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HomeMy WebLinkAbout01-28-827oso Minutes of the Special Meeting of the Pulaski Town~Council, held January 28, 1982, at 4:00 P. M. in the ,Council Chambers in the Municipal Building. There were. present: Mayor Raymond F. Ratcliffe, presiding. Councilmembers: John,A. Johnston, Robert M. Wallace,., C. E. Boyd, Jr., Abdrew L. Graham, Jr., James M. Neblett, Jr :, Alma H. Holston, Pauline G. Mitchell Absent: Councilman Glen K. Aust. Also present: H. R. Coake, Town Manager Gladys R. Dalton, Clerk Garnett S. Moore, Town Attorney Roger A. Williams, Treasurer/Finance Dir. Visitors:. Dee Lindsey, The Southwest Times Sidney A. Clower, Pulaski County Administrator The invocation was given by Councilman Boyd. Mayor Ratcliffe advised-the meeting was called for the 1 SPECIAL MEETING TO ADOPT RESO: RE: CO-MINI TOWN FUNDS purpose of considering the adoption of a Resolution to co-mingle the Town's funds for an investment program, and any other business thin ^ay legally comae bef ore the Council. WAIVER OF NOTICE OF SPECIAL MEETING ION We, the undersigned, duly elected members of the Council of the Town of Pulaski, Virginia, hereby waive notice of a Special Meeting of said Council at 4:00 P. M. on the 28th day of January, 1982, for the purpose of considering a Resolution to co-mingle the Town's funds for an investment program, and any other business that may legally come before the Council. WITNESS our signatures this 28th day of January, 1982. ~~ ~osY January 28, 1982 Mayor Ratcliffe read a Resolution recognizing Capt. John W. RESOLUTION RETIREMENT OF CAPT . JOHM,~'W . EARLY Early of the Police Department upon his retirement January 31, 1982. Councilman Wallace moved the adoption of the Resolution; as read, and motion was seconded by Councilman Boyd, and carried on the following vote: John A. Johnston -.Aye Pauline G. Mitchell - Aye Robert M. Wallace - Aye C. E. Boyd, Jr. - Aye T2FCY1 Andrew L, Graham, Jr. -Aye Glen K, Aust - Absent Alma H. Holston - Aye James M Neblett, Jr. - Aye TTT'T T1N WHEREAS, John W. Early became an employee of the Town of Pulaski, in the Police Department, on April 1, 1953 and continued in that Department until January 31, 1982, and has been a Captain in the Department since November 8,.1975; and WHEREAS, during all the .many years of service, Captain Early provided very loyal and unselfish service, often over and above his normal duty hours; and WHEREAS, the unselfish service rendered by Captain Early has been an inspiration to all that have known and worked with him, but he has now found it to be in his best interest to retire. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE TOWN OR PULASKI, VIRGINIA, meeting in Special Session on January 28, 1982, wishes to publically recognize Captain Early's lasting contribution__. to the people of the Town and hereby thanks him for his many years of service and kindnesses by which so many have known him, and wishes for,him much happiness and many leisure hours during his retirement. BE IT FURTHER RESOLVED that a copy of this Resolution be recorded as part of the minutes of this meeting, and that the original therof be delivered to Captain John Early of the Pulaski Police Department. As Chairman of the Finance Committee, Councilman Graham advised the called meeting was to consider the adoption of a Resolution to co-mingle the Town's funds in the local banks; that the plan or proposal has been considered by all members of EXECUTIVE SESS,Council, and Town Attorney Moore has prepared a Resolution for TO CONSIDER RESOLUTION Councils consideration. TO CO-MINGLE TOWN FUNDS Town Attorney Moore advised it would be necessary to have an Executive Session in order that he might explain to Council AND DISCUSSIOI~egal matters concerning rules and regulations. WITH COUNTY OFFICIALS Councilman Graham moved that Council to into Executive Session to consider a legal matter as well as a discussion between the Town and County officials. Council went into Executive Session at 4:30 P. M. 7062 January 28, 1982 At 5:47 P. M. Council returned to Regular Session. Town Attorney Moore read to Council a Resolution to co-mingle the Town's funds under "money management plans" submitted by the two local Banks. Upon consideration of same, Councilman Neblett moved, seconded by Councilman Graham, that the Resolution, as read, be adopted. Motion carried on the following vote: John A. Johnston - Aye Andrew,L. Graham, Jr. - Aye -~ ~ Pauline G.. Mitchell - Aye Glen K, Aust - Absent R obezt M. Wallace - Aye Alma H.,Holston - Aye C. E. Boyd, Jr. - Aye James M. Neblett, Jr. - Aye R FCY1T TTTTlITT WHEREAS, for many years the relationship and cooperation between the Town of Pulaski, Virginia, and the Bank of Virginia (formerly Peoples National Bank) and the Virginia National Bank. (f ormerly) the Pulaski National Bank) has been mutually beneficial to the Town and the Banks. This relationship has not only given the Town an available source of ready funds often needed on a RESOLUTION short-term lsasis, but has provided the Banks with sizeable sums "MONEY through checking and savings deposits and long-term investments; MANAGEMENT and PLAN" WHEREAS, the Town has been required to maintain numerous checking accounts which at times have had unused balances aver varying periods of time, thereby leaving funds which could have otherwise been invested