HomeMy WebLinkAbout1977-11-07 MinutesMINUTES OF A MEETING OF THE FIREMEN'S PENSION AND
RELIEF FUND BOARD
November 7, 1977
PRESENT: Chairman Donald Grimes, Secretary Darlene Westbrook, Treasurer Pat
Tobin, Fire Chief Paul Logue, Roy Cate, Troy Schader, Marion Doss,
and Dennis Mullens.
ABSENT: None
The Firemen's Pension and Relief Fund Board met on November 7, 1977, at 4:30
p.m., in the office of the City Manager. Chairman Grimes called the meeting
to order. There being no amendments to the minutes of the October 3, 1977
meeting, they were declared approved as submitted.
Dennis Mullens, seconded by Roy Cate, moved the pension list for the month of
November be approved. The motion carried unanimously.
The Treasurer reported that the fund had approximately $17,000 in cash and
recommended a portion of the cash be invested. He informed the Board he had
received a quote of 7.25% for a $10,000 one-year certificate. He said the
quote had been received from Northwest National. Following discussion, Chief
Logue, seconded by Roy Cate, moved that $12,000 be invested at Northwest
National Bank for a one-year period at 7.25%. The motion carried unanimously.
Chief Logue then informed the Board that the State Legislature had passed
legislation which requires that each fire pension fund have an actuarial study
made. He said the study could be done for $170 plus $2.00 for each person.
Following discussion, Marion Doss, seconded by Dennis Mullens, moved the
actuarial study be conducted. The motion carried unanimously.
There being no further business, Troy Schader, seconded by Marion Doss, moved
the meeting be adjourned. The motion carried unanimously and the Chairman declared
the meeting adjourned.
APPROVED:
Donald L. Grimes, Chairman
ATTEST:
dAttailelhatomnic-
Darlene Westbrook, Secretary
MiC•:0FILMED
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1980