HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 12/19/1974 }
FIRt,!�%'N'S FENSIONi BOARD
December 19, 1974
A meeting of the Firemen's Pension Board wtascalled to order at 10,00 a.m.
b� Mayor Mogan, Board members prosont; Mayor Began, Councilman Just, Lt,
Orndorff, Inspector Opel, City Clerk Jensen, Also present: Finance Director
Tidinkle,
A letter was read from Pension Board member Orndorff asking that; the Board
consider using Firemen's Pension Funds to purchase Appolo exercising equipment
" for the use of the firemen. It is proposed that 5 units be purchased at a
total cost of 0230.70, plus tax„ The purchase of five units would make it
possible for each station to have at least one unit so that the equipment
would be available to all of the 'firemen.
Upon the recommendation of the Finance Director, Orndorff moved to approve the
expenditure, it, in the opinion of the City Attorney , Lhis type of expenditure
is permitted for Firemen's Pension funds, Just seconded, motion carried,
The City Clerk noted that the City Treasurer had advised that upon the con—
elusion of the sale of the notes held by the Firemen's Pension Fund, the amount
of cash on hand would be approximately $27,000. JusQmoved to instruct the
Treasurer to invest, at the hihest yield, any monies not needed to meet
current foreseeable expenses. Orndorff seconded, ':notion carried,
It tivas doter�ntned Chat the city is due to have an actuarial report made of
the Firemen's Pension Fund. Opel moved to engage the firm of Mild9man &
r ' Robertson inc, Consulting .actuaries, to make the necessary study„ Orndorff
seconded,, motion carried.
December 26,, 1974
Today the City Attorney informed the Secretary of the Board that the Firemen's
Pension Board does not have the authority to approve the expenditure of pension
funds for the purchase of the exercising equipment„
e' i'. -Respectfully submitted,
A � .
Mare Jenserw:City Clerk
Secretary of the Board
Mayor Hogan
Councilman Just
Lt, Orrdorff
Inspector Opel
Finance Director Winkle
Treasurer Drotz
Adr,inistrator Street
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