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Silvis council renews four CDs totaling $2 million at 3.5% for 12 months
Summary
The Silvis City Council unanimously approved renewing four certificates of deposit — $500,000 each — at 3.5% for 12 months, after the item was moved from the Committee of the Whole to the Regular meeting and passed 6–0 (one member absent).
The Silvis City Council voted Jan. 20 to renew four certificates of deposit, each for $500,000, at an interest rate of 3.5% for 12 months, committing $2,000,000 in municipal funds to 12‑month CDs.
The item was discussed in the Committee of the Whole and then placed on the Regular meeting consent agenda. Alderman Steve Marinaccio moved to approve the renewals during the Regular meeting; Alderwoman Chrissy Winters seconded. The motion passed with six members voting yes and one member absent (Alderman David Rice).
Council members did not record further discussion in the minutes about where the funds are held or which bank institutions will hold the CDs. No amendments or conditions were recorded in the meeting minutes; the action was listed as an approval on the consent agenda and the council recorded the vote in open session.
The minutes do not specify draft maturity dates or whether any of the CDs were being liquidated to meet other obligations; those specifics were not provided in the meeting record.
