HomeMy WebLinkAbout1978-08-07 MinutesMINUTES OF A MEETING OF THE FIREMEN'S PENSION AND
RELIEF FUND BOARD
August 7, 1978
PRESENT: Chairman Don Grimes, Treasurer Pat Tobin, Secretary Darlene Westbrook,
Board members Troy Schader, Dennis Ledbetter (arriving at 4:40 p.m.),
Roy Cate, Larry Freedle, and Fire Chief Paul Logue.
ABSENT: None
The regular monthly meeting of the Firemen's Pension and Relief Fund Board was called
to order by the Chairman at 4:30 p.m.,.August 7, 1978, in the City Manager's Office.
There being no amendments necessary to the July 3, 1978 minutes, the Chairman declared
them approved as submitted.
Troy Schader, seconded by Roy Cate, moved approval of the August pension list. The
motion passed unanimously with Board member Dennis Ledbetter absent.
The Treasurer reported that a $152,000 certificate at First Federal Savings and
Loan would not mature until August 1, 1981 rather than August 1, 1993. He advised
that the certificate be allowed to mature since the fund would have to pay a penalty
for early withdrawal of the certificate. He said the early withdrawal penalty would
not make it worthwhile to reinvest the certificate at a higher rate. He also reported
that a $164,000 certificate wasallowed to renew at an interest rate of 7.75%. The
certificate is held by Fayetteville Savings and Loan.
The Treasurer advised that two certificates would mature in August -- one for $81,000
on August 11 and one for $65,000 on August 29. A recent receipt of ad valorem taxes
brought in $3,000 for the fund, giving a .$26,000 cash balance. He recommended
investing $15,000 cash'with`the'$81,000 certificate with an institution paying the
highest interest rate. He said he would solicit telephone quotations from the various
institutions and would invest the funds with the institution quoting the highest rate.
He said he would follow the same procedure for the investment maturing on August 29.
The Chairman requested the quotations be made of record in the minutes.
(NOTE: Following the meeting the pension fund received a check from the Insurance
Commissioner in the amount of $52,803. The Treasurer increased the investment to
$152;000 using the $81,000 certificate., $19,000 cash and $52,000 from the Insurance
Commissioner's settlement.) The following interest rate quotes were received, for a
one-year certificate:
First Federal Savings & Loan
Superior Savings &Loan
Northwest National Bank
Fayetteville Savings & noan
First National Bank
Mcllroy Bank & Trust
8.50%
8.55%
8.61%**
8.25%
8.00%
8.40%
MICROFILM,
DATE
REEL
980
Dennis Ledbetter, seconded by Troy Schader, moved ratification of the reinvestment of
$164,000 at Fayetteville Savings and Loan at an interest rate of 7.75%. The motion
passed unanimously The investment term would be for one year expiring 6-30-78.
The Chairman requested
There being no further
motion was seconded by
the .Treasurer .verify dates of maturity of all investments.
business, Troy Schader moved the meeting be adjourned. The
Larry Freedle and the Chairman declared the meeting adjourned.
APPROVED
/X. ♦ / �l W/M Lam/
Donald Grimes, Chairman
ATTEST
Dari/ne Westbrook, Secretary