HomeMy WebLinkAbout1983-10-03 MinutesMINUTES OF A MEETING OF THE FIREMEN'S PENSION RELIEF BOARD
A meeting of the Firemen's Pension and Relief Board was held on
Monday, October 3, 1983, at 4:30 p.m. in the City Manager's office, Interim
City Hall, Fayetteville, Arkansas.
PRESENT: Chairman Grimes
Treasurer Linebaugh
Fire Chief Logue
Fireman Boudrey
Fireman Dill
Fireman Judy
Fireman Springston
Secretary Griffin
CALL TO ORDER
The meeting was called to order by Chairman Grimes.
MINUTES
There were no corrections to the minutes of the September 7, 1983,
meeting; they were approved as submitted, by voice vote.
PENSION LIST
Chairman Grimes noted that the amounts to be paid, on the October
Pension List, reflected the increases approved at the last meeting.
Fire Chief Logue, seconded by Boudrey, made a motion to approve the
Pension List as submitted. The motion passed unanimously.
Treasurer Linebaugh reported that two letters had been received, one
from Oliver Davis and the other from Orville Stout, Retirees, expressing
their appreciation for the increase in monthly pension benefits and the
work involved in getting this approved.
OLD BUSINESS
Treasurer Linebaugh reported that there were no investments maturing
in the month of September.
NEW BUSINESS
Treasurer Linebaugh reported that there were four investments maturing
during the month of October, to be reinvested:
10/17 CD#11723 Northwest National $275,405 9.58%
10/17 CD#11724 Northwest National $124,800 9.615%
10/24 CD#11791 Northwest National $345,000 9.515%
10/25 CD#01275 First Federal $195,000 9.650%
Mr. Linebaugh stated that at present, interest rates were fluctuating
and there were two schools of thought on what they would do in the immediate
future: (1) begin to fall now and then increase after mid -1984, or (2) remain
about the same as they are at present.
Mr. Linebaugh reported that current rates were: 30 day, 8.65%; 90 day,
8.75%; 180 day, 9.20%; and 1 year, 9.50%.
It was the Treasurer's recommendation to reinvest two of the certificates
(CD# 11723 & 11724) for one year and keep the remaining two, CD#11791 & 01275
in 180 day investments. He noted that the Pension Board had $413,199.44 in
long-term investments maturing November 11, 1983.
There was considerable discussion regarding what interest rates could be
expected to do in an election year (1984) and it was the general consensus
that this would be difficult to predict, as inflation would be a major variable
and even major economists were not going out on a limb at this point in time.
Fireman Boudrey seconded by Judy, made a motion to accept the recommenda-
tions of the Treasurer and reinvest the maturing certificates #11723 & 11724
for one year and #11791 and 01275 for 180 days. The motion passed unanimously.
ADJOURNMENT
There being no further business before the Fire Pension Relief Board,
the meeting adjourned at 4:55 p.m.
DON GRIMES, CHAIRMAN
SECRETARY