kennedy and unanimous to adjourn
the meeting. The meeting adjourned at 4:50 p.m.
CHAIRMAN
SECRETARY