HomeMy WebLinkAboutMinutes - 05/17/2010 - Police Pension BoardSPECIAL MEETING OF THE POLICE PENSION BOARD
`- CITY OF MCHENRY
Thursday, May 27, 2010
A special meeting of the McHenry Police Pension Board was called to order on May 27,
2010, at 3:30 PM in the City of McHenry Municipal Center, 333 South Green Street.
At roll call, the following members were present: Board President Sgt. Jeff Foerster,
Daniel Kinnerk, and Officer Robert Roske. Absent: Robert Hettermann and Ormel
Prust.
Also present at the meeting was Carolyn Lynch, City of McHenry.
Investment Strategies
Terms and rates were sought to reinvest $1,000,000 certificate of deposit held by
McHenry Bank & Trust that expires on June 2, 2010. Carolyn Lynch presented a
spreadsheet listing bids submitted by various local financial institutions for the terms of
one, two, and three years. Eleven bids were requested and five were received.
McHenry Bank & Trust offered the highest rate of interest at 0.95 with a 0.95 APY for
12-months; 1.79 with an APY of 1.80 for two years; and, 1.79 with an APY of 1.80 for
three years.
Roske made a motion, seconded by Kinnerk to purchase a one- year certificate of
deposit for $1,000,000 from McHenry Bank & Trust at the 0.95 rate as presented.
All ayes, motion carried.
Adjournment
Kinnerk made a motion, seconded by Roske to adjourn the meeting. All ayes,
motion carried.
The meeting was adjourned at 3:35 PM.
Respectfully submitted,
Marci Geraghty, R cordi g Secretary