Council will reconsider the legislation during a special meeting Tuesday.

Council will reconsider the legislation during a special meeting Tuesday.
WARREN -- The city says it's lost $246 a day in interest since council didn't pass legislation earlier this week to permit the city to sell shares of Anthem stock and pay off its short-term debt.
The administration recommended that council approve a measure Wednesday that would allow officials to pay off $2.24 million in debt for last year's capital improvements, the city parking deck and a loan for Avalon South Golf Course.
The interest rate on the loans is about 4 percent, which means that had they been paid off, the city would be saving $246 a day, officials say.
Council introduced legislation Wednesday to allow city Treasurer John Taylor to sell 39,612 shares of Anthem stock awarded to the city recently, and to authorize Auditor David Griffing to pay off the debt and put the rest in a hospitalization fund.
The administration and some council members hoped to pass the ordinance Wednesday, but a sole "no" vote by Doc Pugh, D-6th, ensured that council couldn't pass it as an emergency.
Two of 10 council members were absent and the group needed all eight members present to vote in favor of passing it as an emergency.
Pugh said he thinks council was rushed into making a decision and suggested it take more time to decide how the money will be spent.
The city has until May 1 to sell the shares.
What's next: Council will meet in special session at 2:30 p.m. Tuesday in council chambers to give the legislation a second reading.
It can try again to pass it as an emergency but would need eight of 10 members to vote "yes."
At the closing of the stock market Wednesday, the shares were each worth $58 -- making the city's total about $2.29 million.
In one day, it lost 43 cents a share, making the city's shares worth about $2.28 million.
Shares could fluctuate daily until council authorizes Taylor to sell them.
"I will sell that stock in a New York minute when authorized to do so," he said.