Kingston windfall to go to general fund
by Neil McGahee
Apr 15, 2014 | 674 views | 0 0 comments | 10 10 recommendations | email to a friend | print
The Kingston City Council voted to cash in three certificates of deposit worth approximately $5,000 and deposit them in the general fund. The windfall was recently discovered at Regions Bank and appeared to have been deposited in the 1980s.

“These CDs are mature and are just setting there,” said Mayor Wanda Penson. “They aren’t making any money. The last dividend check we got was for 49 cents. The person at the bank said if she was us she would deposit them in the general fund or the water fund or somewhere they can be used.”

Posey asked if she was asking the council to take action and would that require a resolution.

They were advised by City Attorney Brandon Bowen that such an action did not require a resolution. Council voted to authorize the mayor to cash in the CDs and deposit the proceeds in the general fund.

In other business, council:

• discussed requiring city work crews to keep a log of hours spent on each job to help manage budgets.

• discussed joining Municode to publish the city municipal codes online.

• heard a request from Darlene Tate for financial assistance to buy the former Governor’s House and use it as a transitional living facility for youth ages 18 to 22 that have been in foster care.

She was told the city was in no financial condition to help her.

The Kingston City Council will hold its next meeting Monday, May 5, at 7 p.m. at Kingston City Hall.