in profitable accounts. Savings accounts which pay only small rates of interest have also been necessarily kept to be used periodically as required; and WHEREAS, the Bank of Virginia and the Virginia National Bank have both submitted "money management plans" under the terms of which the Banks will manage the Town's fund so that unused checking account balance funds and small savings balances will be placed in a "common fund" and kept invested at more productive interest rates, and at the same time maintain minimal balances known as "float" so that the Town's withdrawals_or transfer. authorizations will be honored as presented. This system will a3.so enable the Banks to earn a fee for their services from daily investments of "float" thereby relieving the Town from payment of service charges or fees; and WHEREAS, THE PLAN WILL ENABLE THE Town to continue to make its long-term investment on a bid-basis, thereby obtaining the highest yield available when purchase is made; and WHEREAS, under the plan the Banks will make available to .the Town all necessary inf ormation and reports to enable the Town to maintain its present accounting system of the various accounts: it now keeps on a segregated basis, and to pro-rate the interest earned..to the various accounts on the same ratio that the total of the separate accounts is to_the total Common account; NOW, THEREFORE, BE IT RESOLVED that the Council of the Town of Pulaski, Virginia, meeting in-special session on this 28th day of January, 1982, that: 1. (a) R oger A. Williams, Finance Director-Treasurer of the Town, is hereby directed and authorized to enter into the necessary arrangements and agreements with the Bank of Virginia, as "lead bank" and the Virginia National Bank, to obtain the services of the banks as set out above and in the letters of proposals from the Banks. 7ss3 RESOLUTION (c) Virginia National Bank is hereby authorized to trans- f er excess collected funds dailay from account No. 176-5972-5 into Virginia National Bank pass book savings account for amounts ' between $10,000 and $100,000 and into,Government Repurchase Agreements (f or amounts over $100,000. It is understood that (b) and (c) amends the letters from the two banks referred to above. CONTINUED Councilman Neblett moved, seconded by Councilman Boyd, that ~. APPROPRIATED January 28, 1982 (b) Bank of Virginia is hereby authorized, if it is unable to invest in a re-purchase agreement, to invest excess. funds in a cash booster savings account. until such time as it is able to invest in a re-purchase agreement., The Bank of Virginia is further authorized to,make with- drawals from the Town of Pulaski checking account No. 972-9521295, and to invest the funds in repurchase agreements in accordance with the Target Balance Cash Management Plan and the above specific authorization. 2. All accounts established by the Town required to be kept separate and. not co-mingled with other funds shall be kept separate under the Banks Management Plan. 3, The present Town basic accounting system shall be maintained in the form now used and earned funds from the Common account will be prim-i=ated to the various accounts on a pro-rata basis. 4. (a) The Finance-Director-Treasurer shall report to the Council when the Bank plan has been implemented and at such other times if any additional authorization is necessary or contracts need approvel by the Council. (b) ,The implemented Plan shall meet all requirements of the laws of Virginia, and shall comply with regulations and guidelines established pursuant thereto, and all applicable Bank rules and regulations in effect at the time the Plan becomes effective and any of the above which may be amended from time to time. The Management Plan shall terminate immediately if at any time it is declared. to be in violation of the law or rules and regulations under a judicial authority or other such authority of the State or Federal government, and shall not be continued until such violation is corrected or .removed by appropriate measure on the part of -the Banks and the Town. $545.00 be appropriated to General Fund Account 014-214 - Town .Managers FUNDS FOR Dues & Memberships - from unappropriated General Fund Surplus, for TOWN MGRS DUES IN DALE CARNEGIFregistration of the Town Manager to enroll in the Dale Carnegie course. COURSE Motion carried on the following vote: John A. Johnston - Aye Andrew L. Graham, Jr. - Aye ~.i~•{:_ Pauline G. Mitchell - Aye Glen K, Aust - Absent Robert M. Wallace - Aye Alma H,,Holston - Aye C. E. Boyd, Jr. - Aye James M. Neblett, Jr, - Aye Councilman Boyd moved that the Town Manager and Signees of SIGNATURE the Town be authorized to complete signature cards and designation CARES TO BE COMPLETED of depository for direct deposit of Housing and Urban Development FOR HOUSING & URBAN DEVELOP. GRANT FUNDS r-~ 1 January 28, 1982 Grant Funds, and the Vice-Mayor be authorized to certify said signatures. Motion was seconded by Councilman Graham, and carried on the following vote: John A. Johnston - Aye Andrew L. Graham, Jr. - Aye Pauline G. Mitchell -Aye Glen K. Aust - Absent Robert M. Wallace - Aye Alma H. Holston - Aye C. E. Boyd, Jr. - Aye James M Neblett, Jr. - Aye At 6:05 P. M. Councilman Neblett moved, seconded by Council- ADJOURNMENT man Boyd, and carried, that Council adjourn. APPROVED: i yor Ratcliffe ATTEST: ~~~ Clerk of th Council [] 7os4