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City investments reviewed; council raises charter question about single‑institution limit
Summary
Huntington presented the city’s portfolio and liquidity portal; council questioned whether the capital sinking fund’s holdings with a single bank exceeded the city charter’s $500,000 single‑institution cap, and staff said they have asked the city attorney for clarification while indicating the CDs are diversified across institutions.
Jamie Hebebrand of Huntington National Bank reviewed the City of Allegan’s investment portfolio and provided an economic outlook at the July 28, 2025 council meeting. Hebebrand walked council through a Fed dot‑plot overview, noted expectations for rate cuts later in the year, and described the city’s Huntington liquidity portal that holds government and treasury money‑market funds and other public‑act‑20‑compliant options.
Hebebrand reported roughly $6.5 million in liquid government/treasury funds across the liquidity portal (snapshot as of…
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