The Sunbury Village Council on Feb. 15 approved three emergency resolutions setting its bank deposit policy for five years.

Under state law, government bodies must take action every five years on where to bank their money. Sunbury had to meet a Feb. 21 deadline, which is why the resolutions were approved as emergencies.

Sunbury does its day-to-day banking with the Delaware County Bank, with an account holding about $250,000, fiscal officer Kathy Belcher said. Under terms with that bank, Sunbury will get a 1 percent credit on fees for a non-interest bearing account. Fees average at least $218 per month.

Another $2.5 million is invested with Fifth Third Bank in certificates of deposit, which mature at different times and earn between 0.3 and 0.9 percent.

Sunbury has about $2.9 million invested with STAR Ohio, a state of Ohio investment program, Belcher said. It currently is paying 0.04 percent in interest.

Another $100,000 earns about 0.1 percent interest in a money market account with J.P. Morgan Chase Bank, Belcher said. Council members seemed satisfied with the various banking options, given the current economic climate.

Mayor Tommy Hatfield said it was important to get the village’s banking needs taken care of for the next five years.

Council also approved a new one-year contract with insurance broker Rinehart, Walters, Danner and Associates. Sunbury will pay the broker $33,438, an increase of $531 over last year, for property and liability insurance offered through the Ohio Plan.

The Ohio Plan is a consortium of government entities who have joined together to get lower insurance rates.

The plan provides up to $6 million per insurance claim, with another $2 million available per claim through the consortium, Sharon Doughty of Rinehart and Walters told council members. The plan also has a $3 million umbrella coverage that can be applied to any claims exceeding $8 million.

Sunbury has not had any recent significant claims and the additional $531 to the policy represents a slight across-the-board increase, she told council members.

Council also discussed establishing an activities committee that would work with various organizations, such as the chamber of commerce, on events like Christmas on the Square. The committee would have a council member and perhaps six volunteer members from the community, including the chamber and the school district.