HomeMy WebLinkAbout1978-03-06 MinutesMINUTES OF A MEETING OF THE FIREMEN'S PENSION
AND RELIEF FUND BOARD
March 6, 1978
PRESENT: Treasurer Pat Tobin, Secretary Darlene Westbrook, Fire Chief
Paul Logue, and Board members Roy Cate, Troy Schader, Marion
Doss, and Dennis Mullens
ABSENT: Donald L. Grimes, Chairman
The Firemen's Pension and Relief Fund Board met on March 6, 1978 at
4:30 p.m. in the City Controller's Office. In the absence of
the Chairman, the meeting was called to order by Treasurer Pat Tobin.
Therebeing no amendments to the minutes of the February 6, 1978 meeting,
the Chairman Pro -Tem declared them approved as submitted.
Marion Doss, seconded by Dennis Mullens, moved approval of the March
pension list. The motion carried unanimously.
Treasurer Pat Tobin reported that efforts were still underway to
complete data for the actuarial report to the State.
The Treasurer reported that the fund had approximately $27,000 in cash
and recommended that $20,000 of the cash be invested. He noted that a
$14,000 certificate was scheduled to mature during the month and recommended
the cash be combined with the certificate for a total investment of $34,000
for one year. He noted that the Bank of Elkins had quoted an interest rate
of 7.77% on the funds for a period of.one year. He asked if the Board
would have any objections to placing the funds with an out-of-town institu-
tion. The members agreed that there would be no objection so long as the
institution was located in the immediate vicinity. Paul Logue moved that
the Treasurer receive interest quotes for the $34,000 ($20,000 in cash and
$14,000 certificate maturing at Northwest National Bank). The motion
was seconded by Marion Doss and carried unanimously.
There being no further business, the meeting was adjourned.
(SECRETARY'S NOTE: Below are the quotes received from the institutions
listed. These quotes were received by the secretary on March 7, 1978)
Mcllroy Bank & Trust 6.85
First Federal 6.50
Fayetteville Savings &
Loan 6.50
Northwest National Bank 7.65
Elkins 7.77
ATTEST:
Secretary
APPROVED:
MICROFILMED, „
DATE JUL" ? 1980
REEL