Butler City Council will soon choose a plan to manage the money from the anticipated sale of Butler Area Sewer Authority assets.
After hearing from four candidates earlier this year and receiving analysis from a Certified Public Accountant, Council is expected to vote on choosing financial managers at their meeting next week.
According to Butler City Mayor Bob Dandoy, the best course of action is to designate portions of the funds to two different financial institutions.
“Two accounts is really what is going to amount at NexTier Bank. One for a deposit account and a bond account,” Dandoy said. “The third account is the trust with PNC Bank. And then we’ll figure out how to feed them, and that comes down to the trust document and investment philosophy that we’ll sit down with them to talk about.”
Other council members including Councilman Dan Herr seem to agree.
“NexTier has a company right here in the city and they have always stepped up. We have employees here in the City and a company here in the City,” Herr said. “And I think with PNC’s trust department, I really like that idea.”
The BASA sale received approval from the Pennsylvania Public Utility Commission last month but no date has been made public yet for the closing of the sale.
