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Finance committee approves resolution to invest up to $2 million with Neighborhood National Bank
Summary
The committee approved a resolution authorizing up to $2,000,000 to be invested in CDs through Neighborhood National Bank's CDARS program; one director abstained citing personal connections on the bank's board.
The Sweetwater Authority Finance & Administration Committee on March 3 voted to adopt Resolution 25-01 authorizing investments of up to $2,000,000 with Neighborhood National Bank through a CD placement program that spreads federally insured certificates across institutions.
Rich Stevenson, the authority's director of finance, told the committee the proposed investment vehicle uses CDs that are…
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