INTERIM MAYOR'S INVESTMENT FUND RESOLUTION (7/6) A MISTAKE ! IT'S BACK-#6-20 ORDINANCE IN 9/7 BOMA? BLOG WAS RIGHT !
Where will
the money
end up?
$$$$$$$
$$$$$$$
$$$$$$$
$$$$$$?
URGENT: Information you need if
you attend 9/7 town board meeting!
In July 6th BOMA meeting a resolu-
tion was passed in error by a mar-
jority of board members to authorize
the interim mayor to establish a town
investment fund to be deposited in new
People's State Bank in town. This action
reveals 3 huge mistakes plus others in
the making.
#1 MISTAKE: Blog research into the
charter was right about the rule that no
town asset investment fund can be estab-
lished by resolution. It shall be an ORD-
INANCE. This means interim Mayor and
most of the board did not know about this
rule? This is a mistake not an oversight!
6-4-402. Depositories of Municipal Funds--
Depositories of the municipal funds SHALL
be designated by ORDINANCE. The Execut-
ive Director of Tennessee Municipal Attorney's
Association & Legal Counsel says T.C.A.6-4-
402 requires depositories of municipal funds
to be designated by ORDINANCE.
Town attorney, Notestine stated "that when a
city invests money there should be a RESOL-
UTION to acknowledge that investment." He
was dead wrong in his advice to the board!
Interim Mayor said in 8/3 board meet-
ing that TMAA said a resolution was OK?
Curious isn't it that when the Blog called the
Executive Director of TMAA they said exactly
the opposite???? The bad news is our interim
mayor was wrong again! And the blog was
right, again!
So our town attorney was wrong...the interim
mayor was wrong. Alderman Felts who made
a motion to approve resolution #6-16 was
wrong. Alderman Alexander who seconded
the resolution was wrong. Alderman Lothers
was wrong to vote for it. Alderman Curstinger
voted against it. Where is town's leadership?
#2 MISTAKE: The interim mayor voted for
the #6-16 resolution. He should have "re-
cused" himself from voting since the action
was to authorize himself to deposit town's
investment funds in Peoples State Bank. It
was totally wrong to count his vote.
It means Dugger's resolution violated the
town charter rule. It is no longer in effect.
And must be rescinded in 9/7 meeting.
All deposits must be returned to First Tenn-
essee Bank which is the official depository
for town funds (Ord#96-03, Oct.1996).
This is a glaring example of the interim
mayor's incompetence and lack of knowlege
about the town's charter and procedures?
#3 MISTAKE: Nowhere on the 9/7 agenda
is there any action to rescind the 7/6 resol-
ution and acknowlege it as a mistake by the
interim mayor publicly. Don't let anyone in-
sult your intelligence by saying it was only a
preliminary step to voting on an ordinance.
Of course the town runs the risk of the
mistake being considered only an over-
sight that can be fixed? Sorry no fix
is possible. The interim mayor must ac-
knowledge "his" mistake & correct it ASAP!
#4 MISTAKE: Potential new mistake of the
interim mayor if he continues to vote for this
#6-20 ordinance to authorize "himself" to de-
posit town's investment funds in Peoples Bank.
He should recuse himself period.
#5 MISTAKE: Potential new mistake if item
13. #6-18 to adopt a Code of Ethics passes
then when item 15. #6-20 to name Peoples
State Bank as a depository for town funds
supervised by interim mayor comes up for
a vote it will be a violation of Code of Ethics
not only when he votes for it but if indeed
the ordinance includes the town's invest-
ment funds and his supervision of same?
WARNING: Read the exact wording of
this ordinance #6-20 it only says "to name
Peoples State Bank as a depository for town
funds?"
QUESTION?: Why do we need another bank
to deposit town funds? We already have an
ordinance #96-03, Oct. 1996 that establishes
First Tennessee Bank as the official depository
for town's funds?
QUESTION?: Does #6-20 ordinance include
authorization of interim mayor to be the only
one on board to surpervise investment of town's
funds in any bank anywhere?
During the 7/06/06 town board meeting it
was suggested that mayor appoint a finance
committee to determine how and where town
could consider investing funds. Interim mayor
said he "totally disagreed" with this sugges-
tion. BTW..the mayor's statement was conven-
iently left out of the minutes? WHY SO?
The blog recommended the State Banking Col-
lateral Pool (low risk/hi-return) with 98 mem-
ber banks like First Tennessee. Where most
towns in Tennessee put their money! People's
Bank is not a member so state offices recom-
mend the town should not deposit investment
funds in it? In 8/3/06 board meeting interim
mayor said this isn't true and the town can
deposit funds in a non-member bank.
Tennessee Dept. of Finance recommends
the town not deposit monies in a non-member
bank! We can no longer depend on our interim
/realtor mayor? The indirect returns to our
interim mayor may very well be so very "good"
that he would try to assume this liability him-
self and continue to push hard for this new
ordinance? This is one more serious "strike-
out" for our interim mayor. It says loud
and clear we do not want to vote for
him for alderman on 11/7/06.
