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Michiana council approves CD rollovers and puts $25,000 into vehicle/tractor CD
Summary
Treasurer Tracey McCay received council approval to roll over two CDs due in September and to move $25,000 designated for a police vehicle and tractor into a CD to earn interest; both motions passed 3–0.
At its Aug. 9 meeting the Village of Michiana council approved Treasurer Tracey McCay’s recommendations to roll over two maturing certificates of deposit and to place $25,000 designated for a police vehicle and a tractor into a separate CD to earn interest.
McCay reported the Pokagon Fund statement was not yet available, leaving that balance at $43,329 for the record. She recommended rolling over the water CD at 1st Source for roughly six months and the General CD at Chase for roughly nine months, and proposed moving the $25,000 (comprised of $10,000 budgeted toward a police car every five years and $15,000 toward a tractor over six years) into a CD. Council President Brian Cassidy moved both measures; both passed on recorded 3–0 roll call votes.
The moves are intended to increase yield on reserved replacement funds; council discussion did not produce alternative investment options at the meeting.
