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Minutes for the Depository Board meeting on April 28, 2010.
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Board members Mayor Perrin, chair, City Clerk Donna Jackson and City Collector Becky Sharp were in attendance.
Chairman Perrin questioned whether the City is still getting 1.4% interest on the checking account. Ms. Sharp answered yes, that it actually went up to 1.44% in April. She added the City will receive that rate for another three months.
Chairman Perrin asked whether the financial reports that have been referred to in previous minutes needed to be provided regularly in order to be added to the minutes. Ms. Sharp stated she makes those reports monthly and can send them to Ms. Jackson in order for them to be put with the minutes of the meetings.
Chairman Perrin stated there is nowhere else for the City to go and receive 1.44% in interest, so the checking account should stay in the current bank. Ms. Sharp noted the interest rate earned on the operating account at BanCorp South is 0.250%, while the City is earning 1.44% at Liberty Bank. She recommended moving the operating account to Liberty Bank due to the higher rate of interest.
Ms. Jackson motioned, seconded by Ms. Sharp, to approve the minutes of the March 13, 2010, meeting. All voted aye.
Ms. Sharp motioned, seconded by Ms. Jackson, to move the operating account to Liberty Bank. All voted aye.
Ms. Sharp then discussed the Economic Development account at First Security Bank. She explained the account closed because there was no balance. She spoke with Grants Administrator Tony Thomas and he indicated more funds may be available for that account. She suggested opening another Economic Development account and keep a $1 balance in it to ensure there is an account to put future funds in if the City receives it. She noted the Economic Development account cannot be an interest bearing account. Ms. Jackson motioned, seconded by Ms. Sharp, to open an Economic Development account and keep at least a $1 balance. All voted aye.
Ms. Sharp ...
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