HomeMy WebLinkAbout1982-09-13 MinutesNIINUTES OF FIREMEN'S PENSION AND REL'Ki BOARD MEETING
A meeting of the Firemen's Pension and Relief Board was held on
Monday, September 13, 1982, at 4:30 p.m., in the City Manager's Office,
City Administration Building, Fayetteville, Arkansas.
PRESENT: City Manager Don .Grimes, Chief Paul Logue, Firemen Johnson,
Boudry, Dill and Springston; Treasurer Scott Linebaugh, and Secretary
Olivia Kelly.
CALL TO ORDER
City Manager Grimes called the meeting to order.
MINUTES
The minutes of the August 2, 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
Scott Linebaugh was asked if he had ever contacted Mcllroy Bank
regarding the capital notes, and he said that he had written a letter to
Mr. Jerome Nieniec but he had not had a response from him to date.
Mr. Linebaugh circulated copies of various Pledging Certificates that
are used for Pension Investments. They are currently being used in the
Pension Board's investment portfolio to back the Bank certificates.
He said these Pledging Certificates give an indication of how stringent
the pledging process is. He asked the members of the Board if they would
like to handle this another way and they said they did not. This coverage
was explained to be similar to the coverage with FDIC. If a bank goes out
of business, the Pension Board could have its funds released immediately,
upon signature.
NEW BUSINESS
Mr. Linebaugh stated that there was one CD to be executed in September:
1. Amount of CD - $145,000 (which includes savings account funds);
Date - 9/28/82; Bank - Northwest National Bank
Mr. Linebaugh commented that interest rates are expected to come down
until the November election, and he therefore recommended going with the
6 -month CD, at 10.25, and when rates went back up, which was expected by
February, then in that period they would be reinvesting.
2
Mr. Linebaugh indicated that a CD in the amount of $288,000 will be
executed on October 5, 1982. He said he had contacted Little Rock banks
and their rates were comparable to the local rates.
Chief Paul Logue introduced a check which was received from Randall
Tyson, Tyson Foods, Inc., in the amount of $500.00, as a donation to the
Firemen's Pension Fund. Secretary Kelly was directed to send Mr. Tyson
a letter of appreciation.
Question was raised concerning the State Auditors Office and whether
they have responded to the request from the Firemen's Pension Board on
whether pension benefits could be raised, and Mr. Linebaugh indicated
that he has not yet received a response. He mentioned that it could take
anywhere from 90 days to six months to receive a response on this matter.
Fireman Springston indicated that Bentonville had raised the same
question to the State Auditors Office and was still awaiting a response,
after making several changes to their proposal.
ADJOURNMENT
There being no further business, the meeting was adjourned at 4:50 p.m.
ide„
Olivia Kelly, Secretary
nald L. Grimes,. Chairman