(Cushing, Okla.) A special joint meeting of the City of Cushing Board of Commissioners, Cushing Municipal Authority Board of Trustees, Cushing Hospital Authority Board of Trustees and Cushing Industrial Authority Board of Trustees was held Monday evening. The meeting was a public hearing on the 2011-2012 budget. Board members also discussed interest rates on the money to be loaned for the new safety center and the possible hiring of an administrative assistant
There were no appearances from the audience in regard to the budget for 2011/2012.
Commissioners discussed the rate of interest to charge on the $5 million Cushing Municipal Authority will loan to the City of Cushing to be used to build the safety center.
“Why do we even charge ourselves interest?” askeded Mayor Evert Rossiter. Currently interest rates on monies invested in CDs are at a meager 0 to 1.1 percent.
“It is short-sighted not to charge interest,” Spears said. “I honestly believe the rates will go up over the next few years.”
Commissioners then agreed upon a rate of 3.75 percent on the loan. Time frame on the loan is expected to be between 7 and 8 years.
By loaning itself the money for the safety center, the City of Cushing will not only save set up costs (to a tune of $100,000) but will allow the CMA portion to earn additional money to go toward the cost of improving the infrastructure. It should be a win-win for the community.
Commissioners also discussed and agreed additional administrative help is needed – but that the position should lean more toward an assistant city manager/economic development director rather than an assistant city engineer position.
Commissioner Joe Manning suggested City Manager Steve Spears begin by looking for potential prospects rather then placing an ad at this time.
Commissioners will hold their regular monthly meeting the third Monday in June.