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Stephens City council approves short-term CD investment, authorizes Old School renovation bidding
Summary
Town council approved moving $1.2 million from ARPA and $500,000 from the Utility CIP into a 6‑month CD at 4.3% and authorized staff to advertise bids for the Old School Renovation after USDA approval.
The Stephens City Town Council on Jan. 7 approved a short‑term investment of municipal funds and authorized the advertisement of bids for the Old School Renovation project.
Town Treasurer Steve Rickards told council that tax collections were strong — "all but one SCC tax payment came in" — and asked permission to place $1.2 million from the American Rescue Plan Act fund and $500,000 from the Utility Fund CIP into a six‑month certificate of deposit at Capon Valley Bank, at a 4.3% interest rate. Councilman L. Fravel moved to approve the transfer and the motion carried with recorded Aye votes from members present.
Why it matters: the move is a short‑term investment of reserve funds intended to earn higher interest while preserving liquidity; Rickards said budget preparations will begin soon and that the town has received positive feedback on the new online payment portal. Mayor Michael A. Diaz commented he recently used the portal and said he liked it.
Separately, Town Manager Mike Majher said the U.S. Department of Agriculture granted the town approval to advertise the Stephens City Old School Renovation project and recommended opening a 30‑day bid window beginning Jan. 14. Councilwoman Stevens moved to authorize staff to run the required advertisements and the motion carried unanimously.
Manager Majher also updated council on public works: a waterline extension and hydrant repair on Fairfax Street is complete; preliminary vegetation clearing has started near planned sewer repairs at Clem's Garage and the Nichols Construction apartments; and the town selected a low bid for sewer work from JLC Excavating and expects to coordinate with Judy Construction to expedite repairs. The council authorized staff to issue an RFP for the town's trash contract; Majher identified the current provider as Waste Management.
What happens next: the town will advertise the Old School Renovation bid window starting Jan. 14 and receive proposals through Feb. 18; staff will proceed with procurement steps for sewer repairs and solicit bids for trash services.
