HomeMy WebLinkAbout1981-11-02 MinutesMINUTES OF A FIRMEN'S PENSION AND RELIEF BOARD MEETING
A meeting of the Firemen's Pension and Relief Board was held on Monday, November
2, 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, City Manager Grimes, Treasurer
Scott Linebaugh, and Secretary Vivian Koettel.
ABSENT: Ralph Tate and Robert Johnson
CALL TO ORDER
City Manager Grimes called the meeting to order.
MINUTES
The minutes of the 10-5-81 meeting were approved as submitted.
PENSION LIST
There were no changes to the pension list for November. Motion was made and
seconded to approve the pension list. The motion passed unanimously.
OLD BUSINESS
Discussion was held on whether or not the Board wanted to consider investing
funds out of town. It was decided that as long as the Fayetteville institutions
are within 1%, the Board would stay in Fayetteville. However, if more than 1%
more interest could be earned out of the town, then the Board would invest out
of Fayetteville. It was decided to write a letter to the banks in Fayetteville
informing them of this decision.
NEW BUSINESS
Treasurer, Linebaugh reported that there were two CDs due in November. One was
for $212,395 and the other for $100,000. Linebaugh explained that the going interest
rates were as follows:
30 day - 14.125%
90 day - 15.0%
180 day - 15.25%
1 year - 14.0%
Treasurer Linebaugh recommended going with six month certificates of deposit.
John Dill asked Treasurer Linebaugh if bids would be taken from out of town on
the $212,000 deposit. Linebaugh answered that this would probably not gain much,
but he could call and check if they wanted.
It was agreed that Treasurer Linebaugh would call the City of Little Rock and
see what rate they are getting on their investments and how their investments are
handled.
OTHER BUSINESS
Treasurer Linebaugh distributed a memorandum from Mr. Gould of Mcllroy Bank &
Trust concerning T -notes. He asked the Board to read over this, and it could be
discussed at the next meeting if they desired.
ADJOURNMENT
There being no further discussion, the meeting adjourned.
Vivian Koettel,
ecretary D na d L. Grimes, Chairman