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Caro council instructs treasurer to roll two maturing CDs for 119 days at 5.00%
Summary
On July 1 the Caro City Council directed the city treasurer to leave two maturing certificates of deposit at Independent Bank for 119-day terms at 5.00%; motions for both investments were approved during the meeting.
The Caro City Council on July 1 approved motions directing the City Treasurer to leave two maturing certificates of deposit (CDs) at Independent Bank for 119-day terms at an interest rate of 5.00 percent.
Councilor Jill White moved (seconded by Emily Campbell) to instruct the City Treasurer to leave Investment Maturing #1 at Independent Bank for a 119-day term at 5.00 percent; the motion carried (24-M-177). The council then approved an identical directive for Investment Maturing #2 on a motion by White seconded by Campbell (24-M-178).
The minutes record the term and rate for both instruments but do not list principal amounts, account numbers, or the specific municipal fund sources for the CDs.
