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Finance staff recommends reinvesting $663,687 CD in sewer O&M fund at 4.1% for six months
Summary
Finance staff recommended the city reinvest a certificate of deposit in the sewer O&M fund. Staff reported the CD's current value as $663,687.40 and said United Community Bank offered a 4.1% renewal rate for a six-month term; council agreed to place the matter on the regular agenda for formal approval.
Mister Conzo, speaking for the city’s finance office, said on Oct. 28 that a certificate of deposit held in the sewer O&M fund should be renewed and reinvested. The item notice lists the CD amount as $663,687.40.
Conzo said the original principal had been $650,000 and that interest earned on the CD was approximately $13,006.87. He told the council United Community Bank offered a special renewal rate of 4.1% for a six-month term and asked the council if they were agreeable to reinvesting the balance at that rate so the bank could prepare paperwork. “On the renewal basis, they would offer a rate of 4.1%,” Conzo said.
Council members agreed to place the item on the regular agenda. No formal vote to renew or to accept terms occurred at the Committee of the Whole meeting; formal approval was referred to the next regular meeting for action.
