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Lebanon council approves 24-month renewal of meter-deposit CD; treasurer reports Bank of Springfield interest gains
Summary
The council voted to renew a maturing meter-deposit certificate of deposit (about $97,000) into a 24-month First Federal CD at 4%. Treasurer Jess reported $19,434 in interest from Bank of Springfield for November and December and the council approved dialing back pledged securities with First Federal.
The Lebanon City Council voted on Jan. 12 to renew a maturing meter-deposit CD for 24 months after treasurer "Jess" recommended locking a higher rate.
"First Federal, I would recommend that we move forward with renewing this into a 24 month CD at 4%," Jess told the council, describing the funds as part of the meter-deposit escrow (about $97,000) that the city must hold and cannot spend. She said the…
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