HomeMy WebLinkAbout1981-03-02 MinutesMINUTES OF A FIREMEN'S PENSION AND RELIEF BOARD MEETING
A meeting of the Firemen's Pension and Relief Board was held on Monday,
March 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, Ralph Tate, Larry Freedle; City Manager Grimes, and Secretary Vivian
Koettel.
ABSENT: None
MINUTES
The minutes of the February 2, 1981 meeting were approved as submitted.
PENSION LIST
There was one addition to the pension list for March, 1981. Earvel
Schader was added and will receive $715.78 per month. Mr. Freedle, seconded
by Warford, moved that the pension list be approved with the addition of Mr.
Schader. Upon roll call the motion passed unanimously.
INVESTMENTS
Treasurer Linebaugh reported that the two CDs due in February had been
reinvested in Northwest National Bank for 16.16% for 90 days.
Treasurer Linebaugh reported that short term investments have dropped
from 17.5% to 14.75%. 90 day certificates have fallen from 17.0% to 15.0%,
180 day certificates are the same, and one year certificates have increased
by .5%. Mr. Linebaugh explained that interest is still expected to drop some.
Treasurer Linebaugh reported that two CDs were coming due in March.
One for $100,000 and the other for $188,000. The $100,000 is currently in
Northwest National Bank at 10.8% and the $188,000 is in Heritage Federal
Savings and Loan at 12.75%. Mr. Linebaugh recommended that the CDs be
reinvested at six months at the institution paying the highest rate of interest.
Mr. Freedle, seconded by Warford, moved that the CDs be reinvested for
six months at the highest possible rate of interest.
OTHER BUSINESS
There was discussion on depositing funds in savings and loans as well
as in banks, and it was agreed to continue depositing with the bank or savings
and loan which paid the highest rate of interest.
ADJOURNMENT
There being no further discussion, the meeting adjourned at 4:45 p.m.
ATTEST:
.2.-&-t Gi9v -
Vivian Koette
APPROVED:
na d L. Grimes, airman