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EP grapples with trust fund

February 3, 2013

EAST PALESTINE — A fund established in the village 38 years ago from the sale of the electric plant could be out of the picture in the future....

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Hartford

Feb-03-13 4:32 PM

When I left the Law Directors office in 1984, there was 3.08 million dollars plus in this fund. I realize that interest rates have fallen dramaticaly since then, but the city (village) seems to be using this fund as its piggy bank for any and all expenses it incures. Has the Investment Advisory Board approved any of these withdrawals? The late Kenny Bell, former county auditor, told me that the interest from the fund was equivalent to an 11 mill tax levy. I know that the city fathers who sold this asset had no idea that it would end up being worth less than $40,000.

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sunsetlover1013

Feb-04-13 2:49 PM

I agree the money does need paid back.. and could that fund be used to purchase the light poles needed for downtown?

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