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Board authorizes 180-day, 5.04% term for $200,000 in Citizen’s Fire Company reserves
Summary
At the Nov. 17 meeting the board directed staff to invest $200,000 from the Citizen’s Fire Company capital reserve into a 180‑day PLGIT term at a 5.04% rate, with principal and proceeds to return to the class account at term end. Motion by Supervisor Joyce K. Moore; Supervisor John D. Zgura seconded; motion carried.
The Upper Milford Township Board of Supervisors authorized a 180-day PLGIT term investment of $200,000 from the Citizen’s Fire Company capital reserve at a locked rate of 5.04%.
The request was submitted by Citizen’s Fire Company President Terry Schmeltzle in a letter to the township. Supervisor Joyce K. Moore moved to direct staff to make the 180‑day term transaction for $200,000 at 5.04%, with both principal and proceeds to be returned to the class-level account at the end of the term; Supervisor John D. Zgura seconded. The motion carried with both supervisors voting in favor.
The minutes record the investment authorization and the rate but do not include the PLGIT transaction confirmation or the date when the transfer will occur other than that it should be implemented by staff following the motion.
No public comment on the subject was recorded at the meeting.
