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Finance director reports bond receipts; board agrees to raise depository limits pending vote
Summary
Finance staff reported receipt of sales-tax bond proceeds (10% recorded in April, remaining ~90% at May 8 closing, roughly $27 million) and proposed increasing bank maximum balances from $30 million to $75 million; the board discussed FDIC/collateral considerations and took a roll-call vote to approve the resolution.
The district's finance director reported to the Pleasant Valley board that recent bond activity produced a large inflow into capital accounts and recommended raising the district's maximum allowable bank balances to avoid audit comments and to provide flexibility in cash management.
The finance presentation noted April showed 10% of the sales-tax bond proceeds posted to the capital projects fund and that the…
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