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University Heights moves operating account to Hillsbank, authorizes investment option
Summary
The City Council voted unanimously to move the city’s operating account to Hills Bank and approved a resolution allowing possible participation in the Iowa Public Agency Investment Trust, with councilmembers urging diversification and caution because such investments are not FDIC insured.
The University Heights City Council on April 14 voted unanimously to transfer its operating account to Hills Bank and approved a separate resolution to allow the city to participate in the Iowa Public Agency Investment Trust (IPA) when staff determines it is prudent.
City Treasurer John said Hills Bank offered a competitive yield: the bank’s quote was 0.25 percentage points below the federal funds rate in effect at the time, which John said would amount to roughly a 3.5% yield on funds…
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