HomeMy WebLinkAbout1982-10-04 MinutesMINUTES OF FIREMEN'S PENSION AND RELJ.EN BOARD MEETING
A meeting of the Fireman's Pension and Relief Board was held on Monday,
October 4, 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; and Secretary Olivia Kelly.
ABSENT: Treasurer Scott Linebaugh.
CALL TO ORDER
City Manager Grimes called the meeting to order.
MINUTES
The minutes of the September 13, 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
In the absence of Treasurer Scott Linebaugh, Secretary Kelly addressed
the meeting. She informed the group that a CD had matured on September 28, 1982,
which was originally CD #11209, for $115,000. $50,000 had been taken from
savings, for a total of $165,000, invested for 6 months, currently at the rate
of 10.265, at Mcllroy Bank, CD #21437.
NEW BUSINESS
Secretary Kelly stated to the group that a CD would mature on October 5,
1982, in the amount of $288,000, currently held by Northwest National Bank,
CD #11212, currently earning 15.27. It was planned to add $24,000 from checking,
for a total of $312,000.
She added that Scott Linebaugh had recommended maintaining this for a total
of 120 days because there is an expected turnaround, predicted by financial
advisors, beginning January 1983. Mr. Linebaugh had felt it would be best if
this CD is available to get at the higher interest terms. Currently, interest
appears to be 30 days, 9.25; 90 days, 9.75; 6 months, 10.00; one year 10.25;
which means the most that could be lost if no turnaround occurs would be $750.
If a turnaround does occur, then the terms would be 180 days, rather than 120
days.
With regard to the CD in the amount of $312,000, the group agreed to try
to go with the 120 days, if available. If this is not the case, then go with
the 90 days term.
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Secretary Kelly added that the next CD's coming due in November will be
as follows: November 8, 1982, $250,395; November 9, 1982, $100,000; and
November 24, 1982, $157,000. Mr. Linebaugh had asked Secretary Kelly to
urge the groupto strongly consider whether to go long term or short term
on the upcoming CD's. She added that this should be decided before the next
meeting of the Fire Pension Board scheduled for November 1, 1982.
There was some question among the group concerning the number and amount
of CD's coming due in November. It was determined to refer their question
to Treasurer Linebaugh prior to the next meeting.
ADJOURNMENT
There being no further business, the meeting was adjourned at 4:50 p.m.
Olivia Kelly, Secretary
Doi�ld L. Grimes, Chairman