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Council rescinds motion to move funds after finding Lone Star Investment Pool yields higher interest

Mount Vernon City Council · February 9, 2026
AI-Generated Content: All content on this page was generated by AI to highlight key points from the meeting. For complete details and context, we recommend watching the full video. so we can fix them.

Summary

After staff research showed the Lone Star Investment Pool account earned a higher rate than the destination account, the council rescinded a prior motion to move funds and reversed a December action.

City Administrator Craig Lindholm told the council that the Lone Star Investment Pool account is currently earning a higher interest rate than the account to which council previously moved funds. Based on staff research, Lindholm recommended rescinding the earlier second motion on Resolution No. 25‑22.

Councilwoman Mary Keys moved to rescind the second motion on Resolution No. 25‑22; Councilwoman Rebecca Bailey seconded and the motion carried unanimously. No new transfer was approved at this meeting and staff will maintain the funds in the Lone Star account unless council later directs otherwise.

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