With $92 million in a NexTier bank account, Butler City Council is moving forward with plans to manage the funds.
According to Councilman Don Shearer, since the sale of BASA assets to PA American Water just over one week ago that account has been earning about $11,000 per day in interest for a total of about $92,000.
At their forum meeting Thursday night, Council discussed ways to leverage about $15 million over a five year period to complete multiple projects in a long range capital improvement plan such as street and parking lot paving, repairing a hole in the roof of the Farmer’s Market, and a large improvement project at Father Marinaro Park. Engineering contracts for some of this work could be put out to bid this year.
At their regular meeting later this month, Council plans to engage legal council for about $50,000 to construct a trust that will be in place at PNC Bank to protect and maximize a portion of the money indefinitely.
