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HUBBARD City council



Published: Tue, July 16, 2002 @ 12:00 a.m.



Highlights of Monday's city council meeting:

Council suspended the second and third readings and passed a resolution authorizing the board of control to advertise for proposals for a water loss study.

Councilman William Williams, D-at-large, chairman of council's utilities committee, asked for the legislation during council's meeting July 1 after Consumers Ohio Water Co. reported that the city is losing 48 percent of the water that enters its distribution system.

Council suspended the second and third readings and passed an ordinance authorizing Treasurer Marsha Ruha to designate First Place Bank as a secondary depository for dormant city funds.

Ruha requested the legislation during a caucus meeting an hour before the council meeting. She told the board that two certificates of deposit with a collective value of about $5 million will mature July 20 and that First Place Bank offered the city the best return for investing that money in new CDs. The maturing CDs are at Sky Bank.

The funds will be invested in three 22-month CDs that pay 3.25 percent interest with an annual percentage yield of 4 percent. Those, Ruha said, would each be valued at $1 million at the time of deposit.

The balance of the funds would then be invested in a premiere money market account which, she noted, would allow the city to liquidate funds without incurring penalties.

Safety Director Robert Paterniti reported that only the Roosevelt Drive entrance to the park will be open Sunday before the fireworks show. After the fireworks, vehicles will exit north onto Route 616 from the Roosevelt Drive entrance and south onto Route 616 from the McClure Road entrance.

Mayor George Praznik reported that 27 raccoons were caught in traps in the Wendemere Drive area. The city will pay the trapper $1,100.




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