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Port Deposit council authorizes treasurer to move up to $500,000 into certificates of deposit
Summary
At its Feb. 17 work session, the Port Deposit Town Council authorized Treasurer Patti Gray to transfer up to $500,000 from a low-yield money market into certificates of deposit or higher-yield money market accounts to improve returns; the motion passed unanimously among councilmembers present.
The Port Deposit Town Council voted Feb. 17 to allow Treasurer Patti Gray to move up to $500,000 into certificates of deposit and/or higher-yield money market accounts in order to improve returns on town funds.
Treasurer Patti Gray told the council the town currently holds about $754,000 in a PNC money market account earning roughly 0.01% interest. She presented…
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