HomeMy WebLinkAbout1986-12-01 MinutesMINUTES OF A MEETING OF THE FIRE PENSION BOARD
A meeting of the Fayetteville Firemen's Pension and Relief Fund Board
was held on Monday, December 1, 1986 at 4:00 p.m. in Room 313 of City
Hall, 113 W. Mountain Street, Fayetteville, Arkansas
PRESENT: Chairman Don Grimes, Administrative Services Director
Scott Linebaugh, Secretary Suzanne Kennedy, Fire Chief
Mickey Jackson, Carl Springston, Darrell Judy, John Dill
and Pete Reagan
MINUTES
The minutes of the October 13 meeting were approved with the following
addition:
Page 2, under INVESTMENTS, at the end of the second paragraph, add
"...due to their current financial condition."
The minutes of the October 30 meeting were approved.
PENSION LIST
It was reported that volunteer fireman Clarence Tune had passed away
and the question arose as to what amount of pension should be paid to
his widow, as Clarence Tune had been receiving $70 per month.
Scott Linebaugh said the law provides that "...a monthly pension equal
to the amount of pension or retirement pay attached to the rank of such
member of said fire department at the time of his death shall be paid
for life to the spouse and such monthly pension shall not be less than
$30."
It was moved by Dill, seconded by Reagan, and passed, 7-0, to pay $70
per month to the widow of Clarence Tune, and to change the name on the
December pension list.
OLD BUSINESS
Linebaugh reported two Treasury Bills were purchased through Mcllroy
Bank, each being in the amount $316,291.81, and dated October 23.
It was moved by Reagan, seconded by Judy, and passed, 7-0, to approve
the investments.
Fire Pension Minutes
December 1, 1986
Page 2
NEW BUSINESS
Linebaugh reported an investments will mature on December 19, in the
amount of $312,000. Linebaugh reported on current rates:
CD's
90 days
180 days
360 days
5.15%
5.25%
5.60%
Treasury's
1 year
2 years
5.75%
5.87%
Linebaugh said A. G. Edwards suggested this amount of money might be
invested in a CAT, earning 6.50% over a 2 year term; or might be
invested in convertible bonds. Linebaugh reported Exxon is paying
6.50% to 1988, Texaco - 8.0% in 1988. He reported a National C.D. is
currently paying 6.65% for 18 months at Pacific First Federal; or 6.25%
over 9 months at Florida Federal; or 6.35% for 1 year at Florida
Federal; and 7.40% over five years at Great American Savings and Loan.
Chief Jackson recommended investing in the 6 month C.D. at 5.25%.
Linebaugh noted that this would be the last local investment. He added
that the National C.D.'s were covered by FDIC.
After discussion, it was moved by Reagan, seconded by Jackson, and
passed, 7-0, to invest the funds locally in Certificates of Deposit or
Treasuries, for six months.
ADJOURNMENT
It was moved, seconded and unanimously approved to adjourn the meeting
at 4:30 p.m.
HAIRMAN