HomeMy WebLinkAbout1979-07-02 MinutesMINUTES OF A FIREMEN'S PENSION
AND REUIEF BOARD MEETING
July 2, 1979
A meeting of the Firemen's Pension and Relief Board was held on Monday,
July 2, 1979, at 4:40 P.M. in the City Manager's Office, City Administration
Building, Fayetteville, Arkansas.
PRESENT: Members Troy Osburn, Gene Warford, Larry Freedle, Roy Cate,
Paul Logue, Chairman Don Grimes, Treasurer Pat Tobin, and
Secretary Angie Medlock.
ABSENT: None.
CALL TO ORDER
Chairman Grimes called the meeting to order.
MINUTES
Gene, Warford moved the minutes of the June 4, 1979 Fire Pension meeting
be approved as submitted. Larry Freedle seconded the motion, which passed
unanimously.
OLD BUSINESS
Chairman Grimes asked if the treasurer had solicited bids for the $164,000
investment which matured on June 10 at Fayetteville Savings and Loan. Mr.
Tobin said he would solicit bids for the deposit and get back with the pension
board members. He suggested if they could obtain a 91/2% rate they should consider
getting a one-year certificate of deposit, dueuto the feeling that interest rates
will drop. Chairman Grimes asked if they should look at longer than one-year
certificate and Tobin said area banks had indicated they would be hesitant
to issue a certificate for longer than one year as they are expecting rates
to fall.
Larry Freedle moved the Treasurer solicit quotes from financial
institutions on rates for a one-year certificate of deposit. Roy Cate
seconded the motion which passed unanimously.
Mr. Grimes asked that Pension Board members be furnished an updated
copy of investments of the fund. Tobin also reminded the Board that someone
should follow up to see that the actuarial study if performed each year.
NEW BUSINESS
Paul Logue said volunteer fireman James E. Harris had come due for
retirement on June 17. Logue said he had however, just received the request
for retirement from Mr. Harris.
Logue noted that he had indicated to Harris the rate would be $45 per
month, however the law does allow volunteer firemen can get $55 per month.
Logue said there have been two volunteer firemen retire recently at $45 per
month.
Gene Warford moved to approve the retirement of volunteer fireman
James E. Harris effective June 17, 1979 at the rate of $45 per month. Troy
Osburn seconded the motion, which passed unanimously.
PENSION LIST
Paul Logue moved to approve the pension list for the month of July,
with the addition of James E. Harris. Roy Cate seconded the motion which MICROFILMED
passed unanimously. DATE JUL? issa
REEL
The meeting adjourned at 5:00 P.M.
APPROVED:
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Chairman
ATTEST:
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