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Shamrock Lakes board votes to roll over $25,000 sewer CD for five months
Summary
The town agreed to roll over a $25,000 sewer certificate of deposit for five months after noting $233.73 in interest had accrued and flagging an accounting issue where interest posted to the wrong fund.
The Shamrock Lakes board voted to renew a $25,000 sewer certificate of deposit for five months, board members said during the meeting.
Board members noted the CD, due Sept. 24, had earned $233.73 in five months at a 3.75% rate. Members reported an accounting problem: the interest posted to the wrong town account instead of the sewer accumulating fund and said they are working with the bank to correct the posting going forward.
After brief discussion about whether to cash out or roll the CD, a motion to roll the $25,000 CD for an additional five months was made, seconded and carried. Board members did not record individual voter names in the transcript. The board asked staff to ensure future interest postings go to the sewer accumulating fund in compliance with state account rules.
