HomeMy WebLinkAbout1980-11-03 MinutesMINUTES OF A FIREMEN'S PENSION AND RELIEF BOARD MEETING
A meeting of the Firemen's Pension and Relief Board was held on Monday,
November 3, 1980, at 4:30 p.m. in the City Manager's Office, City
Administration Building, Fayetteville, Arkansas.
PRESENT: Treasurer Scott Linebaugh; Secretary Vivian Koettel; Members
Paul Logue, Troy Osburn, Ralph Tate, Gene Warford, Larry Freedle
ABSENT: City Manager Grimes
MINUTES
The minutes of the October 6, 1980 meeting were approved as submitted.
PENSION LIST
There were no additions to the pension list for the month of November.
Gene Warford, seconded by Larry Freedle, moved to approve the pension list
for the month of November and the motion passed unanimously.
INVESTMENTS
Treasurer Linebaugh told the Board that the interest rates for CDs had
increased recently. He informed the Board that a CD for $100,000 for 90 days,
on November 3, 1980 had brought 14.25%.
Mr. Linebaugh stated that there was one CD coming due on 11-23-80 for
$100,000. In answer to the Board's questions, he informed them that a
90 -day CD was bringing about 14.25%, a one year CD was bringing about 13.75%,
and a 6 -month CD was bringing about the same as a 90 -day. Mr. Linebaugh
stated the interest rate was expected to continue to rise some more, and
then fall back down.
Gene Warford asked Treasurer Linebaugh if he would suggest going
with a year or a 6 -month CD, and Mr. Linebaugh said he would suggest
going with the one year CD if they could get 13.75%.
After some discussion Troy Osburn, seconded by Logue, moved to put
the CD in for a year and the motion passed unanimously.
Treasurer Linebaugh reported that no investments were coming due in
December, and that the next one would be due on January 17, 1981.
OTHER BUSINESS
Treasurer Linebaugh explained to the Board that a balance of
approximately $7,000 was kept in the checking account, and that when the
balance reached this amount the excess funds were transferred to savings
to earn interest. He told the Board that he was setting up all certificates
to pay interest quarterly.
ADJOURNMENT
lhere being no further discussion, the meeting adjourned at 4:50 p.m.
ATTEST:
Vivian Koettel, Secret
APPROVED:
Donald L. Grimes, Chairman