A lengthy discussion on the best way to invest city funds took place during Tuesday's meeting of the Wayne City Council.
The city has been contacted by Nebraska Cooperative Liquid Assets Securities System (CLASS) Trust in regard to investing funds for the city. It was noted that the firm offers governmental entities the opportunity to invest liquid funds at a higher rate of return.
Information provided included the fact that the firm is required to follow specified regulations, offers a competitive yield and provides for liquidity of funds.
Matt Ley, representing State Nebraska Bank, spoke against the city becoming involved with the organization.
"The money the city invests with State Nebraska stay here in Wayne. We have employees who work here, shop here and pay taxes here. We also contributed over $125,000 in charitable causes in 2022, including large donations to Providence Medical Center, Wayne State College, the Wayne Area Legacy Fund, the Majestic Theatre and Haven House," Ley said.
"I believe community matters," Ley said and asked the council "do you want to send your money out of town?"
Corby Schweers with Elkhorn Valley Bank echoed Ley's thoughts on investing with a firm that was not local, saying "you have to look at where the money is going. Any money that leaves the community can't be invested in the community. We (Elkhorn Valley Bank) also give back to the community in many ways."
Council member Matt Eischied said there are benefits to having money invested in a local bank and said "we are all in this together."
A resolution which would have allowed the city to become a participant in Nebraska CLASS Trust died for lack of a motion and a related resolution which would have amended the Investment and Portfolio Policy for the City of Wayne was tabled.
Following a public hearing, approval was given for a Class C Liquor License for McLaulvis LLC, doing business as "Good 'Nuff Bar." Owners Stephanie McLagan, Scot Saul and Cassie Davis were present at the meeting to answer questions from the council.
Davis shared information with the council on updates planned for the facility and said it is anticipated the bar will be open in late April or early May.
In other action, council members gave final approval to ordinances amending the city code in regard to building regulations and temporary occupancy permits in areas zoned Agriculture.
Ordinance 2023-6 received final approval. It will allow for the issuance of up to $7,500,000 in Tax Supported Municipal Improvement Bonds, Series 2023. These bonds can be used to pay the costs of certain capital improvements for the city, including such things as the maintenance building at Prairie Park and the new City Hall.
Ordinance 2023-7 was unanimously approved. It states that if an establishment has more than one liquor license, only one occupation tax will be collected by the city.
Approval was given on a request for a Partial Deed of Re-conveyance for the Wayne Area Event Center (Beaumont).
Josie Broders, who owns the event center and land to the east of it, plans to sell the empty land. Because Broders received LB840 funds when the Beaumont was constructed, the city needs to amend the deed on the property to allow this to happen.
A resolution authorizing the sale of three city-owned lots and an ordinance directing the sale of these lots were passed at the meeting.
These lots were sold to the Community Redevelopment Agency (CRA) and will allow for up to three houses being placed on them. The houses are being given to the CRA by Wayne State College. The houses need to be moved from their current location in the near future to allow for the construction of additional housing for Wayne State students.
An agreement with McLaury Engineering for engineering services relating to the Fourth Street and Thorman Street Paving Project, Storm Sewer Redesign and Design and Plan Production Projects was approved.
The $20,700 agreement will allow for the re-design of the project, which was originally designed in 2017. It will mean the water will flow in a different direction and according to city staff "is a better design."
During Tuesday's meeting, Wayne Mayor Cale Giese read a proclamation in regard to April 28 being Arbor Day in the State of Nebraska.
The Wayne City Council will next meet in regular session on Tuesday, April 18 at 5:30 p.m. in council chambers.
