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County moves $450,000 into CD to collateralize ElevaCare claims
Summary
Following a request from ElevaCare, the board approved moving $450,000 into a six-month CD to serve as collateral for reimbursement claims beginning Jan. 1, 2026.
Jennifer Oehme of ElevaCare told commissioners the organization needs short-term collateral to cover claim reimbursements and that Nobles County had previously provided $900,000 but requested an ending date of Dec. 31, 2025. Oehme said ElevaCare "is requesting Cottonwood County provide $450,000 in collateral January 1, 2026, for 6 months." The board voted unanimously to transfer $450,000 into a six-month certificate of deposit at First Farmers and Merchant Bank to be used as collateral (motion by Commissioner Larry Anderson; second by Commissioner Wayne Maras).
The minutes note ElevaCare also planned to request the same amount from Jackson County. County staff recorded the action as moving the funds into a CD to secure ElevaCare reimbursement claims; the board did not attach additional conditions in the minutes.
