HomeMy WebLinkAboutMinutes - 05/31/2007 - Police Pension BoardSPECIAL MEETING OF THE POLICE PENSION BOARD
�. CITY OF MCHENRY
Thursday, May 31, 2007
A special meeting of the McHenry Police Pension Board was called to order on
Thursday, May 31, 2007, at 4:05 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 Dan Kinnerk. Absent: Ormel Prust.
Other present at the meeting were Chris Black, Carolyn Lynch and Marci Geraghty, City
of McHenry.
Meeting Minutes
Roske made a motion, seconded by Hettermann to approve the minutes from the
April 17, 2007, Police Pension Board meeting as presented and to hold them for
audit. All ayes, motion carried.
Investment Strategies
Terms and rates were sought to reinvest a $1,000,000 certificate of deposit that will
expire on June 2, 2007. Accountant Carolyn Lynch presented a spreadsheet listing bids
for certificates of deposit for 12, 24, and 48-months submitted by various local financial
institutions. Ten bids were received with Home State Bank offering the highest rate of
interest at 5.25% with a 5.38% APY for 12-months.
Kinnerk made a motion, seconded by Roske to purchase a 12-month certificate of
deposit in the amount of $1,000,000 as presented. All ayes, motion carried.
Chris Black confirmed to Bob Hettermann that collateral letters were received.
New Officer Pension Applications
President Foerster presented four requests for application to the Police Pension fund
from Robert Martel, Derek Kay, Patrick Polidori, and F. Peter Nester IV who were hired
on May 9, 2007.
Hettermann made a motion, seconded by Kinnerk to accept the applications to
the Police Pension fund as presented. All ayes, motion carried.
Police Pension Board Meeting
May 31, 2007
Page Two
Request for Pension Benefits
President Foerster presented a request for pension benefits for retiring Sgt. Roland
Wood.
Kinnerk made a motion, seconded by Roske to approve the application for
pension benefits for Sgt. Roland Wood as presented. All ayes, motion carried.
Bills for Approval
Roske made a motion, seconded by Hettermann to approve payment of the
following invoices:
Law Offices of Richard J. Puchalski $1,775.00
Capital Gains, Inc. $3,682.48
Eder, Casella, & Co. $ 551.00
All ayes, motion carried.
Adjournment
Kinnerk made a motion, seconded by Rose to adjourn the meeting. All ayes,
motion carried.
The meeting was adjourned at 4:15 PM.
Respectfully submitted,
Marcia M. Geragh , Rec rding Secretary