HomeMy WebLinkAboutCity Council Committees - Fireman's Relief Pension Board - 09/06/1968 (2) 1
FIREMEN' S PENSION BOARD MEETING,
SEPTEMBER 6 , 196B
Members present : M. L. Armstrong, Don Bridge , Marie Jensen
and Alternate Bryant . Also present : City
Administrator Joe Street and City Treasurer
' Cavanaugh
In Mayor Thornton ' s absence , M. L. Armstrong filled in as
Chairman . The meeting was called to order at 4 : 30 p.m. in
the Kent City Hall for the purpose of discussing the Loomis
and Kennedy Analysis of the Kent Firemen ' s Pension Fund.
' The recommendations of Loomis and Kennedy were discussed.
Armstrong moved that the City Treasurer be authorized to
make the following changes in the investment of Firemen ' s
Pension Funds :
' Sell t20, OOO Savings
Buy $10, 000 U. S. Treasury Notes
5-3/4% 1975
Buy $10 ,000 Federal Land Bank
' 5-1/8/ 1978
and for the Treasurer to make these purchases as soon as
possible or at the end of the month, whichever he deems
best after checking the accounts . Motion seconded by Bridge .
Under discussion , _Lt was pointed out that these particular
items may not be available or a better investment may be
available and the Treasurer will seek out the best investment
available at the time. Motion carried unanimously.
Bridge presented two bills from doctors in Iowa in the amounts
of $72 . 31 and $4.40. It was explained that these amounts re-
present portions not covered by Group Health, since the expenses
were incurred at a point distant from the clinic area.
' Armstrong moved, Jensen seconded to approve the bills as presented
to be paid from Firemen ' s Pension Fund.
There being no further business to discuss , the meeting was
adjourned at 5 : 30 p.m.
Respectfully submitted,
Marie Jen
Secretary