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Council approves $50,000 transfer into 5-month CD at CorTrust bank
Summary
Council voted to move $50,000 from the Revolving Loan Fund into a 5-month CD at CorTrust bank at 5% interest after credit board feedback; motion by Jackie Rau, second by Jackie Leibel, passed unanimously.
The Leola City Council approved transferring $50,000 from the Revolving Loan Fund into a certificate of deposit at CorTrust bank for five months at an interest rate of 5%. The transfer followed discussion and feedback from the credit board.
Jackie Rau moved, with a second from Jackie Leibel, "to transfer $50,000 out of the Revolving Loan Fund account to put into a CD at CorTrust bank for 5 months at 5% interest." The motion was recorded as approved by the council.
Council recorded no further conditions in the minutes; the action reallocates a portion of the Revolving Loan Fund into a short-term investment expected to earn the stated rate for the five-month term.
