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Michiana council rolls over maturing CDs, moves $25,000 into vehicle/tractor fund and approves $76,517.49 check register
Summary
The council authorized rolling over two maturing CDs, directed $25,000 into a CD earmarked for vehicle and tractor replacement, and approved the $76,517.49 check register during its Aug. 9 meeting; roll-call votes on the CD actions were 3–0.
Treasurer Tracey McCay asked the Village Council on Aug. 9 to roll over two certificates of deposit coming due in September: the water CD at 1st Source for at least six months and the general CD at Chase Bank for at least nine months. Council member Brian Cassidy moved to approve the rollover; Mike Botelho seconded. A roll-call vote was taken and recorded as 3 ayes and 0 nays.
McCay also proposed consolidating $25,000 into a CD to earn more interest for the vehicle and tractor replacement fund. The $25,000 reflects an annual budgeted transfer—$10,000 set aside toward a police vehicle replacement every five years and $15,000 toward a tractor over the next six years. Cassidy moved to move the $25,000 into the designated CD; Botelho seconded and the motion passed on a 3–0 roll-call vote.
Clerk Anne Heywood presented the check register totaling $76,517.49 for council approval. Council member Mike Botelho moved to approve the register; Mike Mumper seconded and the motion passed.
The council did not discuss alternative investment lengths or banks beyond the durations McCay proposed; precise rates and institutions were noted (1st Source and Chase) but the council did not record interest rates in the meeting minutes.
