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HUGO FIREFIGHTER’S RELIEF ASSOCIATION <br />5323 140TH STREET NORTH <br />HUGO, MINNESOTA 55038 <br />(651) 429-6366 <br /> <br /> <br /> <br /> <br /> <br />Hugo Firefighter’s Relief Association <br /> <br /> <br /> TO: Anna Wobse, Finance Director <br /> FROM: Dave Jensen, President <br /> DATE: November 17, 2023 <br /> SUBJECT: Bylaw Change <br /> <br />Please be advised that the General Membership voted to change the bylaws of the Relief <br />Association. This change was required in order to be in compliance with requests from <br />the Minnesota Office of the State Auditor. The following wording was added to section <br />16.2: <br /> <br />Section 16.2. Interest paid: The Association shall, add to the deferred member's <br />account, interest, at the rate of five percent (5%) compounded annually. The deferred <br />interest credit method will be based on full calendar months. <br /> <br />In keeping with past practice, this bylaw change should be ratified by the City Council. <br />Please place this item on an upcoming City Council agenda for ratification. <br /> <br /> <br /> <br />Dave Jensen, President <br /> <br />