DAPHNE, Ala.—The Daphne Finance Committee Monday accepted a bid for construction of a pedestrian bridge to be built on north Main Street near U.S. Highway 90 and Alligator Alley.

The proposed walking bridge would be a 6- to 8-foot-wide path that would pass over the east side of D’Olive Creek and connect existing sidewalks on Highway 90 to hotels and shopping centers across the street.

The bid—which passed unanimously and will be sent to the City Council for a vote—costs $72,820 plus $9,500 for engineering costs; the money for the project would come from the city’s lodging tax fund.

In other business, Mike Crabtree, of Crabtree Advisor Group, who represents Daphne’s investment account, said the account “held up extremely well” through difficult national economic times, in an annual report to the committee.

Crabtree told the committee that the account—composed primarily of bonds, CDs and treasuries—has maintained positive growth while most of the country has suffered during this most recent recession.

The portfolio—started in 1995—began at $100,000 and has grown to a high of $831,000. “All of the bonds pay over 5 percent,” Crabtree said.

Crabtree said a portion of the portfolio is made up of money-market accounts, which are currently paying a low-end dividend. “The plan is not to keep money in money-market accounts,” he said. “We plan on putting it into treasuries as the yield gets more attractive.”

Daphne’s investment account is a part of the city’s general fund but is not reflected in the treasurer’s reports. In essence, the money is buried from the council so it won’t be used to pay regular expenditures; an “out-of sight, out-of-mind” philosophy, according to Kim Briley, city finance director.

Also Monday:

•The committee voted unanimously to recommend that the council purchase a replacement police vehicle that was recently damaged. “It was totaled in a pursuit,” police Capt. Daniel Bell said.

The new cruiser will cost $19,187, which includes the car’s cost plus police equipment inside the car.

•Briley reported to the committee that the fiscal year 2008 excise tax—to be paid by local financial institutions—has not been received. After refunds were paid to state incomes, there was nothing left over to pay their share, according to Briley.

The 2008 budget had expected the excise tax to bring in $75,000. However, “you can’t count on this,” committee Chairman Ron Scott said.

•The committee had voted unanimously to recommend that the council  appropriate $1,000 to repair a damaged portion of the Nicholson Center roof.

Such funding wouldn’t be necessary, as Mayor Fred Small said. “You can take the money left over from my ’08 budget for roof repair,” he said.