Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Kincaid trustees agree to continue rolling over village CDs to avoid special meetings
Summary
Trustee Nelson proposed continuing to roll over the village's certificates of deposit at the local bank to avoid frequent special meetings tied to staggered maturity dates; Treasurer Merano clarified totals and a Nov. 2 maturity date before the board approved the practice.
Trustee Nelson told the board the village holds multiple CDs at Midland Community Bank and said staggered maturity dates have required special meetings in the past. He asked trustees to agree to continue rolling over the CDs locally to avoid repeat special sessions. Treasurer Merano corrected an earlier figure, saying the village holds four CDs totaling $463,000 and that one CD matures on Nov. 2.
After the clarification, Nelson moved that the board continue with the current rollover practice so staff would not need to call special meetings for each maturity date. The motion passed with unanimous approval. The board did not set a long-term investment policy at the meeting beyond continuing current rollover practice.
