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PEQUOT LAKES FIREMENS RELIEF ASSOCIATION
<br /> MINUTES OF THE MARCH 5,2003 ANNUAL MEETING
<br /> The annual meeting was called to order by President Greer.
<br /> The minutes of the last annual meeting were read and approved by Larry Oaks and seconded by Lance
<br /> Schmidt,motion passed.
<br /> Then annual financial report was read by secretary/treasurer Tom Nelson:
<br /> The beginning balance for January Is',2002 was$336,931.72 We received for the year$18,581.00 in
<br /> state aid, $22,223.06 in municipals and contracts, $ 5,646.00 in interest÷nds,$1,000.00 for 2002
<br /> State supplemental for a total of$47,450.006. Total funds available=$384,381.76
<br /> The expenses for the year 2002:
<br /> Myers pension$19,200.00, State supplemental $500.00(the other half will be paid when we have the
<br /> money available in checkbook), $200.00 volunteer firemen dues for Volunteer Benefit Association of
<br /> MN, audit fee$1,150.00, net depreciation$42,694.00 and bank service fees of$24.00,totaling
<br /> $63768.00.
<br /> Total funds available after expenses=$320,613.78+ a liability of$500 carried over for Myers pension.
<br /> Motion to approve financial report by Dan Loven, seconded by Jeremie Bridge,motion passed.
<br /> Our current rate is at$1,600.00 per year. President Greer asked if anyone would mind going up to
<br /> $1,800.00 per year. Question was asked if it was alright to do this with the bad stock year. Nelson&
<br /> Greer said there are only 2 people that could retire and collect their monies,the others closest to
<br /> receiving their monies are eligible in 2008. Oaks made a motion to go to$1,800, seconded by Peterson
<br /> II, motion passed with an 8—2 vote with Loven&Bridge voting no.
<br /> A proposal was made to close regular checking account and open a money market account with the best
<br /> interest rate. Discussion also came about moving some monies into a CD by Greer. Lakes State Bank is
<br /> offering a CD with a rate of 3.25%for 12-17 months,while Piper Jaffery is at 1.7%for 12 months and
<br /> American National is at 1.65%for 12 months. Greer said with the mutuals not doing well, and the stock
<br /> market down, a CD would be a wise investment right now. Lance Schmidt made a motion we open a
<br /> CD with Lakes Sate Bank with the amount to be determined later, Varilek seconded the motion,motion
<br /> passed. A motion to close the regular checkbook and open a money market account was made by
<br /> Peterson II, seconded by Lance Schmidt,motion passed.
<br /> Proposal to pay the secretary/treasurer position$300.00 for the year was brought up by Greer. A
<br /> motion was made by Peterson II to pay the secretary/treasurer$300.00 per year, seconded by Peterson
<br /> I, motion passed. The money for this is to come out of the regular fire department accounts.
<br /> Peterson I brought up that the contract money that the cities pay has been at 4%for many years and he
<br /> would like to see it increased to 6 or 8%. Casanova thought that was a good idea,Peterson I made a
<br /> motion to increase the contribution of contract money for the relief association to 6-8%-whichever the
<br /> cities contracted to would agree to. The motion was seconded by Schmidt,motion passed.
<br /> Election of officers,Neil Casanova motioned that the officers be kept the same as in 2002, seconded by
<br /> Schmidt, motion passed unanimously. Chris Greer—president,Bob Peterson II—vice president, Tom
<br /> Nelson—secretary/treasurer,Jeremie Bridge,Dan Loven,Daren Nordby,Bill Rickard—trustees.
<br /> �. Motion to adjourn,motion passed.
<br /> Members in attendance: Greer,Nelson,Oaks,Bridge, Schmidt,Casanova,Peterson I,Peterson II,
<br /> Varilek, Loven.
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