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Council approves resolution authorizing certificates of deposit investing under Indiana code
Summary
Richmond City Council approved Resolution No. 5-20-25, permitting the city controller to invest public funds in certificates of deposit under Indiana Code 5-13-9-5 and allowing out-of-jurisdiction banks to submit quotes.
The Richmond City Council approved Resolution No. 5-20-25, an annual housekeeping measure authorizing the city controller to invest public funds in certificates of deposit in accordance with Indiana Code 5-13-9-5.
Tracy McGinnis, the city controller, told council the resolution expands competitive options by allowing banks outside the political subdivision to submit quotes for public-fund CDs and preserves competitive bidding within the city. McGinnis reported the city’s market value as of July 31 was $16,920,403.98 and said the city currently had four local and four non-local institutions holding CDs.
After questions from council about whether the resolution permits out-of-jurisdiction banks and whether it allows competitive bidding, a council member moved to approve the resolution and another seconded. The council voted by voice; the motion carried.
No further conditions or amendments were recorded in the meeting minutes. The resolution is routine annual authorization for the controller to execute CD investments consistent with state statute.
