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Low Interests Rates Lead to Change
Tue September 4, 2012
Bushnell Terminates Rec Center Trust
Bushnell has terminated the trust that helped to pay for the operation of the city's recreation center.
City Attorney Steve Holland says low interest rates led to the move. He says low rates barely paid for the trust's annual fees. That left little for the recreation center itself.
The change will save the cost of the annual trust fees. It will also provide greater flexibility to the city.
Holland says, “It will still be used for operation purposes of the recreation center. And in the past, we couldn't use the principal amount, the $62,000. We can do that now, if the need arises.”
The city council would have to approve any use of the principal.
The money will remain in an account with Farmers and Merchants State Bank in Bushnell.