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Commission authorizes $50,000 riverboat transfer into maturing CD to meet LCD commitment
Summary
The Redevelopment Commission voted to transfer $50,000 from riverboat funds and interest from matured certificates into a new CD to satisfy part of the commission's commitment to an LCD earmark; the motion passed by voice vote.
The commission approved transferring $50,000 from the riverboat fund plus interest from previously matured certificates into a new certificate of deposit to satisfy part of the commission's commitment to the LCD earmark.
Chair (S1) explained staff found one of the earmarked CDs had been placed into checking rather than renewed; chair said the amount of interest was between $10,000 and $15,000 and that, if approved, staff would renew approximately $60,000–$65,000 in the maturing CD on Aug. 22. Committee member (S3) moved to transfer $50,000 from the riverboat fund and matured-CD interest into a new CD; the motion was seconded and passed by voice vote.
Chair (S1) said the commission currently has a CD balance that will mature on Aug. 22 and that staff will provide a hard number on the interest and exact deposit figure. The action instructs staff to negotiate the new CD and ensure funds earmarked for LCD are consolidated.