If you were in the 7/6 meeting you'll recall
not being able to understand why this resolu-
tion had to be rushed through ignoring all
kinds of valuable advice??? It is very bad
policy to put the authority for the town's
investment funds in the hands of just
one person our interim/realtor
mayor. No legit financial advisor would
recommend this authority be given to just
one person!
QUESTION??: Where is it written that the
town has to deposit any funds in Peoples
Bank? Please ask the interim mayor why is
it so that this has to happen? For what
reason must this #6-20 ordinance be approv-
ed? Please do not insult us with the answer
"that Peoples Bank will pay the town a higher
rate of interest." Don't think that for one
minute First Tennessee will not meet and
exceed any interest rate offered by Peoples.
Indirectly, this suggests all kinds of curious
relationships. I.e. any bank receiving such
a large deposit (one million dollars) cannot
help but be open to refering all kinds of profit-
able business to whoever is responsible. Like
real estate sales, title searches, appraisals,
facilitator fees..the list is endless. $$$$$$$.
Reminder an ordinance requires two readings.
This means Sept. meeting to rescind the 7/6
resolution and vote for the first reading on
#6-20. Oct. for the second reading and final
vote. Provided no changes or major re-writes.
As a local voter you certainly have the natural
instincts to know when a situation just will not
pass the creditability test. Follow your own
best instincts and you'll probably want to vote
for a new team in our town hall. Please do
take down notes and discuss this with your
neighbors before the next 9/7 board meeting.
Send us your comments and any suggestions
to help get out the vote in Nov.2006. Yes, you
can register to vote online 30 days before 11/7.
Click Here for more on this subject.
www.whatsgoingoninnolensville.typepad.com
posted by Guest Writer at 2:45 PM
14 Comments:
Everybody else has to follow the rules? Why not our interim mayor a and staff? Why do they want "a pass?" This is a serious mistake. Not an oversight. It exposes just how much ignorance exists in our town hall. Sorry local registered voters are keepng score. Blog polls show a very high per cent of people will NOT VOTE for interim mayor and/or vice mayor. And for good reason. Take notes, keep score and get your neighbors registered to vote.
Does this mean that the state has stepped in? Or is this still unofficial? What will it take for the agency that regulates this to enforce on Nolensville?
10:02 AM...good questions! Still unofficial, but rising to the level of total outrage. So far the good ole' boy system reigns supreme. Just a little old oversight..not important another non-issue. Probably the reason this stuff doesn't stop is because almost the entire board is being held captive...hence "a guaranteed majority vote" everytime. Wanna bet water approvals are coming for Brittain Downs and Nicholas developments? Water dept. said no more approvals! This too will change.Wait and see!
Where is code of ethics that they supposedly passed?
Does that not come into play?
When will public outcry finally be heard?
WHEN PEOPLE QUIT GRIPING AND GOSSIPING AND RELYING ON RUMORS AND START BEING COUNTED AT MEETINGS!!!!!
The new Peoples Bank located here in Nolensville is now attempting to buy some Amsouth banks in a bunch of smaller communities in the mid state(info was located in "The Tennessean's "Williamson county addition either 8/09 or 8/08). One can wonder if the $ being transferred fron First TN Bank to Peoples is being used to buy these banks!
How do we apply this code of ethics to dugger? How can he participate in such a vote.? I think it is time for some of us to just ask dugger to get out!I heard him say Cindy had called the MTAS people, but apparently he was just lying to us to appease us.And wht do they oppose a finance committee to make investments for the town?Dugger was totally opposed to this. Why? Maybe he needs to pad the final nestegg before his last stand!
I thought this Loathers lady was supposed to be so wonderful. Why is she such a Dugger and Alexander supporter? I clearly see her out of touch in this government. Remember it was Dugger and Alexander who appointed her.
When oh when will this incompetence stop? Dugger is out in Nov. both as Mayor and as alderman I hope and pray! Seems the pressure is to put money in Peoples so that some kind of reward is available prior to going out of office. Sort of a retirement going away thing for office holders. Tommy & Larry better not have their fingers in this pie for special people
When oh when will this incompetence stop? Dugger is out in Nov. both as Mayor and as alderman I hope and pray! Seems the pressure is to put money in Peoples so that some kind of reward is available prior to going out of office. Sort of a retirement going away thing for office holders. Tommy & Larry better not have their fingers in this pie for special people
This entire picture shows a lack of higher level thinking..........but then it shows a complete lack of thinking. It appears we are being lied to by the mayor and vice mayorPlease turn out and let them know how we are thinking.
I have followed the blog for some time now and have been very impressed with your insight and facts. This is just another push by Dugger while he is in office for only a few more days. One would ask why now? Remember you are only an interim mayor on your last leg. Maybe the money is too good to resist? Please Mr Dugger, don't think I don't notice these things. You could care less about getting our town problems worked out, but when a chance comes along for you to take advantage, well...
"Thanks 2:23 PM very good insight. The horrid rumormongeering and gossiping going on the Christian community bulletin board has got to stop. Just post the calendar of events. GET RID OF EVERYTHING ELSE. It is no wonder our local candidates won't participate in
their thinly veiled character attacks." 11:31 PM.
Post a Comment
<< Home