Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Investments topic
No spam. Unsubscribe anytime.
Caro City renews $518,340 CDARS investment at 3.80% for 52 weeks
Summary
The council authorized continuing a $518,340.23 CDARS placement at Independent Bank for 52 weeks at a 3.80% rate after a motion by Councilor Charlotte Kish; motion carried.
The Caro City Council authorized renewal of a maturing Certificate of Deposit Account Registry Service (CDARS) placement on Feb. 3, continuing the investment for 52 weeks at an interest rate of 3.80%.
Councilor Charlotte Kish moved to continue the CDARS account for $518,340.23 at Independent Bank for 52 weeks at 3.80%; Councilor Doreen Oedy seconded the motion, which carried.
The council did not record a roll call for this motion in the minutes and provided no further detail about the composition of invested funds or the institution’s account terms beyond the rate and duration. The action was procedural, intended to preserve principal and interest for the city’s account balances as the CDARS matured.
