|
City looks for highest return on bond money  Share
The Bridgeport City Council met in special session on Monday to review interest rates of area financial institutions. To insure the best investment return on the $3 million bond money earmarked for the waterworks project, an ordinance was amended to allow the city to seek the best possible rates from banks outside of the city. The council settled on dividing the money between three local banks as follows: First Bridgeport Banking Center - $1.5 million for one year at two percent; Casey State Bank - $500,000 for 13 months at 2.51 percent; $800,000 for 31 days at the Bank of Lawrence County. Although most payments for supplies and services will not need to be made until February 1, the Council decided to place the remaining money in the checking and savings accounts. The $3 million bond money was wired into the city's account on September 10. Mayor Max Schauf projected that the $150,000 grant for engineering work would be received within 10-20 days. At that time, the city will let bids for construction of the water treatment plant. To dispel rumors surrounding the placement of a modular home, recently purchased by the mayor, on Main Street in Bridgeport, he read the title information on the home. It was built in 1996 and purchased by the Southwest School Corporation in Sullivan, Ind. on July 2, 2005. He reiterated that its age was in compliance with the city ordinance which states that no mobile homes more than 15 years of age can be moved into the city.
Barbara E. Allender is editor of the Bridgeport Leader.
|
This Week's Front Page »
Related Stories »
|
