Clanton puts $1.5M in six banks
Clanton’s City Council voted last night to deposit $1.5 million in 15 different institutions to assure the funds would be covered through the Federal Deposit Insurance Corporation (FDIC).
Melinda McCullough of the Legacy Financial Group explained the city could put the funds on deposit through a CEDARS program that would handle the deposit of the funds in such a way the city’s funds would be covered by FDIC.
McCullough said the FDIC insures up to $250,000 per depositor in 2009, but the coverage ceiling had been raised to $250,000 for 2009 only. She also stated even if the city had more than one account at a bank, FDIC would insure only $250,000.
In other business, the council approved a proposal from Police Chief Brian Stilwell to apply for funds under a Traffic Safety Program to be used to pay overtime for officers during times when additional traffic patrols are warranted. Stilwell said the city would not have to match the funds. Currently the city can apply for two separate funds of $1,470 and $1,320.
Paula Jo Mattingly, director of the Chilton County Humane Society, presented the council with copies of last year’s spending and this fiscal year’s budget.
The council also approved the contracting of Marty Martin on a consulting basis for $400 monthly to help train the staff of the city’s beautification department.
Juanita Parker addressed the council concerning trash on Kincheon Road and the need to repair curbs and streets in the western section of the city. She also wanted to know if the city was applying for federal stimulus grants.
Clanton Mayor Billy Joe Driver said the city had requested $14 million in stimulus funds for work at Jefferson State Community College and for work on a bridge and culvert on two roads.
“We don’t know what is available at this point,” he explained.
Council member Bobby Cook said he and Council member Mary Mel Smith attended a meeting on the stimulus package and were told the city would be informed how to apply for any stimulus funding once those in charge of the program decide how it would be allocated.
Mayor Driver said people are trashing the sides of the roads throughout the city. “I’m not sure we can hire enough people to keep the roadways cleared,” Driver said, adding people need to take more pride and not toss trash out car windows. He also agreed he would look at the curbs in question.