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Freeburg board approves reinvestment of $540,928.57 sewer CD at 4.23%
Summary
The Village of Freeburg board voted to reinvest a Sewer CD for $540,928.57 for seven months at 4.23% and to reinvest an Electric CD for seven months at the current bank rate; vote was 5–0 with one trustee absent.
The Village of Freeburg Board of Trustees voted to reinvest a Sewer certificate of deposit totaling $540,928.57 for seven months at an interest rate of 4.23% and to roll an Electric CD for seven months at the bank's current rate.
Trustee Tom Carpenter, chair of the Finance Committee, presented the recommendation and moved the reinvestment; Trustee Robert (Bob) Kaiser seconded the motion. Carpenter said the board reviewed the Income Statement and noted the village’s finances were on track, observing that “we should be just under 25%. We are doing well.” The motion passed on a roll call of 5 ayes, 0 nays, 1 absent.
The board did not specify the receiving bank for the Electric CD in the meeting record. No additional conditions were attached to the reinvestments in the recorded motion.
