HomeMy WebLinkAbout1979-11-05 MinutesMINUTES OF A FIREMEN'S PENSION AND RELIEF BOARD
MEETING
PRESENT:
ABSENT:
November 5, 1979
Treasurer Scott Linebaugh, Secretary Angie Medlock,
and Board members Logue, Freedle., Warford, Ledbetter,
and Osburn.
Chairman Don Grimes.
CALL TO ORDER
The meeting was called to order at 2:00 P.M. in the City
Manager's Office, City Administration Building, Fayetteville,
Arkansas.
MINUTES
Paul Logues moved to approve the minutes of the October
1, 1979, Fire Pension meeting. Larry Freedle seconded the
motion, which passed unanimously.
PENSION LIST
The secretary told the Board members that there were
no changes or additions to the pension list for the month
of November. Dennis Ledbetter moved to approve the pension
list for the month of November. Paul Logue seconded the
motion, which passed unanimously.
INVESTMENTS
Treasurer Linebaugh passed out a list of fire pension
investments which are currently invested at interest rates
of between 7 and 8%. Linebaugh had shown on the list how
much the pension fund would stand to gain if the investments
were withdrawn at a penalty and invested at current interest
rates, for the same period of time as they are currently in-
vested.
Linebaugh recommended that they reinvest the deposits
in four-year certificates of deposit. He said he felt they
could get an interest rate of 10.5 - 12%, on ck.4-t un-
certificated if they chose to reinvest the money in one-year
certificates.
In response to the firemen, Linebaugh said Arkansas
interest rates are comparable to interest rates in other
states and he feels the rates will be leveling off soon.
Following a short discussion, Gene Warford moved to re-
invest the money in 4 -year certificates of deposit. Dennis
Ledbetter seconded the motion, which passed unanimously.
Linebaugh stated that there will be $99,000 coming due
in November. The firemen asked that Linebaugh deposit the
maturing investments in the passbook savings account until
all $99,000 has matured, and then put $1,000 with the $99,000
and solicit bids on a $100,000 one-year certificate of deposit.
Regarding last month's $188,000 investment, Linebaugh MICROFILMED
DATEJUL? 1980
said this had been reinvested at an interest rate of 11.25% REEL
for a one-year certificate of deposit at First National Bank.
Gene Warford moved to ratify the action taken. Larry Freedle
seconded the motion which passed unanimously.
INVESTMENT LIST
Paul Logue asked Mr. Linebaugh to distribute an updated
list of. pension investments to the fire pension members, after
reinvesting the money discussed previously in the meeting.
Linebaugh said the next computer run would be available
in December, and he would -give members copies of -the
investment schedule.
ADJOURNMENT
Paul Logue moved the meeting be adjourned.
APPROVED:
h4irman
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