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Council approves opening Traditions Bank account to hold DEA seizure funds
Summary
Council authorized opening a separate checking account at Traditions Bank for DEA police seizure funds, noting the funds cannot be commingled and roughly $40,000 is expected to be transferred.
The council authorized opening a new checking account at Traditions Bank specifically to hold DEA police seizure funds to avoid commingling with other city funds. Mayor (speaker 4) explained that about $40,000 is expected to be transferred into the account.
"As you guys approved to open a new checking account at Traditions Bank for the DEA police seizure funds, these funds have to be maintained in a separate account. . . And right now there's about $40,000 that's sitting out here and they're waiting to send us," Mayor (speaker 4) said. The council moved, seconded and approved the account opening.
