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Memphis I.S.D. extends depository contract for district funds through Aug. 31, 2027
Summary
The board approved a two-year extension of the district's depository contract, effective Sept. 1, 2025 through Aug. 31, 2027; operating funds will earn interest at a variable rate equal to the 13-week T-bill adjusted quarterly. Vote: 4-0.
The Memphis I.S.D. Board of Trustees voted to extend the districts depository contract for an additional two-year term beginning Sept. 1, 2025 and ending Aug. 31, 2027. Sarah Cook presented the resolution; Josh Brooks moved to approve and Charolette Maddox seconded. The motion carried, 4-0.
The resolution specifies that operating funds will earn interest at a variable rate equal to the 13-week U.S. Treasury bill, adjusted quarterly. The transcript records the approval but does not include the name of the depository institution or further financial exhibits in the meeting minutes.
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