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Board names official depositories and sets collateral terms for deposits
Summary
The Menahga board authorized Community First Bank (Menahga and Sebeka), the Minnesota School District Liquid Asset Fund and MN Trust as official depositories for 2026 and allowed other FDIC-insured banks with deposit limits; exceptions for local bank and pooled funds were noted when certificates of collateral are on file.
The board approved a motion authorizing official depositories for district funds in 2026. Approved institutions include Community First Bank of Menahga and Sebeka, the Minnesota School District Liquid Asset Fund, MN Trust and other FDIC-insured banking institutions, with the standard $250,000 deposit limit except where collateral certificates permit higher deposits for the local bank and pooled funds.
The authorization also instructs the business office to ensure certificates of collateral are on file when deposits exceed FDIC limits in the named pooled funds or the local bank. The motion was seconded and carried unanimously.
