HomeMy WebLinkAbout1979-09-06 MinutesMINUTES OF A FIREMEN'S PENSION AND
RELIEF BOARD MEETING
A meeting of the Firemen's Pension and Relief Board was held on Wednesday,
September 6, 1979, at 4:30 P.M. in the Directors Room, City Administration
Building, Fayetteville, Ai-kansas.
PRESENT: Chairman Don Grimes, Acting Treasurer Sturman Mackey, Secretary
Angie Medlock, Members Paul Logue, Troy Osburn, Larry Freedle,
Roy Cate, and Gene Warford.
MINUTES
The minutes of the August 6, 1979 pension board meeting were approved
as submitted.
PENSION LIST
There being no additions to the pension list, Paul Logue moved the list
be approved as submitted. Roy Cate seconded the motion which passed unanimously.
OTHER BUSINESS
Chairman Don Grimes assured the board members that he did not know the
former treasurer had been combining fire pension money with other funds to
get larger investments. Paul Logue replied that the firemen had again dis-
cussed combining their money with other funds and voted not to do so.
Chairman Grimes noted that Earl B. Talley had left the fire department
and had submitted a letter asking that the money which he had contributed be
returned to him.
INVESTMENTS
Acting Treasurer Sturman Mackey stated that $65,000 which had been previously
invested with other funds had matured on September 1 and he had reinvested the money
into a 30 -day certificate of deposit which would mature on October 5. Mackey said
he had received an interest rate of 8% at Northwest National Bank, and said he had
confirmed the investment with Paul Logue.
Mackey pointed out that when the 30 -day $65,000 investment matures, three
other investments will also be maturing -- October 1 - $78,000; October 4 - $28,000;
and October 5 - $17,000 (for a total. of $188,000). He proposed the board could
consider investing all this money together or try to come up with another $12,000
for two $100,000 investments in order to receive a much higher interest rate.
Mackey also pointed out that the firemen's pension checking account has approximately
$120,000 (as of September 6 - $110,659.58). Chairman Grimes suggested they invest
$100,000 of this money.
Paul Logue moved to authorize the acting treasurer to take quotes for
$100,000 to be taken from the checking account and invest the money at the
institution giving the highest interest rate and confirm the investment with
the pension board members. Gene Warford seconded the motion, which passed unan-
imously.
In response to Mr. Mackey, the board members agreed that they would like
to have the interest returned on a quarterly basis. M'Ca0FIL � 7 1980
DATE
REEL
Following disussion, Chairman Grimes asked Acting Treasurer Mackey to inquire
about opening a passbook savings acocount for money which will need to be held only
a few days until additional funds mature in order to have a larger investment.
He asked that Mackey check with both a Savings and Loan institution and a bank.
The Board agreed that the $78,000 maturing on October 1 should be invested in a
passbook savings account until October 5 at which time other funds with which
the $78,000 will be combined will mature.
Gene Warford moved to authorize the acting treasurer to open a passbook
savings account and invest the $78,000 maturing on October 1 for 5 days and
then to keep at least $5.00 in the account to keep the account open. Logue
seconded the motion, which passed unanimously.
There being no further business for the Board's consideration, the
meeting adjourned at 4:55 P.M.
ATTEST:
SecreYAry
APPROVED:
hairman