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Alexandria board approves transfer of $6,594,925 into money market account
Summary
The Town Board unanimously approved a resolution transferring $6,594,925 of bond/cash funds into an interest-bearing money market account at Community Bank NA to earn interest until needed; the resolution authorizes moving funds back into the SportsPlex project account as expenditures arise.
The Town Board voted to transfer municipal bond and cash funds totaling $6,594,925 into an interest-bearing money market account at Community Bank NA to maximize interest earnings until the funds are needed for project expenditures.
The Chair read the resolution authorizing the transfer; the transcript shows the amount as "$6,594,925" in the reading and states the purpose is to "make monies in this account to maximum interest earned until necessary payments." The resolution text, as read, authorized the Town Supervisor and the Town Board to move money from the money market back into the SportsPlex Innovation Project account "as needed to disperse and pay expenditures for the project." The resolution was offered by Bill Honeyman and seconded by Tim Davison per the read text.
Clerk roll call recorded affirmative 'Yes' responses and the Chair announced the motion passed. The transcript contains transcription artifacts in several names and bank spellings; the dollar amount above is taken from the numeric line read aloud in the meeting transcript.
