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Ramseur council renews $500,000 CD at six months to preserve flexibility
Summary
The town opted to renew a $500,000 Fidelity Bank certificate of deposit for six months, citing interest-rate considerations and a desire for near-term flexibility in reserve management.
Council reviewed options for renewing a Fidelity Bank certificate of deposit holding $500,000 of town reserves. After discussion of prevailing rates and past experience with a 12-month term, a board member moved to renew the CD for six months and the motion was seconded and carried.
"I make a motion that we accept the six-month rate," the mover said during the discussion; the board approved the six-month renewal by voice vote. The CD's interest will be used according to the town's budget plan for reserve interest.
