4.12.
CC Regular Session
- Meeting Date:
- 06/12/2012
- By:
- Diana Lund, Finance
Information
Title:
Adopt Resolution #12-06-XXX Authorizing a Fixed Rate Membership in the 4M Fund
Background:
The city has been a member of the 4M fund since the 1990's in its money market account. The 4M fund is currently holding the bond funds related to The Residence at the COR apartment project. Approximately $386,000 of the bond proceeds are attributed to capitalized interest which need to be retained until December 2014.
The city would like to take advantage of a higher rate of interest for this time period, which is offered throught the 4M fund's fixed rate program. To become a member of this program, the city just needs to adopt a resolution authorizing this membership.
The city would like to take advantage of a higher rate of interest for this time period, which is offered throught the 4M fund's fixed rate program. To become a member of this program, the city just needs to adopt a resolution authorizing this membership.
Council Action:
Motion to adopt Resolution Authorizing Membership the the 4M Fund's Fixed Rate Program.
Attachments
Form Review
| Inbox | Reviewed By | Date |
|---|---|---|
| Kurt Ulrich | Kurt Ulrich | 06/07/2012 04:25 PM |
- Form Started By:
- Diana Lund
- Started On:
- 06/07/2012 09:04 AM
- Final Approval Date:
- 06/07/2012