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Rothbury commits $150,000 to DNR grant for Czarny Field, authorizes short-term investment
Summary
The Rothbury Village Council unanimously committed $150,000 toward a DNR grant project for Czarny Field and authorized Treasurer Deb Murphy to invest those funds in a CD or money market at the best available rate.
Rothbury Village Council voted Aug. 13 to commit $150,000 toward a Michigan Department of Natural Resources (DNR) grant project for Czarny Field and authorized the treasurer to invest that money while it is held.
Treasurer Deb Murphy reminded the council that money had been earmarked at a previous meeting for the Czarny Field DNR project. Council moved (Mike Harris, seconded by Troy Voorhees) to formally commit $150,000; the motion carried 7-0.
Separately, the council gave Treasurer Murphy permission to invest the $150,000 in a certificate of deposit or money market account to secure the best available return in the interim.
The minutes do not specify a target financial institution, term for the CD, or restrictions on investment risk. Council did not record any dissent or conditions on the commitment in the minutes.
Next steps recorded in the minutes: funds will be transferred into a new Czarny Park fund-balance account created in the budget amendment approved the same meeting.
