HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 03/18/1970 FINZ;MANaS PENSION BOARD MEETING
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' March 18, 1970
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Regular meeting of the Fi-remanys Pension Board called to order at
4:15 P.M. by the Chairman, Mayor Hogan. Present: Board Members:
Mayor Hogan, Councilman Lee, City Clerk Jensen, Capt Bridge and Lt.
Berg. Also present: City Administrator Street, Fire Chief Foster,
Af' City Treasurer Drotz, Lloyd Basinger of the Kent Branch of the National
q,, :,•' Bank of VTashington and Don Petrie of the bank's Investment Department,
It was noted that the purpose of the meeting was to review an investment
proposal presented by Mr. Petrie. It was determined that the Fireman's
Pension Fund would require a cash flow of approximately $1000 per month.
It was pointed out that Milliman & Robertson's actuarial report suggested
" that the Fund could invest 25% of the assets in Mutual Funds. Mr. Petrie
"* recommended that this be done, and that other available money be invested
in higher yield corporate bonds. He submitted the following schedule
for the Boards consideration:
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Investment in Mutual Funds
$43,=000
Investment in Bonds 128,000
$50,00o National Bank of Washington Mortgage Participation Certificates
.` 9%, Due 5-1-80 @ 9.00
$25,000 T.V.A. 9% 3-15-95 @8.90 1011.00
}r $25,000 Duquesne Power Co. 8-3/4% 3-1-2000 @8.90 97.00
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$25,000 Province of Nova Scotia 9-3/4% 3-15-95 @9.80 99.54
ur" Annual investment income $11,375
Background information on the above investments was given by Mr. Petrie.
It was noted that the Fund could sell $6,000 of LID 246 bonds. Lee moved
ih for the City Treasurer to be authorized to sell these bonds and for the
k $6,000 to be used for the cash flow for the Fund. Jensen seconded.
Motion carried unanimously.
£ ,r Jensen moved for the City Treasurer to be authorized to invest, on March
x 31st, what funds are now available proportionately, as recommended in
the above schedule, and for the Board to meet again in April when more
funds become available for investment. Lee seconded. Motion carried
m unanimously.
The meeting was adjourned at 4: 55 P.M.
Respectfully submitted.
Marie Jensen, �Ci, •y Clerk
Secretary of the Board
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