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Guthrie council approves $55,000 engineering invoice for wastewater expansion, opens account for $2.8 million draw
Summary
At its Oct. 8 meeting, the Guthrie City Council unanimously approved a $55,000 engineering invoice for the wastewater treatment plant expansion to be paid from a $2.8 million project draw and voted to open a dedicated interest-bearing account for that draw while seeking a better rate.
The Guthrie City Council on Oct. 8 approved payment of a $55,000 engineering invoice tied to the wastewater treatment plant expansion and voted to place the city's recent $2,800,000 project draw in a separate interest-bearing account.
Mike McGhee presented the engineering report and introduced the invoice, which council members said will be paid from the $2.8 million the city has already received for the project. Harry Green moved to approve the invoice; Chad Johnson seconded and the motion carried unanimously.
Council discussion then addressed how to manage the $2.8 million draw from a larger $28,000,000 project fund. The council noted they had received word the funds could be invested in an interest-bearing account with no restrictions on the use of interest earned. Elkton Bank had quoted a variable account rate of 2.58% on the date of the meeting. Chad Johnson moved to open a new account strictly for the draw and to attempt to negotiate a better rate; Harry Green seconded and the motion carried unanimously.
The actions taken fund the immediate engineering work and establish a separate account intended to hold the project draw while staff pursues improved returns. The transcript does not record additional conditions, timelines for further payments, or detailed next steps for the wastewater expansion.
