(Cushing, Okla.) A special joint meeting of the Cushing Board of Commissioners, Cushing Municipal Authority Board of Trustees, Cushing Hospital Authority Board of Trustees and the Cushing Industrial Authority Board of Trustees was held Monday to discuss ways to maximize the City’s investments.
The study session preceded several other agenda items.
City Manager Steve Spears suggested board members consider alternative possibilities for a better return on money currently invested in Certificates of Deposit (CDs). One of the alternatives discussed is a 15 year Ginnie Mae investment. Ginnie Mae is guaranteed by the government and has relatively low risks involved.
Commissioner Jim Hogrefe suggested a better return on City investments might be by using the funds to pay off one of their four higher interest loans, while others suggested using the previously invested funds to pay for part of the new safety center and be paid back at an interest rate more acceptable.
The discussion was finally tabled after commissioners decided to get more information on the various options before making their final decision.
Commissioners went on to approve the Cushing Industrial Authority Resolution No. 01-2011 authorizing the chairman and board of trustees to execute an option to purchase real property and to authorize the payment of $500 for the option; and Cushing Municipal Authority resolutions No 03-2011and 04-2011. Those resolutions allow the appropriation of funds for the purchase of UVC lamps, quartz sleeves and wiper rings for the UV disinfection system at the wastewater treatment plant.
Commissioners went into executive session to discuss a matter of economic development and the possible purchase and appraisal of real property.
Regular meetings of the Cushing Board of Commissioners are held the third Monday of each month at City Hall. Meetings are open to the public.
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