North Judson Town Council members considered a resolution that would finalize a bank transfer when they met Monday evening.
Earlier this year, the council members approved transferring their General Fund from the First National Bank of Monterey to First Farmer’s Bank and Trust. Rather than taking all the funds out at once, Clerk-Treasurer Andrew Rowe has been transferring the money incrementally.
The resolution presented Monday night, authorized the transfer of the rest of the money. Billing Clerk Jennifer Vanek shared that there was about $565,691 remaining in the account that still had to be transferred.
While reading the resolution into the record, Town Council President Wendy Hoppe noted that the switch would allow the Town to receive the highest rate of return on their investment.
Councilman John Rowe noted that their previous rate was 0.4 percent with the First National Bank of Monterey and by transferring their account to First Farmer’s Bank and Trust, they’ll now be receiving a rate of 1.8 percent.
Members unanimously approved the resolution, permitting the transfer of the remaining funds.