Roanoke’s money is on the move.
The nearly $5 million that the City of Roanoke borrowed as part of its bond refund last year has been sitting in an account at Southern States Bank since it was received. But the city found that the money qualifies for an interest-bearing account at First Bank of Alabama that would add approximately $18,000 per year to the balance at current rates.
The account accrues interest at 10 percent of the Wall Street Journal’s prime rate, which fluctuates with the general market. So, for example, if that rate is 4 percent, the interest rate on the account would be 0.4 percent. That comes to $20,000 on a $5 million balance.
The move was seen as a no-brainer by the council as the money was not generating any interest in its previous account. The council voted unanimously to move the money and discussed the possibility of doing the same thing with other city funds.
New fire truck tires
Two of Roanoke’s fire trucks will be getting new tires in the near future. The Roanoke City Council Monday unanimously approved an estimated expenditure of $5,000 to replace tires that were recently discovered to be “expired” on the two trucks.
Fire chief Ronald Cameron said that the city owns five fire trucks, and the other three will likely be in line for tire replacement soon as well.
Mayor Jill Patterson-Hicks issued a proclamation at Monday’s meeting naming Main Street Roanoke a “Walkable Community” as part of a program initialized by the county extension office.
The program is designed to emphasize the benefits of regular walking as exercise and to encourage communities to create places where citizens can safely and comfortably walk.