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Council directs staff to solicit rates for two $500,000 Water Fund CDs to seed improvement and downtown funds
Summary
The Council authorized staff to solicit interest rates from local banks for two 30-day certificates of deposit of $500,000 each from the Water Utility Fund, with interest directed first to the Water Improvement Fund and second to a Downtown Revitalization Fund; both motions passed 7-0.
City Manager Katie Hodge presented options to invest Water Fund resources in certificates of deposit (CDs) at the April 14, 2026 Council meeting. Council authorized two separate motions directing staff to solicit interest rates from local financial institutions to invest $500,000 from the Water Utility Fund in a 30-day CD with interest to be transferred to the Water Improvement Fund, and a second $500,000 CD with interest to be transferred to a Downtown Revitalization Fund. Both motions passed 7-0.
The first motion was made by Council Member Joe Ryan and seconded by Council Member Jeff Tice; the second motion was made by Council Member Kathy Ayers and seconded by Council Member Mike Handly. Council did not approve the investments themselves but directed staff to solicit interest rates and return with options for the Council to consider.
