FERRIS - In its regular session Monday night, the city council conducted the second and final public hearing on a proposed tax rate of $.60 per $100 valuation, which is the same as the previous two fiscal years.

The council approved the valuation for the next fiscal year and also voted to transfer funds from other line items as necessary to cover the amount needed in this yearís budget for city managerís severance as per contract.

In other business, the council authorized a change of ownership for one of the two life insurance policies on former city manager Gus Pappas, who recently resigned.

According to the agenda, the resolution authorizes a voluntary change in ownership that releases one of the policies to Pappas, who may continue to pay for it if he chooses.

The other policy, which names the city as beneficiary, will remain with the city and can be dealt with later as the council chooses.