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Board authorizes administrators to reinvest two CDs, directs investment strategy for money-market funds
Summary
Covert Public Schools approved renewal of two Arbor Credit Union CDs and, via an amended motion, authorized the superintendent and finance director to reinvest the CDs for best terms and to return with an investment strategy for remaining money-market funds; vote was 5–1.
The board approved renewal of two Arbor Credit Union certificates (money-market funds) and accepted an amended motion permitting district administrators to reinvest the existing two CDs at their discretion. Alan Smaka moved the amendment, supported by Aaron Wittorp; the roll call was five ayes and one nay (Cheryl McCray).
Under the amendment, the superintendent and finance director are authorized to reinvest the existing CD balances for the best available terms and to develop an investment strategy for the remaining money-market funds to present to the board for later approval.
