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Osage City to open interest-bearing checking account after no CD bids received
Summary
City Treasurer Sadie Boos reported no responses to a 30-day CD solicitation; council authorized opening an interest-bearing public checking account with Landmark National Bank to hold Water Improvement and Downtown Revitalization funds (7-0).
City Treasurer Sadie Boos told the council the city received no responses from local institutions to a solicitation for 30-day certificate-of-deposit (CD) rates intended for investing water funds. As an alternative that would provide similar interest, she recommended using an interest-bearing public checking account.
Council authorized the opening of an interest-bearing checking account with Landmark National Bank to hold Water Improvement and Downtown Revitalization funds. The motion was made by Council Member Jeff Tice, seconded by Council Member Mike Handly, and carried 7-0. The minutes record the policy decision but do not include a projected interest rate or account activation timeline on the record.
