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Leola council approves reinvestment of Revolving Loan Fund CD into a 2-year CorTrust certificate
Summary
A CorTrust CD maturing Jan. 9, 2025 will be reinvested for two years at a projected 3.25% interest after council approval; the decision covers the Revolving Loan Fund balance including accrued interest.
The council reviewed a CorTrust Bank CD tied to the Revolving Loan Fund that matures Jan. 9, 2025, and approved reinvesting the total balance, including accrued interest, into a new two-year certificate at a projected 3.25% interest rate. Jackie Rau moved to reinvest the funds and Alan Wimer seconded; minutes record the motion carried.
The motion directs the Finance Office to complete the reinvestment when the CD matures. The minutes do not list the exact dollar amount reinvested; the Revolving Loan Fund balance reported elsewhere in the meeting was $27,033.90.
