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Los Lunas approves $200,000 six-month certificate of deposit at UMB Bank
Summary
The Village of Los Lunas approved opening a six-month certificate of deposit with UMB Bank for $200,000 at 3.25% interest, with a maturity date of Sept. 13, 2026, and plans to place the funds in a sweep account to avoid returning to council at each maturity.
Mayor Charles Griego and the Village of Los Lunas Board of Trustees on April 9 approved a six-month certificate of deposit at UMB Bank for $200,000. Ms. Cheryl Cates presented the request and said the account would earn 3.25% interest and mature on Sept. 13, 2026.
"I'm here tonight to get approval or disapproval for the opening of a new certiϐicate of deposit account with our new UMB bank in the amount of $200,000 for a term of six months with a maturity date of September 13th, 2026," Ms. Cheryl Cates said. She told the council the intent was to place the account in a sweep arrangement so staff would not need to return to council every six months to reauthorize placement.
Councilor Gino Romero moved to approve the CD; Councilor Matthew Chavez seconded. The motion carried on a vote of 3–0 (Councilors Romero, Ortiz and Chavez voting yes; Councilor James Runyon was excused). No public questions were recorded during the discussion. The funds are currently held across multiple institutions (Kirtland Credit Union and Sunward were mentioned in the meeting) and staff said this CD would be managed to avoid repeated agenda requests.
The council did not specify further conditions or restrictions on the account beyond the maturity date and the sweep account intent. Staff indicated they would follow bank requirements to establish the account.
