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Michiana council approves CD rollovers, moves $25,000 into vehicle CD and OKs $76,517.49 check register
Summary
The council voted 3–0 to roll over two maturing CDs and to place $25,000 into a vehicle CD; it also approved a $76,517.49 check register. Treasurer Tracey McCay reported the Pokagon Fund balance remains $43,329 pending a statement.
The Village of Michiana council approved a set of financial actions at its Aug. 9 meeting, including rolling over two maturing certificates of deposit and moving $25,000 into a vehicle-designated CD to reserve funds for equipment purchases.
Treasurer Tracey McCay told council, “We have not received a new statement from the Pokagon Fund, so the balance is still $43,329.” She recommended rolling over the water CD at 1st Source for at least six months and the general CD at Chase for at least nine months at the best available rates. Council member Brian Cassidy made the motion to approve the rollovers; Council member Mike Botelho seconded. A roll call vote recorded three ayes and zero nays.
Tracey also proposed moving $25,000—$10,000 budgeted toward a police vehicle every five years and $15,000 toward a tractor over the next six years—into a CD to earn more interest. The council approved that motion, 3–0.
Clerk Anne Heywood presented a check register totaling $76,517.49; after a motion from Council member Mike Botelho and a second from Council member Mike Mumper, the council approved the register.
The council did not specify the exact rates or the receiving banks’ final terms beyond council direction to proceed with rollovers. Staff were asked to execute the rollovers and report back when completed.
