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Council reaffirms SSFCU account closure and authorizes $500,000 Frost Bank CD via American Bank (Prosperity)
Summary
Council reaffirmed direction to close the SSFCU account and authorized transferring $500,000 from TexPool to American Bank (Prosperity) and then issuing a check to Frost Bank for a 90-day jumbo CD, with automatic renewals subject to reauthorization at term end.
The council reaffirmed prior direction to close the SSFCU account and authorized the mayor to coordinate closure and transfer funds to the American Bank (Prosperity) account. The agenda motion reads: "Reaffirm prior Council direction to close the SSFCU account and authorize the Mayor to coordinate with authorized signers and staff to complete closure and transfer funds to the American Bank (Prosperity) account."
Separately, council authorized the mayor to transfer $500,000 from TexPool to American Bank (Prosperity) and from there issue a check to Frost Bank to fund a 90-day jumbo certificate of deposit; the motion notes that reauthorization will be required at the end of the initial term and that subsequent renewals may occur automatically. Both motions passed 5–0.
