By Mason W. Canales
Killeen Daily Herald
NOLANVILLE – The City Council took several steps Thursday to prepare for the funds that will be produced from a $1.7 million street bond passed in the May election.
"An investment policy must be in effect before we can invest any money to gain a profit," said Vicki Brown, Nolanville treasurer, who addressed the council and asked it to act on an ordinance placed before it.
The council had to consider the ordinance before receiving a bond to fix drainage and widen 10th Street in preparation for construction of
the Killeen Independent School District's 31st elementary school.
Nolanville did not have a city ordinance that allowed it to earn interest while bond money sits in the bank, Brown said during the meeting.
Bart Fowler, an attorney for McCall, Parkhurst & Horton L.L.P., which represents the city, provided legal information about the bond and documentation about the loan the city will receive.
"It is basically what Frost Bank presented to you," Fowler said.
Representatives of Frost Bank, from which Nolanville is receiving the loan, met with the council last week to discuss the bond.
The council also decided that the city can start receiving proposals from banks outside of Nolanville to conduct its business.
Brown told the council no banks are inside the city limits, and that the ordinance would allow banks to make bids for Nolanville's business.
The City Council agreed to use ExtraCo Bank in Harker Heights to deposit several of its funds.
Other council decisions included:
To move a piano from the chamber room to the hallway of the J.W. Sims Community Center, and to place some form of "no touch" warning on the instrument.
To place an item pertaining to the cost of lighting in the city park in the 2007-08 fiscal budget.
To allow for a charge to accept credit card payments.
Contact Mason W. Canales at email@example.com or (254) 501-7554