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Broken Bow council approves street plan and places $2.16 million insurance payout in a CD while power-plant rebuild is planned
Summary
The council adopted the One and Six Year Street Plan (unchanged from the Aug. 12 presentation) and authorized investing $2,155,275.50 from an insurance payout into a CD at Nebraska State Bank at 4.04% to earn interest while plans for infrastructure and power-plant rebuilding are finalized.
The Broken Bow City Council on Sept. 23 adopted a One and Six Year Street Plan and authorized a short-term investment of insurance proceeds tied to the city's recently damaged power plant.
Administrator David Schmidt told the council the street plan presented was unchanged from the Aug. 12 presentation by Street Superintendent Steve Parr and noted the resolution satisfies a state requirement for highway allocation funds; Schmidt emphasized the plan can be amended and does not lock the city into projects listed on the plan.
The council then considered Resolution 2025-18, which authorizes the city treasurer to invest "surplus funds" from an initial insurance payout in a certificate of deposit at Nebraska State Bank. Schmidt recorded the insurance payout at $2,155,275.50, said the funds are intended for infrastructure and rebuilding the power plant, and noted the CD rate was 4.04%, which staff estimated would generate approximately $84,000 while plans are finalized.
Councilmembers voted unanimously to adopt Resolution 2025-17 (the street plan) and Resolution 2025-18 (the investment authorization). The motions were recorded with roll-call votes showing Smith, Kleeb, Wamsley and Holland voting aye.
What happens next: The investment places the insurance proceeds in an interest-bearing instrument while the city finalizes plans for rebuilding; any project-level decisions will be made at future meetings and are not recorded in the Sept. 23 transcript.
