Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
New Windsor council approves contingency plan to reinvest maturing CD
Summary
Council reviewed options for a maturing SECU CD estimated at $257,000 and approved a motion to invest with ACNB if the bank will collateralize $275,000; a fallback investment of $250,000 at ACNB (2 years, 3.75%) was also approved. Both motions passed 5‑0 in the minutes.
The New Windsor Town Council reviewed options for a certificate of deposit estimated at $257,000 maturing Dec. 16, 2025, and approved motions directing reinvestment under specified terms.
The minutes list several options: ACNB for 13 months at 3.5%; SECU for 11- and 6-month terms at 3.94%; and ACNB Investment 1- and 2-year terms at 3.75%. The record shows a motion by Councilmember Connor Frock to invest with ACNB if the bank would accept $275,000 with the additional $25,000 and interest collateralized; Councilmember Joshua Wolfe Mallow seconded and the motion passed 5‑0. The minutes further record a fallback motion, also moved by Frock and seconded by Councilmember Dante Howard, to invest $250,000 not collateralized with ACNB Investment in a two‑year CD at 3.75%; that motion passed 5‑0 as recorded.
The minutes do not specify implementation steps or which staff member was assigned to complete the investment; the record notes only the motions and vote tallies.
