Minutes-12/21/1982

The Tiffin City Council met in special session on Tuesday, December 21, 1982 at the Tiffin Methodist Church. Mayor Pro-tem Cox called the meeting to order at 7:00 p.m. Councilmembers present were Cox, Brown, Rohret, Spivey and Stevens. Also present were Glenn Potter and Judy Aspelmeier. James Brotherton was absent. Motion Spivey second Rohret to approve agenda. Carried unanimously. Motion Spivey second Brown to appoint Glenn Potter, Jr. as mayor of the City of Tiffin to fill the unexpired term of James Brotherton who resigned effective December 8, 1982 and whose term expires on December 31, 1983. Roll call vote: Brown, aye; Rohret, aye; Spivey, aye; Stevens, aye. Carried unanimously. The Clerk presented a letter from the Chicago, Rock Island and Pacific Railroad Company which offered full payment of an outstanding claim of $230.00 which was due at the time of bankruptcy on March 17, 1976. Motion Stevens second Spivey to authorize Clerk to notify the Chicago, Rock Island and Pacific Railroad Company of acceptance of $230.00 for unsettled claim due at time of bankruptcy of railroad on March 17, 1976. Carried unanimously. Clerk explained two new variable interest accounts which cities are allowed to use. One account opened on December 14, 1982 and allows cities to make six withdrawals per month without penalty. Current interest rate is ten percent (10%) for a minimum balance of $2500.00. The other new account opens on January 6, 1983 and allows an unlimited number of withdrawals. Interest rates are projected to be slightly lower than the first type of account. The first type of account acts as a savings account and the second type of account acts as a checking account. Clerk asked for authorization to invest in the first type of account with available monies for as long as it is more profitable than current means of investments. Motion Rohret second Spivey to authorize Clerk to change savings accounts and other investments to the variable interest accounts which allows six withdrawals per month and requires a minimum balance of $2500.00, for as long as it is more profitable than current means of investment. Carried unanimously. Potter asked council to think about priorities for the coming year. Motion Rohret second Stevens to adjourn at 7:15 p.m. Carried unanimously.