HomeMy WebLinkAbout1977-08-11 MinutesMINUTES OF A MEETING OF THE FIREMEN'S PENSION AND
RELIEF FUND BOARD
August 1, 1977
PRESENT: Chairman Donald Grimes, Secretary Darlene Westbrook, Treasurer Pat
Tobin, and Board members Dennis Mullens, Troy Schader, Roy Cate,
Marion Doss, and Chief Paul Logue.
ABSENT: None
The meeting was called to order by Chairman Grimes. Minutes of the July 11,
1977 meeting had been distributed to members prior to the meeting. There
being no amendments, the Chairman declared the minutes approved as submitted.
Dennis Mullens, seconded by Doss, moved approval of the pension list for the
month of August. The motion carried unanimously.
The Treasurer presented members of the Board with copies of the second
quarter financial report; a copy of which is made a part of the official
minutes and attached hereto. Chief Logue moved the report be accepted.
The motion was seconded by Mullens and carried unanimously.
The Treasurer recommended to the Board that $17,000 cash on hand be combined
with a $64,000 certificate soon to mature at Northwest National Bank. He
stated the bank had indicated it would pay the existing interest rate, for one year, of
7.550 for the combined certificate. He also recommended that a $25,000
certificate at the same institution drawing 7.620 percent interest be allowed
to renew at the same rate. He reported that the fund had $24,000 cash on hand.
Following short discussion, Troy Schader moved acceptance of the Treasurer's
recommendation. The motion was seconded by Doss and carried unanimously.
The Treasurer reported that a $164,000 certificate had been allowed to renew
at Fayetteville Savings and Loan at an interest rate of 7.75 percent for one
year.
There being no further business, the Chairman declared the meeting adjourned.
APPROVED:�RO/VE7�p
6DDollh»ald Grimes, Chairman
ATTEST:
MICROFILMED
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DARLENE WESTBROOK, Secretary