Jeff Geibel, a certified financial planner with Edward Jones, gave Butler City Council some ideas Thursday on the best use of the money the city will receive from the sale of Butler Area Sewer Authority to Pennsylvania American Water Company.

Geibel said the city’s half of the $231.5 million the water company will pay Butler and Butler Township could be invested into accounts with differing time commitments and interest rates so the city could have money on hand at any given time, likening it to rungs on a ladder.

“As time goes on, every year, each rung of that ladder gets closer and the stuff that was tied up for one year is accessible,” he said. “If we don’t spend it, we take it and we reinvest it on a rung further out on that ladder.”

Butler and Butler Township are in the midst of selling BASA’s assets to Pennsylvania American Water for $231.5 million, a sale that is being evaluated by the Pennsylvania Public Utility Commission before the transfer can be official. The city is set to receive about $115 million from the agreement.

Council is hearing presentations from several financial advisers regarding how to use the money from the sale. Baird Private Wealth Management is scheduled to present at the next council meeting, May 11. NexTier Wealth Management made a presentation at the March 23 meeting, and PNC Institutional Asset Management & PNC Capital Advisors presented at the April 13 forum session.

Geibel said the cost of the plan he laid out with Edward Jones would be 0.3% per transaction.

Mayor Bob Dandoy said the city is looking for advice on how to maintain the money’s value over time rather than spending it all at once.

“The easy way is we have $50 million, we set that aside, start paying checks on that,” Dandoy said. “We want to say, ‘Is there anything we can do with this money that over a six-month period, a one-year period, we can realize a return on that?’”

As an official with Butler Downtown and past president, Geibel said he is personally invested in making the money from the BASA sale go far.

“I do care about the town,” Geibel said. “I don’t think anybody would work harder for this city than I would on this, and I don’t think anyone would care more.”

Council also approved an agreement with Zambelli Fireworks Manufacturing Company for the 4th of July fireworks display this year at a cost of up to $19,500. As usual, the city agreed to have the cost of the show mitigated through sponsorships and fundraising.

According to Dandoy, the city has $10,000 budgeted for the fireworks, as well as some money left over from last year’s donations. The city has raised money from outside sources to fund the fireworks display annually for years.

“We will raise money as we did last year,” Dandoy said.

Council also accepted the resignation of longtime code enforcement officer and building inspector Derek Shick, effective April 27.

Dandoy said the council wants to have the position filled “yesterday,” because the city only had one person in the job.

“Derek really did quite a bit of work,” Dandoy said. “We want that (position) filled as quickly as possible.”