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Council authorizes transfer of donor CD to Wyoming Class to support Bolton Park
Summary
Council authorized the finance director to close a donor-restricted certificate of deposit at BMO and move roughly $100,000 plus interest into Wyoming Class, citing low interest at the bank and customer-service problems; council said the change would better align with the donor’s intent to support Bolton Park.
The Rawlins City Council approved a motion authorizing the finance director to close a certificate of deposit at the Bank of Montreal and move the principal and accrued interest to Wyoming Class so the funds can better support Bolton Park.
The finance director described the account as a CD donated to the city in 2001 with the intent that interest be used to support Bolton Park. The finance director told the council that "currently, at BMO, we are getting between 20 and $50 a year in interest, which is an extremely low percentage," and that customer-service issues with the bank had delayed access to the correct signature cards referenced in the city’s audit.
Council members discussed whether the CD is held as a trust or a certificate of deposit; the finance director clarified it is a CD, not a trust, and said the required paperwork indicating donor restrictions is documented in council minutes from 2001. Following online voting the motion to transfer the funds passed with seven ayes.
Council directed staff to proceed with the administrative steps needed to move the funds; council also asked that any relevant donor restrictions be observed in the transfer and that future reporting reflect the moved funds' purpose for Bolton Park.
