HomeMy WebLinkAbout1979-05-07 MinutesFIREMEN'S PENSION AND RELIEF BOARD MEETING
May 7, 1979
The Firemen's Pension and Relief Board met Monday, May 7, 1979, at 4:00
P.M., in the City Manager's Office, City Administration Building, Fayette-
ville, Arkansas.
PRESENT: Chairman Don Grimes, Treasurer Pat Tobin, Secretary Angie Medlock,
Paul Logue, Roy Cate, Larry Freedle, Dennis Ledbetter, Troy
Schader (arrived 4:40 P.M.).
ABSENT: None.
Chairman Don Grimes called the meeting to order.
MINUTES
Roy Cate moved to approve the minutes as submitted. Troy
Schader seconded the motion, which passed unanimously.
Following a discussion, Chairman Grimes asked Treasurer Tobin
to submit a report at the next meeting stating where he had re -deposited
the investments which matured in April, and which were discussed at the
previous meeting. The minutes had reflected the treasurer would deposit
$20,000 which matured at the Bank of Elkins and two deposits at Northwest
National, one for $17,000 and one for $14,000 in a current money-market
certificate.*
PENSION LIST
There being no additions or corrections to the pension list,
Larry Freedle moved the list be approved for the month of May. Dennis
Ledbetter seconded the motion, which passed unanimously.
INVESTMENTS
Treasurer Tobin stated that the following investments would
mature in May:
May 1 $26,000 at Mcllroy Bank currently at an interest rate of 6.75%
May 4 $14,000 at First Federalcurrently at an interest rate of 6.75%
May 12 $29,000 at Northwest National currently at an interest rate
of 6.850%
Treasurer Tobin said the current money market rate for deposits
of $100,000 is 9.57%. He asked the Board if they would like to combine their
investment wtih investments from other funds to get a $100,000 deposit so
they could draw the higher interest rate. It was the concensus of the Board
not to combine their funds with any other funds.
Roy Cate moved to leave the maturing investments in their present
location and reinvest them in a current money market certificate of deposit
for six months. Larry Freedle seconded the motion which passed unanimously.
There being no further business, Paul Logue, seconded by Roy Cate,
moved to adjourn.
* Included on the back of these minutes is a balance sheet showing the MICROFi
investments which matured in April and how they were re -invested. DATE
REM_________
1980
FIRE PENSION FUND
Changes in Investments
For Period March 1, 1979- May 1, 1979
Balance - March 1, 1979
CD 505 Matured 3-10-79
Deposited $6,000 into Fund to
meet pension payments
Reinvested $14,000 with CD 138
CD 10289 matured 3-14-79
Reinvested and included $14,000
from 505 (New CD 138)
CD 10294 matured 4-6-79
Reinvested - New CD #140
$1,077,199.44
(20,000.00)
(14,000.00)
28,000.00
(17,000.00)
17,000.00
Balance - May 1, 1979 $1,071,199.44
APPROVED:
A
fief, Chairma6"
ATTEST:
R. d oQk
Secretan