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Lynd council approves reinvesting $10,000 CD at 4% for 13 months
Summary
The Lynd City Council unanimously approved reinvesting a $10,000 First Independent Bank certificate of deposit maturing Nov. 17, 2024, into a 13-month CD at a 4% interest rate.
Councilmember David Reaves presented a First Independent Bank certificate of deposit that matures Nov. 17, 2024, and recommended reinvesting the $10,000 principal. Reaves moved to reinvest the funds into a 13-month certificate of deposit at an interest rate of 4 percent; Councilmember Jerry Sodemann seconded. The motion passed on a unanimous voice vote recorded in the minutes.
The minutes note the CD amount ($10,000), the maturity date (11/17/2024), the proposed new term (13 months) and the interest rate (4%). No alternative offers, competitive bids or dissent were recorded in the meeting minutes; the council approved the reinvestment as presented.
With the investment decision recorded, the council completed remaining business and adjourned the special meeting.
