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Oak Harbor staff outlines plan for handling end of U.S. penny production and cash rounding
Summary
A city staff member explained how Oak Harbor will respond to the U.S. Treasury's move to stop producing pennies and to new state law allowing rounding to the nearest nickel, saying most customers will see no change, pennies will still be accepted, and the city will coordinate implementation and customer notices.
A city staff member outlined how Oak Harbor plans to handle the U.S. Treasury's decision to discontinue penny production and recent state legislation permitting cash rounding, saying most customers will see no change and pennies will continue to be accepted.
The presentation, given at the start of the meeting, explained that the city's bank recently told Oak Harbor it is limiting the amount of pennies it will provide to commercial customers and that some local businesses have already begun rounding cash totals to the nearest nickel. "Most of our customers will see zero changes as this…
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