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Fiscal court votes to roll maturing $1 million CD into 52‑week instrument
Summary
The court approved rolling a $1,000,000 certificate of deposit that matured that day into a 52‑week CD at roughly 3.39%, after discussing current yields, FDIC limits and support for local banking; total interest earned to date on the CD was reported as $66,780.17.
The county clerk reported that a $1,000,000 certificate of deposit was maturing with total interest earned to date of $66,780.17. The maturing CD was yielding 4.12% before maturity; members discussed options flagged by the clerk — a 26‑week option at 3.6% and a 52‑week option at 3.39% — and weighed the benefits of higher short‑term yield against supporting local banks and FDIC considerations.
"The total interest on the $1,000,000 CD to date is $66,780.17," the clerk reported. Several magistrates noted that local banks provide community services and that moving funds out of county could reduce local bank support. Others noted slightly higher personal‑account rates at some outside banks but flagged FDIC coverage and account distinctions between personal and government/business deposits.
A motion by Sandy Roof to roll the principal and accrued interest into a 52‑week CD at 3.39% was seconded and carried by roll call. The court recorded the decision to roll the funds and asked staff to document the rollover and any required budget amendments.
