By DAVE MARTIN
MIDDLEBURY — The Middlebury Town Council approved a new town investment policy Monday to allow the clerk-treasurer to invest town funds for a longer term, thereby resulting in greater interest revenue.
According to town attorney Craig Buche, the municipal ordinance implements the terms of a new state statute that allows governmental units to invest up to 25 percent of its entire investment portfolio for a period of between two to five years. The rationale behind the state stature, he said, was to enable local governments to earn a higher rate of return in these times of low interest rates.
Town Clerk-Treasurer Peggy Hutchison said that the town would receive better interest rates on certificates of deposit by investing for a longer term.
The Middlebury council opted Monday to set the term on its investments at four years to exactly coincide with Hutchison’s term of office, since she will be the town’s investment officer under the terms of the Indiana statute.
Council members voted to establish Christmas Eve and New Year’s Eve as additional holidays this month for town employees in Middlebury. The action was taken because the upcoming Christmas and New Year’s Day holidays both fall on a Tuesday, and the council wanted to give employees a long holiday weekend surrounding each holiday.
Council meetings for 2013 were set for Town Hall at 6 p.m. on the first and third Mondays of each month, except for one meeting in September. Instead of being held on the Labor Day holiday on Sept. 2, that council meeting will be at 6 p.m. Tuesday, Sept. 3.
The next council meeting will be held at 6 p.m. Dec. 17. Council members approved a special meeting for 7:30 a.m. Dec. 28 to pay the town’s year-end bills.
The town’s tree board will meet at Town Hall at 7 p.m. Thursday.