Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance Banking topic
No spam. Unsubscribe anytime.
Council hears request to open FirstBank money market account and move $100,000 from trust
Summary
City staff requested authorization to open a FirstBank money market account and initially deposit $100,000 from the city's trust account to support lending terms for recurring vehicle loans; no action was recorded in the transcript.
City staff asked the council to authorize opening a money market account at FirstBank and to deposit $100,000 from the city's trust account.
A staff presenter said the city previously held a certificate of deposit with FirstBank and later moved funds into the North Carolina Local Government Commission trust to maximize returns. Staff said the city processes recurring police vehicle loans through FirstBank and that placing $100,000 at FirstBank could secure more favorable lending terms for equipment purchases. "We currently have roughly $1,700,000 in our trust account. I was just simply saying, let's put a 100,000 over there at FirstBank," the presenter said.
Staff said FirstBank requires signature cards on file for the mayor and the city manager; the presenter added that the mayor pro tem likely would be added as a signer when the application is completed. The request was made to the council for authorization; no formal vote on the request is recorded in the provided transcript.
