Finance committee approves purchase of CD with Ampersand to replace maturing Franzen CD

The Sawyer County Finance Committee voted to invest proceeds from a maturing CD with Ampersand at a recommended effective rate, approving the motion unanimously.

The committee’s action matters because the county seeks to lock in an interest rate while keeping deposits FDIC insured across institutions. Staff presented three bids for the maturing Franzen CD; the net effective rates reported were 4.14 percent from Ampersand, 3.86 percent from a daily-compounding bidder and 4.01 percent from PMA WISC. Staff recommended Ampersand and recommended staggering CDs to keep each institution’s balance below FDIC limits.

Supervisor Mark Hellwig made the motion to purchase a CD through Ampersand when the funds are available; the motion was seconded by Supervisor Tom Duffy. The chair called for a voice vote; all present voted aye and the motion was approved.

At the meeting staff clarified the plan is to hold a series of CDs so that individual deposits remain within FDIC insurance limits of $250,000 per institution. The motion recorded at the meeting authorized the finance office to proceed with the Ampersand CD when the Franzen proceeds are available.