HomeMy WebLinkAbout1981-02-02 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 2, 1981, at 4:30 p.m. in the City Manager's Office, City Administration
Building, Fayetteville, Arkansas.
PRESENT: Treasurer Scott Linebaugh, Members Paul Logue, Troy Osburn, Gene
Warford, Larry Freedle
ABSENT: City Manager Grimes and Secretary Vivian Koettel
MINUTES
The minutes of the January 5, 1981 meeting were approved as submitted.
PENSION LIST
There were no additions to the pension list for the month of February.
A motion was made and seconded to approve the pension list for the month of
February, and the motion passed unanimously.
INVESTMENTS
Treasurer Linebaugh reported that during the month of January two
investments were made. One was for $112,000 for 90 days at 17.75% and the
other for $211,000 for 90 days at 17.61%. Treasurer Linebaugh noted that
the $211,000 consisted of old certificate #1374 of $164,000, savings of
$37,000, and $10,000 from checking.
Mr. Linebaugh informed the Board that in February two certificates
were coming due, both which are currently in Northwest Savings and Loan.
One is for $100,000 and the other for $112,395.
Mr. Linebaugh stated that certificates for 30 days are currently
drawing 17.5%, 90 day - 17.0%, 180 day - 15.25, and one year - 14.0%.
Last month's certificates were: 30 day - 16.0%, 90 day - 15 3/8%, 180 day -
14 1/4%, and one year - 13.0%.
Treasurer Linebaugh said that predictionsof what will happen
in the market vary widely. Most feel that after Reagan announces his
policy decisions on 2-17-81 that the market will change greatly. Current
predictions are that the market will drop the prime rate to 13% by mid year.
Treasurer Linebaugh advised the Board to go with 90 day certificates.
A motion was made and seconded to invest the 2 certificates for 90 days
at the highest rate of interest available. The motion passed unanimously.
OTHER BUSINESS
Balance sheet as of 12-31-81 was distributed with a current run of
investments. No comments were made. These are to be reviewed and discussed
at the next meeting.
ADJOURNMENT
There being no further discussion ,the meeting adjourned at 4:45 p.m.
ATTEST: APPROVED:
flreta Vivian Koetry Donald L. Grimes, Chairman