HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 09/06/1983 r£
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FIREMEN' S RELIEF AND PENSION BOARD
September 6, 1983
A meeting of the Kent Firemen' s Relief and Pension Board
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was called to order at 4: 30 p.m.
Board Members present: Mayor Hogan, Councilman Leahy,
` Chairman of the City Council Finance Committee, Assistant
Fire Marshall Higgins and City Clerk Jensen. Board member
Fire Marshall Barber was absent.
Also present: City Treasurer Drotz and Fire Captain Al
Bond.
r, It was noted that the purpose of the meeting was to review
` the Treasurer ' s recommendations regarding investments. A
.°i report was distributed showing the total cash and invest-
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ments of the fund as $701, 629. 47 as of August 31, 1983 .
This report has been made a part of the record' The Treasurer
recommends that it would be in the best interest of the Fund
to sell the Mutual Funds now held in the amount of $259 ,732.73.
She noted that the Fund could use the proceeds to buy upcoming
city LIDS. The process and advantages of issuing LID notes
in lieu of bonds was explained for the benefit of new Board
se members. -
Jensen moved to authorize the City Treasurer to sell the
of Mutual Funds and to invest the proceeds in the LID notes
of the city. Leahy seconded and the motion carried.
There was no further business to come before the Board and
the meeting was adjourned at 5: 00 p.m.
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? Marie Jens , City Clerk
Board Member
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