HomeMy WebLinkAbout1980-02-05 MinutesMINUTES OF A FIREMEN'S PENSION AND RELIEF BOARD MEETING
A meeting of the Firemen's Pension and .Relief Board was held on Monday, February 5,
1980, at 4:30 P.M. in the City Manager's Office, City Administration Building,
Fayetteville, Arkansas.
PRESENT: Treasurer Scott Linebaugh, Secretary Angie Medlock, Members Dennis
Ledbetter, Troy Osburn, Larry Freedle, Gene Warford, and Paul Logue.
ABSENT: Chairman Don Grimes.
CALL TO ORDER
In the absence of Chairman Grimes, Treasurer Scott Linebaugh called the meeting
toorder at 4:30 p.m.
PENSION LIST
Treasurer Linebaugh commented that the Pension List for the month of February
was the same as the previous month.
Troy Osburn moved to approve the pension list as submitted. Dennis Ledbetter
seconded this motion, which passed unanimously.
MINUTES
Dennis Ledbetter, seconded by Larry Freedle, moved to approve the minutes
of the January 7 Firemen's Pension and Relief Board meeting. This motion passed
unanimously.
INVESTMENTS
Treasurer Scott Linebaugh stated that he had distributed copies of a balance
sheet and current investment list to the members. He pointed out an item called
"Due from Other Funds" which, he explained, was a correction of $7,837.53 due
to the Pension fund from other funds for property taxes for the previous year.
Linebaugh stated that at the previous meeting the members had didcussed
reinvesting $60,000 into a 21/2 year certificate but the members had since agreed,
on the recommendation of the treasurer, to invest a total of $77,000 in a 6 -month
certificate of deposit at Northwest National Bank at an interest rate of 11.886%.
Linebaugh also told the Board that he had had some trouble with Mcllroy
Bank recently when cashing in certifactes of deposit to reinvest. He explained
that there had been a problem in how much penalty should be charged but the bank
had finally agreed with him on the amount that should be charged.
OTHER BUSINESS
Linebaugh stated that cash in the bank for the firemen's pension fund was
now $18,000. Following a short discussion, Troy Osburn, seconded by Larry Freedle,
moved to authorize the treasurer to deposit into the savings account any more than
one month's pension requirement which is currently in the checking account. The
Board agreed that in the future the treasurer should follow this procedure and the
treasurer assured the members that he could withdraw money from the savings account
at any time.
Paul Logue gave the treasurer $30.69 collected from the part-time firemen
to go into the pension fund for pension costs for 1979.
Paul Logue assured Scott Linebaugh that he and the pension board members
appreciate what Linebaugh has been doing for the fund.
MICROFILMED
DATE JUL 7 1980
REEL
There being no further business, the meeting adjourned at 4:45 P.M.
ATTEST:
Secr tart'
APPROVED:
:,0!
io all L. Grimes
Chairman