Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Lumberport council approves state-held accounts for water and sewer funds
Summary
At a Dec. 20 special meeting, the Lumberport Town Council voted unanimously to set up multiple state-held accounts for water and sewer funds — including Water Renewal/Replacement and Water Working Capital — to access higher interest rates.
At a special meeting on Dec. 20, 2024, the Lumberport Town Council voted to establish separate state-managed bank accounts for several water- and sewer-related funds. The accounts named in the record were Water Renewal/Replacement, Sewer Renewal/Replacement, Water & Sewer Deposits and Water Working Capital; the change was proposed as a way to earn a higher interest rate for those reserves.
The motion to authorize opening the state accounts was made by Council member Micheal Stire and seconded by Council member Thomas Exline. The council recorded a unanimous vote among the five members present (Mayor Lexi Mayfield and council members David Bennett, Richard Desist, Thomas Exline and Micheal Stire), and the motion carried. The transcript does not specify implementation steps, account custodians, or a timeline for transfers.
