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Milton staff await Truist reply as city seeks higher returns on reserves
Summary
Council received an update on a planned transfer of funds from a Truist money-market account to a Regions Treasury-bonds account; staff said Truist requested two weeks to consult corporate counsel and that the chief financial officer handles city investments under policy.
City staff told the Milton City Council they are waiting for Truist Bank to respond to a request to move city funds from a Truist money-market account into a Regions Bank Treasury-bonds account after the council previously authorized documentation to open the Regions accounts.
Curtis (staff) had presented transfer documents to Truist and, staff said, Truist asked for two weeks to consult its corporate attorney; the council was nearing the end of that allowance. “We went to Truist with our transfer documents, and, as we expected, they had a very…
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