HomeMy WebLinkAbout1977-01-31 MinutesMINUTES OF A MEETING OF THE FIREMEN'S PENSION AND
RELIEF FUND BOARD
January 31, 1977
The Firemen's Pension and Relief Fund Board met on January 31, 1977 at
4:30 p.m. in the City Manager's Office.
PRESENT: Chairman Donald Grimes; Treasurer Pat Tobin; Secretary Darlene
Westbrook; 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 January
3, 1977 meeting had been distributed to members prior to the meeting. Chief
McWhorter, seconded by Howard Boudrey, moved the minutes be approved as sub-
mitted. The motion carried unanimously.
The Treasurer reported that $17,000 certificate of deposit had been purchased
at Northwest National Bank for a 90 -day period at an interest rate of 6.60.
Chief McWhorter, seconded by Howard Boudrey, moved the investment be
confirmed. The motion carried unanimously.
Howard Boudrey, seconded by Dennis Mullens, moved the pension list for February
be approved. The motion carried unanimously.
The Board then discussed the acceptance of a proposal for the investment of
$206,000. Investment proposals had been received from five local financial
institutions and are attached and made a part of these minutes. The Board
favored a proposal from Fayetteville Savings and Loan to invest the funds
for a period of six years at an interest rate of 7 3/4 percent. Chief
McWhorter felt that a slightly higher interest rate proposed by Mcllroy Bank
for a seven-year term would not justify moving the funds from one institution to
another. The Treasurer felt the Board should honor the highest bid since
bids were invited from the institutions. Chief McWhorter, seconded by
Marion Doss, moved that the $206,000 be invested at Fayetteville Savings
and Loan for a six-year period to receive an interest rate of 7.75 percent.
The motion carried unanimously.
There being no further business, and upon motion by Chief McWhorter and second
by Marion Doss, Chairman Grimes declared the meeting adjourned.
ATTEST: APPROVED:
Darlene Westbrook, Secretary
4„-
o ald L. Grimes, Chairman
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