HomeMy WebLinkAbout1981-08-03 MinutesMINUTES OF A FIREMEN'S PENSION AND RELIEF BOARD MEETING
A meeting of the Firemen's Pension and Relief Board was held on
Monday, August 3, 1981, at 4:30 p.m. in the City Manager's office,
City Administration Building, Fayetteville, Arkansas.
PRESENT: Members Paul Logue, Larry Freedle, John Dill, Ralph Tate,
Robert Johnson, City Manager Grimes, Treasurer Scott Linebaugh, and
Secretary Vivian Koettel
ABSENT: None
(MINUTES
The minutes of the 7-6-81 meeting were approved as submitted.
PENSION LIST
There was one addition to the pension list for August, 1981.
Donald Miller was added and will receive $663.01 per month. Motion was
made and seconded to approve the pension list with this addition. The
motion passed unanimously.
INVESTMENTS
Treasurer Linebaugh reported that a CD for $211,000 matured on
July 20, 1981. $64,405 revenue from the insurance commissioner was
added to this for a total of $275,405 and was reinvested in Northwest
National Bank at 17.53% for 182 days with a maturity date of 1-18-82.
Linebaugh reported that one CD matured on July 27 for $145,000.
$5,000 was taken from savings and a total of $150,000 was invested
in Mcllroy Bank at 17.0% interest for 180 days with a maturity date
of 1-23-81.
Linebaugh informed the Board that the next CD would be maturing
on September 28.
Motion was made and seconded to approve ' these investments. The
motion passed unanimously.
ACTUARIAL VALUATION
Treasurer Linebaugh presented a statement for the actuarial valuation
and certification fee for plan year ending December 31, 1979. The
amount was for $655.60.
Motion was made and seconded to authorize payment of the statement.
The motion passed unanimously upon roll call.
SAVINGS AND LOANS
Discussion was held on investing in Savings and Loans. Mr.
explained that the investments were only insured up to a maximum
$100,000 per institution. He stated he would advise the Board
not invest over $100,000 in the Savings and Loans.
Linebaugh
of
to
It was determined to check into this further and discuss it at the
meeting in September since the next investment is not due until late in
September.
ADJOURNEMNT
There being no further discussion,
Vivian oette , Secretary
the meet'ng adjourned at 4:45 p.m.
L Grimes
onald L GC airman