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Council approves new state-held accounts for water and sewer funds
Summary
At its Dec. 20 special meeting, the council approved creating separate state-held accounts for Water Renewal/Replacement, Sewer Renewal/Replacement, Water & Sewer Deposits, and Water Working Capital after a staff suggestion that state accounts would yield higher interest.
The special council meeting on Dec. 20, 2024, approved creating separate state-held bank accounts for the town's water and sewer funds. Councilmember Micheal Stire made the motion to set up the accounts with the state, and Councilmember Thomas Exline seconded; the motion carried.
According to meeting discussion, Leslie Cummings suggested "setting up all accounts with the state," noting that the accounts would earn a higher interest rate if held there. The council approved accounts for Water Renewal/Replacement, Sewer Renewal/Replacement, Water & Sewer Deposits, and Water Working Capital. The meeting record does not specify the exact interest rates or the name of the state depository selected.
