HomeMy WebLinkAbout1979-12-03 MinutesMINUTES OF A FIREMEN'S PENSION AND RELIEF BOARD MEETING
December 3, 1979
PRESENT: Treasurer Scott Linebaugh, Chairman Don Grimes, Secretary Angie Medlock,
Paul Logue, Gene Warford, Dennis Ledbetter, and Troy Osburn.
ABSENT: Larry Freedle,
CALL TO ORDER
The chairman called the meeting to order at 4:33 P. M., in the City
Manager's Office, City Administration Building, Fayetteville, Arkansas.
MINUTES
The minutes of the November 5, 1979 meeting were approved as submitted.
PENSION LIST
The chairman stated that the pension list for the month of December
was the same as the previous month. Osburn moved to approve the pension list
for the month of December. Dennis Ledbetter seconded the motion, which passed
unanimously.
INVESTMENTS
The treasurer confirmed that he had reinvested $413,199.44 at Mcllroy
Bank and Trust at an interest rate of 11.50 for a four-year certificate of
deposit. He stated that after taking the penalties for early withdrawal, the
overall increase would be approximately $25,000.
Treasurer Linebaugh stated that he had invested the certificates which
had matured during November, a total of $100,000, at Northwest Savings and Loan
at an interest rate of 13.0% for one year.
Linebaugh stated that there is currently $33,000 in the checking account
and they should leave $11,000 in the checking account to cover pension payments.
Linebaugh stated that during December $184,000 would be maturing .
Osburn moved to authorize the treasurer to deposit these funds into the
savings account until he has increments of $100,000 and then invest the money
with the highest bidder for a one-year certificate of deposit, and notify the
board members of the action taken. (This would be one certificate for $100,000
and a second certificate for $106,000.) Linebaugh commented that the 90 -day
certificates are paying much higher than the one-year certificates. The Board
agreed they would rather deposit the funds into a one-year certificate. Paul
Logue seconded the motion, which passed unanimously.
INVESTMENT REPORT
The chairman complimented the treasurer for the investment report sent
to the board members.. He asked that in the future, the board members receive
an investment report quarterly.
Thede being no further business, the meeting adjourned at 4:45 P.M. MICROFILMED
DATE
JUL 7 I
ATTEST: e `'' APPROVED: REEL
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