HomeMy WebLinkAboutMinutes - 12/13/2007 - Police Pension BoardSPECIAL MEETING OF THE POLICE PENSION BOARD
CITY OF MCHENRY
Thursday, December 13, 2007
A special meeting of the McHenry Police Pension Board was called to order on
Thursday, December 13, 2007, at 4:00 PM in the City of McHenry Municipal Center,
333 South Green Street.
At roll call, the following members were present: Sgt. Jeff Foerster, Officer Robert
Roske, Bob Hettermann, and Ormel Prust. Absent: Daniel Kinnerk.
Other present at the meeting were Carolyn Lynch and Marci Geraghty, City of McHenry.
Investment Strategies
Terms and rates were sought to purchase a $1,000,000 certificate of deposit. President
Foerster explained that at the October meeting, the board moved to purchase the CD
with $100,000 obtained from fixed asset investments, $200,000 from property taxes,
and $700,000 from a certificate of deposit that matures on December 14, 2007.
City of McHenry Accountant Carolyn Lynch presented a spreadsheet listing bids for
certificates of deposit for 12 and 24-months submitted by various local financial
institutions. Ten bids were received. McHenry Bank & Trust offered the optimum rate
of interest at 4.69% with a 4.79% APY for 12-months.
Hettermann made a motion, seconded by Roske to accept the most favorable
quote from McHenry Bank & Trust for the purchase of a 12-month certificate of
deposit for $1,000,000 for a 12-month period at the rate of 4.69%, as presented.
Roske
aye
Prust
abstain
Hettermann
aye
Foerster
aye
Kinnerk
absent
Motion carried.
Foerster commented that a $1,000,000 certificate of deposit will mature in June 2008.
Adjournment
Roske made a motion, seconded by Hettermann to adjourn the meeting. All ayes,
motion carried.
The meeting was adjourned at 4:06 PM.
Respectfully submitted,
`-- Marcia M. Geraghty, Recor ng S cretary