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Putney and Dummerston confirm joint reclamation fund, consider moving part of $30,000 balance into high-yield CD
Summary
The Putney and Dummerston selectboards reviewed a Memorandum of Understanding establishing a joint reclamation fund, confirmed a balance of about $30,000 in the Community Bank account, and agreed some funds should be placed in a higher-yield certificate of deposit to grow the fund.
The Putney and Dummerston selectboards on May 20 reviewed a Memorandum of Understanding to formalize a joint reclamation fund for a shared gravel pit and confirmed the Community Bank account contains roughly $30,000. Town Manager Karen Astley and Lee Chamberlin, speaking for the pit operations, said a recently matured certificate of deposit was rolled into the joint account.
Both boards agreed that some of the money should be placed in a higher-yield certificate of deposit to generate revenue for closure costs. Lee Chamberlin noted the operating spreadsheet shows current projections are acceptable but warned the budget must be adjusted for rising blasting costs. The boards also approved shifting reporting on the fund from quarterly to annual updates.
The MOU edits discussed were primarily on pages two and three, according to Chamberlin. Members did not discuss the interlocal agreement during the session. Next steps include clarifying exact fund contributions per load (the transcript records a rate phrased as “3,500 of material by 0.06¢,” which attendees noted needs numeric clarification) and deciding how much of the $30,000 balance to place into a higher-yield CD.
