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Port Authority approves routine bills and agrees to roll $414,000 CD into 5‑month term at 3.75%
Summary
Board reviewed and moved to pay a set of routine invoices totaling about $23,001 and heard a motion to reinvest a $414,000 maturing CD into a 5‑month account at 3.75%; both motions were seconded and put to a voice vote.
At its Feb. 23 meeting, the Michigan City Port Authority reviewed routine invoices and approved payment, and the board agreed to reinvest a maturing certificate of deposit.
A board member (Speaker 6) read invoices including dock box replacement ($6,217), Trail Creek security ($2,147), Drill Creek waste removal ($4,546), a boat repair ($4,525), an annual pest control bill (Loraco, $1,600) and a small payment to Elon Financial ($15.28). Speaker 6 said the line items total approximately $23,001. Speaker 6 moved that the bills be paid as listed; a member seconded and the motion passed on a voice vote.
Speaker 6 also reported that a $414,000 certificate of deposit maturing on the 27th had interest options of 3.75% for five months, 3.15% for seven months and 3.00% for ten months, and recommended reinvesting in the five‑month account at 3.75%. "My suggestion would be that we go with the 5 month CD at 3.75," Speaker 6 said. A board member seconded the motion to roll the CD into the five‑month product; the board approved the motion on a voice vote.
The board did not provide a roll‑call vote tally in the public record during the meeting; the decisions were recorded by motion and voice vote. No amendments to the motions were proposed during discussion.
The board also discussed establishing a lease or written agreement to govern the sailing club and sailing program and agreed that a small committee of board members would draft proposed language prior to the season.
