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Council authorizes staff to draft brokerage/investment resolution with Northland Public Finance
Summary
Councilors asked staff to draft a formal resolution to authorize a brokerage/investment account with Northland Public Finance to broaden options for reinvesting maturing CDs; council approved the motion on a voice vote.
City Administrator Wyberg briefed the council Jan. 27 on a draft resolution to authorize staff to pursue a brokerage/investment account with Northland Public Finance, which would provide an additional option for reinvesting matured certificates of deposit. Wyberg said two maturing CDs — one tied to the ambulance fund and another to the general fund — total roughly $152,000 and $216,000 and that staff wanted another vendor to compare reinvestment rates and terms.
Councilor Grahams moved that staff draft a standard-form resolution for council consideration; Councilor Jarva seconded and the motion carried on a voice vote. No specific transfer or reinvestment was approved tonight; staff will return a formal resolution and proposed terms at a future meeting if the council wishes to proceed.
