CDA authorizes up to $1 million six‑month CD at 4% APY

The Community Development Authority on Aug. 13 authorized its executive director to invest up to $1 million in a six‑month certificate of deposit yielding no less than 4% annual percentage yield. The board approved the measure by voice vote after staff presented the bank offer and timing rationale.

Staff told commissioners that one financial institution, DMB Community Bank, proposed "a 4% um APY which is annual percentage yield CD uh for the CDA for up to 6 months." Staff said the CDA has roughly $1.12 million available from a matured CD that could be recycled into the new deposit and recommended a six‑month term so the funds mature around the project's anticipated February closing.

Board members discussed laddering multiple shorter CDs versus a single six‑month deposit to preserve liquidity. The board adopted a motion to authorize the executive director to invest up to $1,000,000 in a six‑month deposit "yielding no less than 4% APY" while retaining a minimum amount in liquid accounts; Sheila seconded the motion and it carried by voice vote.

The authorization does not record a formal roll‑call tally in the minutes; staff said they would try to open the CD the following day and would report back when the transaction posts.