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Bennet moves $1.1 million to NPAIT, transfers $248,387.50 into SLGS bonds
Summary
The City Council approved moving $1.1 million from Union Bank & Trust to NPAIT and transferring $248,387.50 into SLGS bonds according to a provided schedule. Both motions passed by roll-call vote on Nov. 10.
The Bennet City Council approved two investment actions recommended by Councilmember Jesse Schmidt.
Schmidt proposed moving $1.1 million from Union Bank & Trust to the Nebraska Public Agency Investment Trust (NPAIT). Dan Zieg moved and Pete Simmons seconded the motion; the roll-call vote approving the transfer was YES: Schmidt, Simmons, Zieg, Buck.
Schmidt also proposed transferring $248,387.50 into State and Local Government Series (SLGS) securities per a schedule he provided. Zieg moved and Simmons seconded that transfer; the roll-call vote was YES: Buck, Zieg, Simmons, Schmidt.
What happens next: City financial staff will process the transfers per the schedule and report back as required by the city’s financial procedures. The minutes do not record the expected yield or maturity schedule for the SLGS purchase; those details were provided to council in a separate schedule.
