Board of Directors Regular Meeting Agenda
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Receive, consider and act upon Corporate Authorization Resolution from Independent Bank regarding a Certificate of Deposit investment;
The Township has received a quote from Independent Bank for a one-year Certificate of Deposit in the amount of $8.0 million. The interest rate is 0.5%,and the invested funds are fully collateralized by letters of credit issued by Federal Home Loan Bank (FHLB) Dallas. The investment is in compliance with the Township's investment policy. In order to proceed with this investment, the bank requires the Board of Directors to approve a Corporate Authorization Resolution. This is a standard resolution required by many of the financial institutions with whom the Township conducts business. The specific provisions of the Resolution can be found on the 3rd page of the attachment. In summary, the Resolution designates the bank as a depository for the invested funds and authorizes Don Norrell and Monique Sharp to process necessary documents or transactions associated with the investment.
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