HomeMy WebLinkAbout1980-01-07 MinutesMINUTES OF A FIREMEN'S PENSION AND RELIEF BOARD MEETING
A meeting of the Firemen's Pension and Relief Board was held on Monday,
January 7, 1980, at 4:30 P.M. in the City Manager's Office, City Administra-
tion Building, Fayetteville, Arkansas.
PRESENT: Chairman Don Grimes; Treasurer Scott Linebaugh; Secretary Angie
Medlock, Members Dennis Ledbetter, Troy Osburn, Larry Freedle,
Gene Warford, Paul Logue.
ABSENT: None.
CALL TO ORDER
The chairman called the meeting to order at 4:30 P.M.
PENSION LIST
The chairman noted that the pension list for the month of January
was the same, except a volunteer fireman, Frank Brown, had passed away
and the pension was changed to his wife's name, Letha Mae Brown.
Dennis Ledbetter moved the pension list for the month of January
be approved with the change of name for volunteer fireman Frank Brown to
Letha Mae Brown. Paul Logue seconded the motion, which passed unanimously.
PENSION FUND CONTRIBUTION
Fire Chief Paul Logue presented the treasurer with a:$25.00 contribution
to the fund from Mrs. Bob Stout.
MINUTES
Larry Freedle, seconded by Dennis Ledbetter moved the minutes of the
December 3, 1979 pension board meeting be approved as submitted. The motion
passed unanimously.
INVESTMENTS
Treasurer Scott Linebaugh explained that he had, at the last meeting,
indicated there would be $184,000 maturing in December, but had been looking
at a computer run which was not up to date and which did not reflect some
certificates of deposit which had been withdrawn previously. He stated that
there was actually $20,000 which matured in December and which he had deposited
into the savings account, in addition to $22,000 from the checking account
which had also been deposited into the savings account.
Linebaugh stated that there would be $35,000 maturing in January which
would bring the total which could be invested to $77,000. However, he pointed
out that there would not be any more certificates maturing until July.
Linebaugh outlined three alternatives for investing the $77,000f 1) leave
it in the savings account and draw an interest rate of 5.5%; 2) deposit it
into a one-year certificate of deposit and draw 6% interest; or 3) put it into
a 22 year certificate of deposit at 10% interest. Linebaugh expressed concern
about depositing all of the money into a 22 year certificate, since there
would not be any more certificates maturing until July. He suggested the
Board authorize him to deposit $50,000 into a 22 year certificate and leave
the remaining $27,000 in the savings account.
Following discussion, Dennis Ledbetter moved to deposit $60,000 into a
21/2 year certificateof deposit at 10% interest and leave the remaining $17,000
in the savings account at.5.5% interest. Troy Osburn seconded the motion which
passed unanimously.
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DATE
REEL
ADJOURNMENT
There being no further business, Larry Freedle moved to adjourn at
4:45 P.M. Dennis Ledbetter seconddd the motion and the chairman declared
the meeting adjourned.
ATTEST:
APPROVED:
Secr tart'-1"reasurer