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Owensville authorizes reinvestment of $1.43 million in Certificates of Deposit
Summary
The Board approved giving the City Administrator discretion to reinvest $1,432,039.46 that was cashed from Wells Fargo Advisors CDs and deposited into the General Fund, preferring local banks if rates are comparable.
City officials reported that Certificates of Deposit held with Wells Fargo Advisors were cashed in for $1,432,039.46 and the proceeds were deposited into the city's General Fund for reinvestment. The Administrator indicated the funds will be placed into new CDs and that the City would likely use a local bank if rates are comparable.
Alderman Matt Kramme moved to give the City Administrator authority to invest the funds at his discretion as recommended; Alderman Denise Bohl seconded. The motion carried without dissent.
