HomeMy WebLinkAbout1977-01-03 MinutesMINUTES OF A MEETING OF THE FIREMEN'S PENSION AND RELIEF
FUND BOARD
January 3, 1977
The regular monthly meeting of the Firemen's Pension and Relief Fund Board was
held January 3, 1977, at 4:30 p.m., in theCity Manager's Office
PRESENT: Chairman Donald Grimes; Treasurer Pat Tobin; Secretary Darlene West-
brook; and Board members Chief Charles McWhorter, Marion Doss, Dennis
Mullens, Dean Harris, and Howard Boudrey
ABSENT: None
The meeting was brought to order by Chairman Grimes. Minutes of the December
6, 1976 meeting had been distributed to members prior to the meeting. Marion
Doss, seconded by Howard Boudrey, moved the minutes be approved as submitted.
The motion carried unanimously.
Chief McWhorter, seconded by Dean Harris, moved that the January, 1977 pension
list be approved. The motion carried unanimously.
In regard to $4,500 which the Board authorized invested, the treasurer reported
that the funds had been invested as a certificate of deposit with Northwest
National Bank for a period of ten years and at an interest rate of 7 3/4%.
Tobin informed the Board that interest rates were extremely poor and that,
in order to obtain a good interest rate in this instance, a longer period
of investment was required.
The treasurer informed the Board of two certificates coming due -- one in the
amount of $17,000 and a larger one in the amount of $206,000. Members of the
Board concurred that the Treasurer solicit the various financial institutions
for proposed interest rates on the $17,000 and to suggest a recommendation to
the Fire Chief who would contact the Board members for approval of the recom-
mendation.
The Board concurred with a suggestion from the Chairman that sealed, written
proposals be invited for the investment of $206,000. The proposals would be
opened on January 28 at 4:30 p.m. in the City Manager's Office with award of
the proposal scheduled for the next regular meeting which would be advanced
to January 31, 4:30 p.m., in the City Manager's Office. The Board directed
the Treasurer to invite the proposals for periods of five, seven, and ten years.
There being no further business, Chief McWhorter, seconded by Dennis Mullens,
moved the meeting be adjourned. The motion carried unanimously and the
Chairman declared the meeting adjourned.
APPROVED:
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,XTi Lo 1>? G n u^nl
onald L. Grimes, Chairman
ATTEST: Q hhf,&te)LI.t4g
Darlene Westbrook, Secretary
MICROFILMED
DATE JUL 7 1980
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