Norwich Township trustees set $2.2 million interim-deposit cap

On June 24, 1985 the Norwich Township Trustees adopted a resolution setting limits on the township’s interim bank deposits, recording an estimated aggregate maximum of $2,200,000 and a probable maximum active deposit of $2,000,000. The motion to adopt the resolution was moved by James H. Rice and seconded by Durland L. Workman; the roll call vote recorded Webster D. Junk, James H. Rice and Durland L. Workman as voting ‘Aye’.

Why it matters: the resolution establishes the treasury limits trustees will use in soliciting and awarding short-term depository arrangements and instructs the clerk to advertise and accept depository applications and bids under statutory notice requirements. The clerk recorded that applications would be marked “Depository Applications” and that bids would be opened in a regular session on August 5, 1985, with a later opening if necessary.

What the trustees did: Mr. Rice moved the adoption and Mr. Workman seconded. The trustees directed the clerk to publish the resolution as required by statute and to receive bids until noon on the stated deadline; the board reserved the right to reject any or all bids.

Context and procedure: the minutes note the trustees followed the statutory advertising and bidding process for temporary public depositories and scheduled bid openings at regular meetings. The clerk — Theresa Montgomery — was assigned to manage public notice and the collection of bids.

Next steps: the clerk will advertise and receive depository applications and bring bids to the board for public opening and reading at the stated meeting. The resolution sets the policy framework for short-term investment/deposit decisions the trustees will make during the designated period.