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Aplington council votes to move two maturing CDs to higher-yield IPAIT account
Summary
The Aplington City Council voted July 9 to not renew two certificates of deposit at LSB and instead move the funds into IPAIT for a higher interest rate; the motion carried unanimously. The consent agenda, which included the financial report ending June 2025, was also approved.
Mayor Jason Mehmen presided over a unanimous council vote July 9 to move the proceeds of two maturing certificates of deposit at LSB into IPAIT, a decision the council said would realize a higher interest rate for the city.
Council member Klahsen made the motion to not renew the two CDs and transfer the funds to IPAIT; Council member Noble seconded. The motion carried unanimously.
The action was taken as part of routine financial business approved on the consent agenda, which the council also approved by motion earlier in the meeting. The financial report included a summary of revenues ending May 2025 showing a total of $153,556.91 across city funds, with Electric at $63,167.14, Water at $16,975.79 and Sewer at $15,015.75.
No additional details about the maturity dates of the CDs or the exact projected yield in IPAIT were specified in the public record.
The council did not set further conditions or require additional approvals for the transfer; the item was recorded as carried unanimously.
