HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 08/03/1999 (3) Firemen' s Relief & Pension Board
August 3 , 1999
Boardmembers Present : Mayor White, Al Bond, Brenda
Jacober, Alternate Gene
Grenstad, and Sam Grubbs (who
arrived at 3 : 12)
Others Present : John Hillman, Gary Tilley
The Mayor called the meeting to order at 3 : 04 p.m.
Approval of Minutes . Bond moved to approve the minutes of
July 13 , 1999, as printed. Grenstad seconded and the
motion carried.
Approval of June Financial Transactions. Hillman
distributed copies of the June report and a Market Value
Comparison. Grenstad moved to approve the June financial
transactions . Bond seconded and the motion carried.
ADDED OTHER BUSINESS ITEM
Investment in Mutual Funds . Hillman noted that mutual
funds make up about 42% of the total investments . He said
he has found that because of a 1992 Senate bill, the Board
can no longer invest in mutual funds . He added that he has
spoken with the City Attorney, who agrees . Hillman
suggested that the funds be sold and reinvested in two-year
treasuries, which are running about 5 . 6%, or two-year
government agencies, which are running about 6 .2 or 6 . 3% .
After a brief discussion, it was determined that Hillman
will make a recommendation at the next meeting as to where
to reinvest the money and that he would obtain a copy of
the Attorney' s opinion.
Adjournment. The meeting adjourned at 3 : 15 p.m.
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Brenda Jacob e IC
Boardmember/City Clerk