County reviews Community Bank proposal to change reserve collateralization
Finance reported Community Bank proposed moving the county building reserve to an insured sweep (in $250,000 FDIC increments); staff said that method is not approved under the county investment policy and may require moving funds to a different bank.
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Leigh Battin told the committee that Community Bank proposed moving the county building reserve funds to an insured sweep account, paying out in $250,000 increments to stay within FDIC insurance limits. Battin said the county's current collateralization method yields a favorable rate and that the bank's proposed method is not an approved collateralization under the County Investment Policy.
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