Beech Tree News Network

The Morgantown Industrial Holding Corporation (I.H.C.) and Morgantown City Council held a called meeting of each group Monday afternoon, March 30, at the Eva J. Hawes Ag/Expo Community Building.  The I.H.C. met first with only two items on the agenda.  They first approved the minutes of the February 2, 2015 meeting.  The second item was insurance for the Kentucky Copper building.  The deadline for payment from Kentucky Copper is Tuesday, March 31, 2015.
“We have to be ready to insure the building on April 1, 2015,” said Mayor Billy Phelps.

The insurance premium is as follows:
Premium        $22,200.00
Policy Fee       $408.60
Broker Fee      $500.00
Tax                $3,813.60
Total              $26,922.20
According to Mayor Phelps, the city does not have the money in this fiscal year's budget to pay the premium in full.  They I.H.C. voted to pay the down payment of $7,412.00 and the reminder in nine payments of $2,258.66 at 9.95 percent interest.  Phelps did suggest to the I.H.C. that when the new budget was in effect that they should consider paying the balance of the premium to avoid the interest.
Should Kentucky Copper meet their payment obligations the insurance would not be needed.
The Morgantown City Council held their called meeting at 5:00 p.m.  All members were present.
They approved the following:
 - Minutes of the March 12, 2015 meeting
 - 2nd Reading of Board Ordinances
 - 2nd Reading of Department Head Ordinance
 - Reappointment of Bryan Locke to the Planning and Zoning Board