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NIMR returns capital to Saratoga Springs — council accepts first check
Summary
Peter Dane of NIMR presented a $127,951.50 capital return check to the city; officials said another payment will arrive next year as NIMR distributes capital back to member municipalities.
Peter Dane, executive director of NIMR, presented the city with a check for $127,951.50 as a return of capital contributed by municipal subscribers to NIMR’s program. Dane told the council that NIMR began returning capital to member municipalities once the insurance pool became adequately capitalized.
"Because they've done that, we are now able to give them back their capital plus all the interest that's accrued," Dane said. He added the check is the first of two equal payments the city should expect, with a second check scheduled for next year. City officials thanked NIMR and local banking partners for their assistance in securing municipal coverage and returning the funds.
Council members said the returned capital will be accounted for during budget and capital planning processes; the presentation did not designate a specific internal use for the funds.
