The city of Lookout Mountain, Georgia’s investments are more secure since Tommy Gifford consulted with the town officials. Mr. Gifford told the council that several months ago City Manager Kenny Lee talked to him about how the city could get better returns on its investments. At the time, three percent was the highest interest rate out of three banks the city was doing business with. Pinnacle Bank is the one that was the most willing to work with the city and the interest rate now is 3.65 percent, officials said. Another improvement is that previously, the various accounts were not insured because they all exceeded $250,000.
At no cost and with a big plus for the town, Pinnacle is also putting money into an ICS account (Insured Cash Sweep) where it will be fully insured by FDIC. Other money will be invested in a GF1 fund (Georgia Fund 1 account). Although the fund is not insured, it is administered by the state treasurer’s department and investments are made according to Georgia law with a focus on safety of capital and liquidity. Over the last three years, said Mr. Gifford, it has averaged a four-to five percent return. Both of these accounts are totally liquid, he said, and can be moved around if needed. The council approved the resolutions to open an account with both Pinnacle Bank and the Georgia Fund 1.
In other financial business, Vice Mayor Arch Willingham has received a letter confirming the loan agreement between the Georgia Environmental Finance Authority and the city for the new sewer pump station. Wes Hasden, chairman of the sewer advisory board, said that the proposal for the pump station will be ready for publication in the next couple of weeks.
SPLOST (Special Purpose Local Option Sales Tax) is an optional one percent state sales tax levied by counties in the state of Georga. It can only be used to pay for capital projects such as improvements to public facilities and to buy public safety equipment. Mayor David Bennett said there will be a special called council meeting soon to talk about which projects the city hopes to fund with this money. The proposed tax and the list of projects to be funded will be presented to county and city residents during the next election. The money that the municipalities receive must be used for those listed purposes. The mayor said that the town center qualifies. Mr. Lee said that before the election, the city will try to educate residents about what this tax is and how it is used.
Taylor Watson, liaison with the fire and police department, said June was a quiet month with little to report with the exception of a small fire on Wood Nymph that was handled quickly enough to prevent the log house from being destroyed. It was in a basement garage where a heat lamp was being used to keep baby chickens warm. She asks for people who use heat lamps or grow lights to be sure to use and maintain them properly and safely.
Chief Jason Lewis said that several officers have signed up for the Wilderness Emergency First Responders training that will be in November. It will be valuable training that will benefit the community, he said.
Councilwoman Watson said that the annual Fourth of July parade keeps getting bigger and better each year. She participated by riding in the town’s fire engine and helped throw out 15 pounds of candy between The Commons and Lookout Mountain Town Hall. City Manager Lee said planning has already started for next year’s celebration.
Since it will be the country’s 250th year, the city will be planning an elaborate celebration in addition to the parade. “The sky’s the limit” in this beginning phase of the plans, that may include a ferris wheel and fireworks and another pie contest. Some of the changes that were made this year were counted as successes, and include where the parade began and ended and moving the fireworks to the golf course where hundreds of people could gather to watch them. That also eliminated the danger of sparks landing on the bluff causing a fire that couldn’t be reached.
Winners in this year’s parade were Golf Cart: the Speak family, Float: the Barnes family, Truck: The Glascock family and for Bikes: the Johnson family. Vivien and Georgiana Beasley won the junior pie contest with a blackberry pie, and a peach pie from Trey Stanford won the adult pie contest.
The public works department has been busy with equipment and vehicle maintenance during the season it is not in use. Councilman Kevin Leckenby said that an axle has been replaced on the city’s Kubota tractor. The braking system on the salt truck has taken extra time to fix because of so much damage that was from salt corrosion. The leaf truck is scheduled to be overhauled before fall. Residents are being asked to be sure and empty water and liquids from bottles before they are put in garbage bags because when compacted they explode.
The large project to repair a culvert on the central part of Peter Pan Road is mostly finished, but it still needs some final changes and to be graded on both sides. Is expected to be complete by the end of August. The department employees put up and took down the flags for the Independence Day parade.
The restoration of the arch at the top of Hardy Road has started. It was one of two original entrances into the Fairyland neighborhood dating from the late 1920’s. Drivers should expect some detours if power lines need to be moved. Road striping will be done in August or September. School zone projects will be done during the summer as weather and staffing allows, said Commissioner Leckenby. And the city’s gardens have now been weeded and cleaned up.