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Mulga reports Verizon CD earnings and a stable bond-rating outlook
Summary
Mayor Varner reported Verizon funds placed in a certificate of deposit have earned "more than $5,000.00" in interest and mature in August; Ben Goldman said the town's bond rating remained unchanged while the outlook increased to "stable."
Mayor W. Keith Varner told the council that the money received from Verizon was placed in a certificate of deposit and "we have already earned more than $5,000.00 in interest. It matures in August." Ben Goldman provided a bond-rating update, saying the rating stayed the same but the outlook improved to "stable."
The meeting record does not include the CD principal amount, the bank or broker, or the rating agency that issued the bond rating; the council did not take action on these items at this meeting. Staff should provide documentation or a more detailed fiscal report if the council needs to act on investment or debt policy.
