HomeMy WebLinkAbout1982-01-04 MinutesMINUTES OF A FIREMEN'S PENSION AND RELIEF BOARD MEETING
A meeting of the Firemen's Pension and Relief Board was held on Monday,
January 4, 1982, 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, City Manager Grimes,
Treasurer Linebaugh, and Secretary Sherry Rowe.
ABSENT: Robert Johnson
CALL TO ORDER
City Manager Grimes called the meeting to order.
MINUTES
The minutes of the December 7, 1981 meeting were approved as submitted.
PENSION LIST
There were no changes to the pension list for December. Motion was made
and seconded to approve the pension list. The motion passed unanimously.
OLD BUSINESS
There was no old business to be discussed.
NEW BUSINESS
Treasurer Linebaugh reported that two CDs would be coming due, one on
January 18 for $275,405 and the other on January 23 for $150,000. He further
reported that the approximate rates of interest were as follows:
30 day - 12.25%
90 day - 12.75%
180 day - 13.00%
1 year - 13.00%
Treasurer Linebaugh recommended the 180 day rate of 13.00% because of the
presently decreasing market. It is anticipated that in the spring the interest
rates will increase, and hopefully at the end of the 180 days, the rate will be
higher.
Motion was made and seconded to approve these CDs. The motion passed
unanimously.
Treasurer Linebaugh further reported that he checked with the City of
Little Rock regarding their rates of interest. Presently on a $300,000 CD,
Little Rock is receiving 12.47%. Fayetteville is receiving 13.01 on a $100,000 CD.
Overall, Fayetteville is receiving higher rates of interest on their CDs than
Little Rock. He further informed the board that he had made arrangements to
contact Little Rock and compare rates of interest monthly or whenever necessary.
Mr: Dill expressed his agreement with Treasurer Linebaugh regarding the
hopeful benefits of investing in the 180 day CD.
Mrs. Bob Stout made her annual contribution of $50.00 to the Firemen's
Pension and Relief Fund and sent a Christmas card. Chief Logue said a formal
acknowledgement and thank you of this would be sent to Mrs. Stout.
Firemen's Pension and Relief Board Meeting
January 4, 1982
Page 2
ADJOURNMENT
There being no further discussion, the meeting adjourned at 4:45.
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Sherry Rowe Secretary
ona d L. Grimes, C airman