HomeMy WebLinkAbout1982-11-01 MinutesMINUTES OF FIREMEN'S PENSION AND RELIEF BOARD MEETING
A meeting of the Firemen's Pension and Relief Board was held
on Monday, November 1, 1982, at 4:30 p.m., in the City Manager's
Office, Interim City Hall, Fayetteville, Arkansas.
PRESENT: City Manager Don Grimes, Chief Paul Logue, Firemen Dill,
Springston and Johnson; Treasurer Scott Linebaugh; and Secretary
Olivia Kelly.
ABSENT: Fireman Boudry
CALL TO ORDER
City Manager Grimes called the meeting to order.
MINUTES
The minutes of the October 4, 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
Treasurer Scott Linebaugh stated that CD #11212 had matured on
October 5, 1982, in the amount of $288,000. He further stated that
an additional $24,000 had been added to that amount for a total of
$312,000. This CD had been invested at Northwest National Bank
for 120 days, and the rate received had been 10.18.
NEW BUSINESS
Scott Linebaugh stated that the following three CD's are due
to mature in the month of November: (1) CD #12316, due to mature
on November 8, 1982, in the amount of $250,395.00. He further
stated that $20,200.00 would be added from the Savings Account
and $50,000.00 from the Checking Account, for a total of $320,595.00.
This CD is invested at Northwest National Bank, and is currently
earning 13.07; (2) CD #01070, due to mature on November 9, 1982, in
the amount of $100,000, and invested at First Federal and currently
earning 14.55; (3) CD #21000, due to mature on November 24, 1982, in
the amount of $157,000.00, invested at Mcllroy Bank, and currently
earning 13.00. Mr. Linebaugh added that the current rates are as
follows: 30 days -8.375; 90 days - 8.625; and 1 year - 9.000.
He recommended 90 days to maturity on these CD's, which would
mature in January of 1983. After discussion, the Board voted to
invest these CD's for 90 days.
PAGE TWO
OTHER BUSINESS
Fireman Dill asked Treasurer Linebaugh if he had received
a response from the Auditor of the State of Arkansas regarding the
request by the Firemen's Pension and Relief Board for a benefit
increase package regarding beneficiary rate changes. Mr. Lineabugh
stated that he had not but that he would address a letter to that
office to determine the status of this request.
ADJOURNMENT
There being no further business, the meeting was adjourned
at 4:55 p.m.
Olivia A. Kelly, Secreta
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L. Grimes, airman