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Board approves Valley Bank as district depository and investment resolution
Summary
The board approved transitioning banking services to Valley Bank and passed a resolution to move investment funds to the Montana Board of Investments' short‑term investment pool (SIP); staff said the move offers better rates than current accounts at Edward Jones.
Staff recommended Valley Bank as the preferred bidder for district banking services and explained that a companion resolution would allow moving short‑term investments into the Montana Board of Investments' short‑term investment pool (SIP). The presenter said the Valley Bank bid included favorable terms (zero required balance) and that the SIP offered better short‑term yields than current holdings with Edward Jones.
The board approved both the banking transition and the investment resolution after staff returned to the item with the correct resolution language. Staff said they would complete required documentation and coordinate transfers with district financial consultants.
