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Council Approves Raise, Home Improvement Loan For City Manager - Morgan Hill Times: News

Home improvement retailer Lowe's boosts stock buyback program to up to $7.4 billion | Star Tribune

The loan will be funded by the citys general fund reserve account. The interest rate of 5 percent will provide the city a higher profit than its other investments, which yield about 2 percent, Tate noted. Morgan Hill resident Doug Muirhead addressed the council in opposition to the city managers contract amendments. The new benefits for Rymer do not help cultivate public trust because the negotiations were held in four closed sessions, Muirhead said. Furthermore, Muirhead said its not fair to offer Rymer benefits that are not available to other city employees. Plus, the mayors justification of a higher return on the loan as an investment opens the door to many other uses for public funds, Muirhead added.
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The Mooresville, North Carolina-based company still has $2.4 billion left over from its previous program, bringing the fund to $7.4 billion. When a company buys back its shares, it returns cash to its shareholders and also boosts its per-share earnings. The improving U.S. economy has given homeowners more money and confidence to do work on their houses, a boon for retailers like Lowe's and Home Depot. Many economists think the housing market will improve in the spring. have climbed 52 percent over the last year and are trading around all-time highs.
For the original version including any supplementary images or video, visit http://www.startribune.com/business/297068921.html

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