HomeMy WebLinkAbout1980-08-04 MinutesMINUTES OF A FIREMEN'S PENSION AND RELIEF BOARD MEETING
A meeting of the Firemen's Pension and Relief Board was held on Monday, August 4,
1980, at 4:30 P.M. in the Finance Director's Office, City Administration Building,
Fayetteville, Arkansas.
PRESENT: Treasurer Scott Linebaugh, Secretary Bonnie Goering; Members Paul Logue,
Troy Osburn, and Ralph Tate
ABSENT: City Manager Don Grimes; Members Gene Warford and Larry Freedle
MINUTES
The minutes of the July 7, 1980 meeting were approved with the following
correction: Linebaugh pointed out that the fourth paragraph under investments should
read "Osburn and Warford agreed they would like to keep the Fire savings separate."
OLD BUSINESS
Scott Linebaugh pointed out that both of the investments that came due in July
were invested in certificates of deposit because we would have lost money with money
market certificates.
PENSION LIST
It was noted there were no additions to the pension list for the month of
August. Ralph Tate, seconded by Paul Logue, moved to approve the pension list for
the month of August and the motion passed unanimously.
INVESTMENTS
Linebaugh reported that CD #324 which came due 7-25-80 ($77,000) was combined
with $35,000 savings and the $112,000 was invested in a 6 month certificate of
deposit at 9 percent with Mcllroy Bank. CD #12379 which came due 7-17-80 ($164,000)
was invested in a 6 month certificate of deposit at 8.95 percent with Northwest
National Bank.
With regard to new investments, he recommended that CD #10340 coming due 8-11-80
be invested in a 6 month certificate of deposit because 6 month CD's are paying more
than any others at this time, approximately 8.8 to 9 percent. Paul Logue, seconded
by Osburn, moved to accept this recommendation and the motion passed unanimously.
Linebaugh said he would also recommend that any additional ,money ..in savings
be added to CD's coming due in the Fall (Sept., Oct. & Nov.) and asked the Board to
be thinking about this.
OTHER BUSINESS
There was a short discussion on the proposed legislation on local government
pension systems, and it was agreed that a letter should be drafted for Pension Board
approval which would be sent to the Governor and legislators outlining local concerns
with regard to the proposed legislation.
ADJOURNMENT
There being no further business the meeting adjourned at 4:55 P.M.
ATTEST: APPROVED:
Bonnie Goering, Secretary
Donald L2 Grimes, Chairman