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Council renews and reallocates certificates of deposit at Northstar Bank
Summary
The council approved keeping two CDs of $278,621.48 at Northstar Bank for one year at 3.40% and moving $130,000 into a Northstar Bank CDARS account for one year at 3.25%.
Councilors approved three investment actions regarding certificates of deposit at Northstar Bank. Councilor Heidi Parker moved and Councilor Emily Campbell seconded a motion to keep a CD at Northstar Bank for $278,621.48 for one year at 3.40% (26-M-14); Councilor Jill White moved and Councilor John Riley seconded to keep another CD in the amount of $278,621.48 for one year at 3.40% (26-M-15); and Councilor Heidi Parker moved and Councilor Jill White seconded to move $130,000 to a Northstar Bank CDARS for one year at 3.25% (26-M-16). All motions carried.
The motions record principal amounts and stated interest rates for one-year terms; the transcript records the motions and that each "Motion carried," but does not provide further context such as comparative offers, treasury strategy or effect on operating cash flows.
The council approved all three investment actions as part of the regular agenda motions listed in the Jan. 20 meeting record.
