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Library board votes to move matured certificate of deposit into 13-month CD
Summary
The West Bend City Library Board authorized reinvesting a matured certificate of deposit of $44,630.87 into a 13-month certificate at the going rate after brief discussion of available rates.
The West Bend City Library Board voted to reinvest a certificate of deposit that matured Jan. 29 into a 13‑month certificate of deposit rather than allowing it to roll into a standard renewal.
Board members discussed available options and interest-rate differences. The principal amount of the CD was stated as $44,630.87; BMO Bank was cited as offering a 13‑month CD at about 3.65 percent at the time of the meeting. A board member moved to have Joseph place the funds into a 13‑month CD; the motion was adopted by voice vote.
Board members noted that a 12‑month rate quoted by the bank was substantially lower than the 13‑month promotional rate, and that interest-rate offers could change in the days before maturity. A board member also noted that a separate $30,000 CD had recently been placed into a 13‑month product by another board or account.
The board did not specify the exact purchase rate beyond the bank’s advertised 3.65 percent and directed the library’s financial designee to complete the transaction at the going rate when the CD matured.
