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Dorchester trustees approve CD restructuring and reserve strategy
Summary
The Village of Dorchester Board voted to cash certain CDs into the general account, re-establish the general CD, and re-open four highway allocation CDs as separate accounts in early February to maintain designated funds.
At its Jan. 12 meeting the Village of Dorchester Board of Trustees approved a plan to restructure several certificates of deposit. Chairperson Roger Miller moved, and Trustee Tammie Lang seconded, to cash out the sales tax and shop-building CDs into the village general account, reinvest the general CD into a new CD, and to put four highway allocation CDs back into four separate CDs in early February. The motion carried.
The minutes record the board's action but do not provide a detailed rationale or specific dollar amounts for the CDs. The board also noted that advance notice of the meeting was posted at the Dorchester U.S. Post Office, First State Bank and the village office.
