Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Sheffield renews TIF and General Fund CDs as short-term specials
Summary
The board approved renewing a TIF CD for $109,876.78 and three General Fund CDs (totaling listed amounts) as nine-month specials at 4.05% (APY 4.09%) with People's National Bank. Votes were unanimous July 8, 2025.
The Village of Sheffield approved rolling several maturing certificates of deposit into nine-month special CDs at People’s National Bank.
Trustee Taylor moved (seconded by Corwin) to renew a TIF CD for $109,876.78 at a rate of 4.05% (APY 4.09%). The motion passed 5-0. Separately, Adams (seconded by Price) moved to renew three General Fund CDs — General $184,592.99; Railroad $189,502.08; General (formerly ARPA) $129,040.44 — on the same nine-month special at the same rate; that motion also passed 5-0.
Trustee Barry raised a question about the risk of needing to cash a CD before maturity; Clerk Ries and Trustee Taylor (who works in banking) explained that exceptions for municipalities can be requested from the bank.
