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Council approves transfers: city moves funds into NPAIT and SLGS bonds per schedule
Summary
The council approved moving funds from Union Bank & Trust to NPAIT and transferring $248,387.50 into SLGS bonds per a schedule provided by Councilmember Jesse Schmidt; the minutes record a motion to move "1.1ML" but do not clarify that term.
Councilmember Jesse Schmidt presented recommendations to move city funds for investment. The minutes record a motion to move "1.1ML" from Union Bank & Trust to NPAIT; Councilmember Zieg moved and Councilmember Simmons seconded the motion and the roll call carried. The minutes record the term as "1.1ML"; no expansion or dollar-equivalent clarification is printed in the minutes.
Separately, the council approved transferring $248,387.50 into SLGS bonds per a schedule provided by Schmidt. Zieg moved and Simmons seconded the transfer; the roll call vote was YES: Buck, Zieg, Simmons, Schmidt. The minutes do not provide the SLGS schedule detail beyond the dollar amount and the reference to a schedule provided by Schmidt.
The motions shifted custody of funds among investment vehicles; the minutes do not provide cash balances before or after the transfers or indicate the expected return rates. Council records and bank statements will be required for a full accounting of the city's investment positions.
