(Cushing) – Cushing City Commissoners approved several resolutions dealing with the city’s investment policy during a special meeting last night at Cushing City Hall. Commissioners heard a presentation from investment representatives regarding the so called “CDARS” program, which allows banks to spread investments from the city among several banks to avoid FDIC caps on account protections, so that all city moneys can be invested in insured accounts. The Commissoners reviewed the wording of the program, and then approved a series of motions to cover the City of Cushing, the Cushing Municipal Authority, the Cushing Hospital Authority, and the Cushing Industrial Authority.
In other action, an executive session was held for discussions between the commission and the city attorney regarding the Double Eagle Refinery Superfund Site in Oklahoma City. Commissioners reconvened the meeting after about half an hour, and approved a motion authorizing the city attorney to enter into negotiations and retain outside counsel in regard to the site. City Attorney Stewart Arthurs and City Manager Steve Spears both refused to answer questions about what the negotiations are about.
The Double Eagle Refinery Superfund Site is a 12 acre site in Oklahoma City that had refining and oil recycling operations located on it starting in 1929 and was placed on the National Priorities list in 1988. Under legislation approved by Congress in 1980, the EPA can find Potentially Responsible Parties for the cost of the cleanup operation. Although the Cushing City Attorney and City Manager refused to confirm or deny that the City of Cushing may be about to enter negotiations regarding potential liability on the part of the City of Cushing, EPA documents list the Cushing Power Plant as a Potentially Responsible Party, along with dozens of other entities, including the City of Oklahoma City, Tinker Air Force Base, the University of Oklahoma Motorpool, and many commercial operations, including the now defunct Cushing based trucking company Bray Lines.
Cleanup operations at the site have been underway for several years, and the EPA has proposed deletion from the National Priorities list for the site.
