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Council approves $400,000 in certificates of deposit with Wells Fargo
Summary
Council approved placement of a six-month CD for $160,000 and a 12-month CD for $240,000 with Wells Fargo Bank, a combined $400,000 investment.
Council voted to place town funds into certificates of deposit at Wells Fargo Bank: a six-month CD for $160,000 and a 12-month CD for $240,000. The motion was made by Councilmember Stonie Hamilton, seconded by Councilmember Dr. John Johnson, and passed 3-0.
The minutes record the specific amounts and terms but do not list expected interest rates or the town’s investment policy rationale. The motion was recorded under Old Business; staff follow-up to execute the CDs is implied by the approval but not detailed in the meeting record.
