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Board votes to reinvest $44,630.87 certificate of deposit into 13‑month term
Summary
Board members agreed to reinvest a maturing certificate of deposit with a principal of $44,630.87 into a 13‑month certificate, citing a higher advertised rate; the motion passed by voice vote.
At its meeting, the West Bend City Library Board voted to reinvest a maturing certificate of deposit (CD) with a principal of $44,630.87 into a 13‑month CD at the going rate.
Board members discussed the CD’s Jan. 29 maturity date and compared current offers. One board member noted that BMO was advertising a 13‑month CD at about 3.65 percent; the board decided to direct staff to place the funds into a 13‑month term when the CD matures.
A motion to reinvest the funds into a 13‑month CD carried by voice vote; the transcript does not record a roll-call tally. The board noted that market rates could change between the meeting and the CD’s maturity date and that staff should take the going rate on the maturity date.
The board did not specify which account the new CD will be held in beyond the existing library account; staff were asked to complete the reinvestment when the CD matures.
