Libby gives Troy $100,000 - Libby, Montana

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LibbyMt.com > News > July 2009 > Libby gives Troy $100,000

Libby gives Troy $100,000
Collateral for the Troy Senior Citizen Center
by Duane Williams, KLCB 1230 AM Libby News Radio
July 8, 2009
The Libby City Council has given the City of Troy $100,000 dollars. The money is in the form of a certificate of deposit with First National Bank, which is encumbered as collateral for the Troy Senior Citizen Center. The CD does not mature until 2012 and cannot be touched until then.

Brady Sully, Superintendent of the Troy Schools, made the request. Sully told the Council Troy Schools need the money to cover the shortfall of cash to finish the Troy Activities Center.

The City of Libby had previously refused the request from Troy.

In Monday night's action, the vote failed for a lack of a second, but was brought back on the table by councilmen Walt McElmurry, and Ron Carter.

The second attempt resulted in a 3 to 3 tie vote, which was broken in favor of the request by Mayor Doug Roll. McElmurry, Carter, Bischoff, and Roll voted for the giveaway.

The City of Libby taxpayers have been subsidizing the Troy Senior Citizens Center for years, by allowing the interest receipts on the $100,000 dollars CD to pay a portion of the Center's payments to First National Bank, while allowing the CD to be used for collateral.
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Story by Duane Williams, KLCB 1230 AM Libby News Radio, www.todaysbestcountryonline.com.

LibbyMt.com > News > July 2009 > Libby gives Troy $100,000

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