HomeMy WebLinkAbout1988-03-31 MinutesMINUTES OF A MEETING OF THE FIRE PENSION BOARD OF TRUSTEES
A meeting of the Fayetteville Fire Pension Relief Fund Board of Trustees was
held on Thursday, March 31, 1988 at 1:30 p.m. in Room 313 of City Hall.
PRESENT: Members present were Firemen Reagan and Bonaduce, Secretary
McWethy and Retiree Springston. Also present were Scott
Linebaugh and Zelda Parson
ABSENT: Chairman Pennington, Fire Chief Jackson, and Fireman Dill
The meeting was called to order by Linebaugh.
It was moved by Reagan, seconded by Bonaduce and unanimous to approve the
minutes of the last meeting.
It was moved by Reagan, seconded by Springston and unanimous to approve the
Pension List for April.
Linebaugh told the members that the City Attorney had not yet prepared an
opinion which was requested at the last meeting, but said he would remind
him.
Linebaugh distributed a cash flow projection which had been prepared by
Accounting Supervisor Zelda Parson in October of 1987. Parson explained
that, if no one else retires, a monthly negative cash outflow of $4,662 is
estimated.
Reagan asked if the local credit union could bid on the investments,
commenting that right now they were paying good interest rates. Linebaugh
said he would check to see if that was permitted and would check to see if
they had good backup.
The Board discussed the $50,000 investment to mature on April 7. Linebaugh
recommended the $50,000 be used for cash flow until it is depleted, rather
than re -investing it.
Linebaugh said he thought Merrill -Lynch would present a proposed investment
policy at the next meeting.
The meeting was adjourned at 1:50 p.m.
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