• December 21, 2014

Nolanville to invest bond funds

Print
Font Size:
Default font size
Larger font size

Posted: Friday, September 7, 2007 12:00 pm | Updated: 4:52 pm, Wed Aug 15, 2012.

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 mcanales@kdhnews.com or (254) 501-7554

More about

More about

More about

Rules of Conduct

  • 1 Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
  • 2 Don't Threaten or Abuse. Threats of harming another person will not be tolerated. AND PLEASE TURN OFF CAPS LOCK.
  • 3 Be Truthful. Don't knowingly lie about anyone or anything.
  • 4 Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
  • 5 Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
  • 6 Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

Welcome to the discussion.