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Fillmore County board authorizes $2 million in short-term investments
Summary
The Fillmore County Board approved reinvesting a $500,000 matured CD and allocating $2 million in short-term investments—$500,000 with First Southeast Bank and up to $1.5 million through Moreton Capital Markets—authorizing the finance director to seek best rates.
The Fillmore County Board on May 12 approved reinvesting a matured certificate of deposit of $500,000 with First Southeast Bank for 12 months at a recorded rate of 4.15%/4.19% APY. The Board also authorized investing a total of $2,000,000, placing $500,000 with First Southeast Bank and authorizing the Finance Director to work with Moreton Capital Markets to invest up to $1,500,000 at the best available rates.
Finance Director Christy Smith presented the investment items during the meeting. The minutes record the motion as passing unanimously. The Board did not record additional conditions or designated specific collateral or liquidity constraints in the minutes; the Finance Director was empowered to execute the Moreton allocation to secure market rates.
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