Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance topic
No spam. Unsubscribe anytime.
Council moves maturing CDs to Bank of Sedan after bid opening
Summary
After opening sealed bids, the council approved moving three CDs to Bank of Sedan to take a 4.25% 12-month rate and left the remaining city CDs at Bank of Sedan; Elevate offered 3.79%.
Council opened sealed CD bids from Bank of Sedan and Elevate Bank. Bank of Sedan offered 4.25% for 12 months on seven maturing city CDs; Elevate Bank offered 3.79% for 12 months. The council voted to move the three CDs at Elevate Bank into Bank of Sedan to secure the 4.25% rate and leave the rest at Bank of Sedan.
Angela Evans argued in favor of consolidating to the higher-rate local bank while Wellington Butler urged supporting both institutions; the motion to move the three Elevate CDs carried as recorded in the minutes. The minutes record the two bid rates and the council decision as the primary facts of the item.
