HomeMy WebLinkAbout1981-10-05 MinutesMINUTES OF A FIREMEN'S PENSION AND RELIEF BOARD MEETING
A meeting of the Firemen's Pension and Relief Board was held on
Monday, October 5, 1981, at 4:30 p.m. in the City Manager's Office,
City Administration Building, Fayetteville, Arkansas, 72701.
PRESENT: Paul Logue, Larry Freedle, John Dill, Ralph Tate, Robert Johnson,
City Manager Grimes, Treasurer Scott Linebaugh, and Secretary Vivian Koettel
ABSENT: None
CALL TO ORDER
City Manager Grimes called the meeting to order.
MINUTES
The minutes of the 9-14-81 meeting were approved as submitted.
PENSION LIST
There were no changes to the pension list for October. Motion was made
and seconded to approve the pension list. The motion passed unanimously.
OLD BUSINESS
Treasurer Linebaugh reported that one CD for $115,000 had come due on
9-28-81 and was invested with Northwest National Bank for one year at
16.43%. Bids were taken with the following financial institutions outside -of
Fayetteville, with the rates as follows:
First National Bank of Little Rock
Worthen Bank, Little Rock
First National Bank of Springdale
13.5%
14.0%
14.0%
Two CDs came due today, October 5, 1981. One was for $100,000 and the
other for $188,000. Both were invested for one year with Northwest National
at 15.27%. The bids received on these were:
First National Bank of Little Rock
Northwest National Bank
Worthen Bank, Little Rock
First National Bank, Fayetteville
Mcllroy Bank & Trust
15.0%
15.27%
14.05%
14.5%
14.5%
Linebaugh pointed out that Heritage had been contacted but did not
wish to bid on the money. He also informed the Board that there are no
investments due during the month of October, but there are two in November.
One is for $212,000 and the other is for $100,000.
Linebaugh stated that he had been in contact with Bill Gould concerning
information on Treasury Bills. He said that the information was being gathered
and would be passed on to the Pension Board as soon as it was available. He did
inform the Board that the bills are not insured, but that the only time a loss
would be incurred would be if the Federal Government went bankrupt. Also, he
informed them that there is a brokerage fee of approximately $50.00 on $100,000.
Fire Pension Minutes
page 2
Linebaugh asked the Board if they wished to continue taking bids from
financial institutions out of Fayetteville.
City Manager Grimes explained that the Firemen's Pension Board could have
more to lose than to gain by making the local financial institutions angry with
them. He urged them to consider all advantages and disadvantages before making
a final commitment. He stressed the importance of public relations between
local financial institutions and the Fire Department.
Discussion was held on corresponding with the local institutions and
explaining to them that a higher rate could be possible elsewhere, and if that
situation were to arise, then the Board would have to go with the institutions
who would yield higher rates. It was decided to give this some thought,
and to make a final decision at the next meeting since on investments were
due before that time.
NEW BUSINESS
There was no new business to be discussed.
ADJOURNMENT
There being no further discussion, the meeting adjourned.
✓�,Uysr�✓ W.,0 -2-0e,
Vivian Koette , Secret
Donald L. Grimes, Chairman