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Treasurer seeks authority to renew maturing CD at 4.35%; council placed item on regular agenda
Summary
The city treasurer reported one 6-month certificate of deposit matured and recommended renewing at 4.35% with United Community Bank; the council authorized placing the renewal on the regular agenda and gave the treasurer permission to proceed before the next meeting if the rate changed.
Treasurer Acanzo informed the committee that one of the city’s certificates of deposit matured and recommended renewing the investment at a 4.35% interest rate offered by United Community Bank.
Acanzo said the prior rate had been 5.25% and rates can change daily; he asked the council to place the renewal on the regular agenda and for permission to execute the renewal promptly if the opportunity presented itself. “I would like council's permission to go ahead and renew this and have that placed on the agenda,” he said.
Council members signaled consent and one alderman said, “I trust you with the money,” giving Acanzo approval to proceed as if the council had voted that night. The renewal will appear on the regular agenda for formal ratification.
No bank account numbers or detailed maturities were read into the record; the transcript records the recommended rate and the bank name only.
