EP grapples with trust fund

Mr. Elzer, Mr. Cohen, is this how you do business, walking away from prior responsiblity? That money was property of the citizens and town. Mr. Cohen, you should know the issue about that money, you lived in East Palestine all your life. According to the paper it was used as it was meant to be, infastructure and streets. It was being paid back until 2002. So, who is responsible for legislation and spending of the monies after that date? I can see who and it was rubber stamped by the presiding council at that time! It had been there all those prior years because it was being paid back. If there is no money to pay it back, then might it be suggested the Developemental Committee actively seek new business such as manufacturing, instead of just talking about it and acting like something is being done?

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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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Maybe also if the town wasn't responsible for the "property taxes" of new housing and business, that money could have been repaid. Now, who authorized that expense?

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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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