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Bristow to move municipal funds into SpiritBank sweep account earning 1.4%
Summary
On a unanimous vote, the council authorized enrollment in SpiritBank's Enhancement (sweep) account using the Bristow Municipal Authority account, leaving $80,000 on deposit and earning 1.4% interest, per the bank representative.
The Bristow City Council voted to enroll the Bristow Municipal Authority account in SpiritBank's Enhancement (sweep) program after a presentation by a SpiritBank representative. Joe Hill said the program would keep a minimum balance of $80,000 and return 1.4% interest on swept funds; Councilmember Judd Johns moved to approve and the motion passed unanimously.
Council members asked for memos about account activity and confirmed the program would maintain the $80,000 floor. The action is intended to increase interest earnings on city funds while keeping operating balances accessible.
