HomeMy WebLinkAboutPOLICE PENSION - 10/12/1976 - 4
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j Board of Trustees ,
Police Pension Fund
IIS
I
r Minutes of Regular Quarterly Board Meeting ,
i Tuesday, October 12 , 1976 . Meeting held in
t Watch Commanders ' Office , Police Department ,
Municipal Building, 901 Wellington Avenue ,
Elk Grove Village , Illinois .
Prepared by: Richard Losch
Trustee-Secretary
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President Grant Watson called the meeting to order at 7 : 05 p.m.
Roll Call of Officers : President Watson, Vice-President
Robert Canary , Secretary Richard Losch, Assistant Secretary
David Farley, Treasurer George Coney, all present . No others
in attendance .
Minutes of last meeting held on Tuesday, July 13 , 1976 were
previously distributed and the minutes were approved as written.
Secretary Losch reported that a newly appointed Officer,
Michael Lebert had made application to participate in the fund -
Lebert was appointed on August 2 , 1976, and meets all require-
ments . Losch moved to accept the application, seconded by Farley,
motion carried.
All trustees discussed the matter regarding the holding of bonds
for safekeeping by the Continental Illinois National Bank of
Chicago as this would eliminate having to open the lock-box at
the Bank of Elk Grove each time there is an audit . Also discussed
was transfer of existing bonds at the Bank of Elk Grove to the
Continental Illinois National Bank if at all possible . Coney
indicated that he would have his staff pursue the latter.
Canary moved to have the bonds retained at the Continental Illinois
National Bank of Chicago for safekeeping, seconded by Losch, motion
carried.
Coney reported that $25 , 000 . 00 was available for investment and
` discussion followed regarding latest bond quotations . Farley
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i moved to purchase $20 , 000 . 00 of U .S . Treasury Bonds at 8%
Idue August 15 , 2001 , seconded by Canary, motion carried . Losch
to prepare bond purchase for signatures .
Being no further business to discuss , Farley moved to adjourn,
seconded by Canary, motion carried. Meeting adjourned at 7 : 30
p .m.
Submitted by
Richard Losch,
Trustee-Secretary
RL :dn
cc : Watson
Canary
Losch
Farley
Coney
P. Turner
L. Turner
Willis
B .B
File
Lebert
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