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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