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Board votes to move $2.52 million in HB521 funds into LGIP
Summary
Trustees approved transferring HB521 funds totaling $2,518,077.00 from the district's Umpqua main checking account into the Local Government Investment Pool (LGIP) and adding two additional LGIP accounts for general and student-body funds.
The West Bonner County School District board voted to transfer HB521 funds totaling $2,518,077.00 from its Umpqua main checking account into the Local Government Investment Pool (LGIP) to generate additional revenue. Treasurer Kendra D. Salesky presented the recommendation and the motion to transfer the funds passed with a unanimous vote.
Trustees also approved creating two additional LGIP accounts—one for the General main account and one for Student Body funds—and to mirror the Depositories on the Umpqua accounts. The motion to change depositories and to transfer the HB521 funds was recorded in the minutes as Yea: 5, Nay: 0.
