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MINUTES
CITY OF FORT COLLINS
COMBINED PENSION BOARDS
MARCH 24, 1983
MEMBERS PRESENT:
EMPLOYEE PENSION BOARD:
FIREMEN'S PENSION BOARD
POLICEMEN'S PENSION BOARD
TIME AND PLACE:
Ron Wood, Mollie Mercer, Deb McClurkin,
Angie Powell
Ron Wood, Wanda Krajicek, Larry Donner,
Larry Presley
Ron Wood, Wanda Krajicek, Donn Hopkins,
Myron Lloyd
10 a.m. - CIC Room, City Hall
The meeting was called to order by Ron Wood.
FIRST ITEM OF BUSINESS: Reimbursement to the City for the development
of a computer program to provide for the
withholding of federal taxes from pension
payments.
• Ron Wood explained that the 1982 Tax Equity Law requires the City to
withhold federal taxes from pension payments. The pension funds' portion
of the program development cost is $5,480 which should be shared equally
by the three pension funds. Ron Wood requested that the three pension
boards approve the expenditures.
Angie Powell made a motion for the General Employee Pension Board to
approve the expenditures for the computer program. Mollie Mercer
seconded the motion. The four members present voted affirmative.-
Larry Donner made a motion that the Firemen Pension Board approve the
costs of the computer program. Larry Presley seconded the motion.
The four members present -voted affirmative.
Donn Hopkins made a motion that the Policemen Pension Board approve the
expenditures of the computer program. Myron Lloyd seconded the motion.
The four members present voted affirmative.
•
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Combined Pension
March 24, 1983
Page 2
:7
Board Meeting
SECOND ITEM OF BUSINESS
P
The five corporate bonds owned jointly
by the three pension funds.
Ron Wood explained that about four years ago all three pension funds
bought various corporate bonds with maturities ofapproximately twenty-
seven years. Over the last four years some of the corporate bonds have
decreased in rating because of the present state of the national economy
and the Finance Department would like to sell these bonds. Normally,
the Finance Department makes decisions for the investments; however,
since the sale of these five bonds will result in a book loss, he would
like the committee to make the decision.
Gwyn Strand explained that the City normally buys bonds with a rating
of A or better and the five bonds suggested for sale now have a rating
lower than an A. He suggested that the bonds be sold now.
Larry Donner made a motion that the Firemen Pension Board approve the
sale of the corporate bonds. Larry Presley seconded the motion. The
four members present voted affirmative.
Myron Lloyd made a motion that the Policemen Pension Board approve the
sale of the corporate bonds. Donn Hopkins seconded the motion. The
four members present voted affirmative.
Mollie Mercer made a motion that the Employee Pension Board approve the
sale of the corporate bonds. Deb McClurkin seconded the motion. The
four members present voted affirmative.
The meeting was adjourned at 11 a.m.
Respectfully submitted,
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Ronald R. Wood
Director of Finance