Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Town board approves rollover of $516,977 CD as bookkeeper pursues $25,000 water-project credit
Summary
Board approved rolling over a Community Bank CD for $516,977.72; the bookkeeper said she is negotiating a $25,000 reduction on the final HUNT invoice for a long-running water project and noted a statutory-installment bond quote at 4.99%.
The Town Board authorized rolling over a Community Bank certificate of deposit (CD) with a balance of $516,977.72 into a new six-month CD. Kyle Peterson moved to allow the rollover and Les Smith seconded; the motion passed by roll call (Ayes 4, Austin absent).
During the financial report the Bookkeeper said HUNT submitted a final invoice for the town's multiyear water project and that she is "pushing for a $25,000 reduction" to account for errors in filing and DEC paperwork that delayed the project; any credit would be applied to future Water District 4 bond payments. The report also noted a new finance quote for a statutory installment bond at a 4.99% rate and that a Community Bank CD matures May 19, 2026.
Board members voted on the CD rollover as a discrete investment decision during the meeting; the board did not vote at the meeting on bond issuance or on the HUNT invoice reduction itself, only on allowing the CD rollover and the recording of budget figures for future bond calculations.
