HomeMy WebLinkAbout1982-08-02 MinutesMINUTES OF A FIREMEN'S PENSION AND RELIEF BOARD MEETING
A meeting of the Firemen's Pension and Relief Board was held on Monday,
August 2, 1982, at 4:30 p.m. in the City Manager's Office, City Administration
Building, Fayetteville, Arkansas.
PRESENT: City Manager Don Grimes, Firemen Johnson, Jack Boudry, Bill Boudry,
Dill, and Springston, Treasurer Scott Linebaugh, and Secretary Sherry Rowe.
ABSENT: Chief Paul Logue
CALL TO ORDER
City Manager Grimes called the meeting to order.
MINUTES
The minutes of the July 12, 1982, meeting were approved as submitted.
PENSION LIST
There were no changes in the pension list. Motion was made and seconded to
approve the list as submitted. Upon roll call the motion passed unanimously.
OLD BUSINESS
Mr. Linebaugh stated there were three CD's invested in July:
(1) July 19 - $275,405 with Northwest National Bank at 13.0%
(2) July 20 - $105,675.89 with First National Bank at 12.25%
(3) July 26 - $220,000 with First Federal Savings & Loan at 12.75%
Mr. Linebaugh reported there were no investments due for August. The July
20 investment money was received from the State Insurance Commission.
NEW BUSINESS
Mr. Linebaugh reported that the State Auditor's Office had misinterpreted
the resolution regarding the possible benefit increase. They thought the Board
was asking for three alternatives, and they could only rule on two. However,
the resolution was only seeking two alternatives. This matter has been resolved,
and the possible benefit increase in still being considered.
Mr. Dill stated that several of the firemen had expressed concern about too
much money being invested in one bank. He asked about the guarantee and
security of the accounts. Mr. Linebaugh reported that the money was backed by
government securities and the first $100,000 by FDIC. The City receives a
certificate stating that a government security has been pledged to insure the
investments. If the bank or savings and loan goes down, the City would own the
governmental security that was pledged and could cash it in through the government.
He stated that going out of state to invest would really be no different than
staying within the state as far as insurability because the government backs both
the securities and the FDIC $100,000 insurance coverage.
ADJOURNMENT
There being no further discussion, the meeting adjourned at 4:50 p.m.
Sherry Rowe, Lecretary
Donald L. Grimes, Chairman