HomeMy WebLinkAboutCity Council Committees - Fireman's Relief and Pension Board - 12/11/1969 CORRECTED COPY
FIREMEN'S PENSION BOARD MEETING
December II , 1969
A meeting of the Firemen's Pension Board was called to order by Chairman, Mayor
Hogan at 9: 15 a.m.
Members present : City Clerk Marie Jensen, Councilman Lee, Firemen: Berg and Bridge.
K Also present : Fire Chief Foster, City Treasurer Margaret Drotz.
The purpose of the meeting was to gain authorization for the Treasurer to invest
Firemen' s Pension funds. The Treasurer explained that $55,000 of Firemen' s Pension
Funds would be maturing in about one month, and should be reinvested. She suggested
that theBoard consider investing approximately $40,000 in LID 257, in the form of a
promissory note, at 7% interest , thus eliminating the necessity for the city to issue
bonds for this LID.
Some discussion followed and Bridge moved to authorize the City Treasurer to invest
^ approximately $40,000 of Firemen's Pension Funds in City of ,Kent, LID 257, Berg
seconded, motion carried unanimously.
4
The meeting was adjourned at 9:30 a.m.
Respectfully submitted,
T
Marie Jensen
SEcretary of Board
cc: Mayor Hogan
Bridge
Berg
City Treasurer
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