Money designated to capital-improvement fund
October 18, 2012 by WLKM
Three-quarters of a $400,000 donation presented last week to the city of Three Rivers has been designated to a newly created capital-improvement fund.
During Tuesday’s city commission meeting, Mayor Tom Lowry and commissioners agreed to place $300,000 into the capital-improvement fund the city created as a result of the financial windfall. Though a specific use for the money has not been identified by city officials, Lowry indicated the city will likely look at capital purchases and fund such acquisitions with the American Axle money.
Lowry and city manager Joe Bippus indicated the city is in no hurry to spend the money.
Meanwhile, commissioners also authorized finance director Cathy Lawson to designate $100,000 of the gift from American Axle to Three Rivers Community Schools. The donation to the school was stipulated by American Axle officials.