HomeMy WebLinkAboutPOLICE PENSION - 04/12/1977 - Board of Trustees ,
Police Pension Fund
Minutes of Regular Quarterly Board meeting ,
Tuesday, April 12 , 1977 . Meeting held in
the Staff Conference Room, Municipal Building ,
901 Wellington Avenue , Elk Grove Village ,
Illinois . -
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Prepared by: Richard Losch
Trustee-Secretary
of
President Grant Watson called the meeting to order at 1 : 15 p .m.
Roll Call of officers : President Watson, Vice-President
111 Robert Canary, Secretary Richard Losch and Treasurer George Coney.
Assistant Secretary David Farley was absent . Eugene Brandt was
also in attendance .
Minutes of previous meeting held on Tuesday, January 11 , 1977
were previously distributed and the minutes were approved as
written.
Secretary Losch reported that Russell Marinec had resigned
effective February 1 , 1977 and John Landers resigned effective
March 4 , 1977 ; both have since been refunded their contributions
to the fund. Losch moved, seconded by Canary that the "Treasurer
by authorized to refund contributions to both Marinec and Landers" ,
motion carried.
Losch reported that Robert Sebastian was appointed Patrolman
effective January 3 , 1977 and has made application to partici-
pate in the fund, and meets all requirements . Losch moved to
accept application of Robert Sebastian, seconded by Canary,
motion carried .
There followed discussion regarding the annual tax levy require-
ments and based upon correspondence from the Department of
Insurance , State of Illinois , the recommended amount is $139 , 000 .
Coney pointed out that this figure is based upon information as
of April 1973 and suggested that we upgrade request to $146 , 000
based upon current figures . Losch moved to request a tax levy
amounting to $146 , 000 , seconded by Canary, motion carried. Losch
.s v
I also reported that the election of trustees (2) by the partici-
pating members would be held on Monday, April 18 , 1977 and that
there are 6 names on the ballot .
Treasurer Coney reported $23 , 596 in the Continental Illinois
National Bank for investment and that all bonds were now in
the custody of the same bank for safekeeping . Our SK account
number is 00-8615-200-6 . Canary moved to purchase $20 , 000 U. S .
Treasury Bonds , 7 5/8o due 02/15/2007 , seconded by Losch, motion
carried.
Being no further business to discuss , the meeting adjourned at
7 : 50 p .m.
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Submitted by
Richard Losch
Trustee-Secretary
RL :dn
cc : Watson
Canary
Farley
Coney
Losch
P. Turner
L . Turner
Willis
B.B.
File