City Council - Special Meeting

at 6 o'clock and I'll call this meeting of the Mount Marin City Council to order. We do have a quorum present. We're going to not do pledges and invocation tonight. It's just a special call meeting. Some people have plans right on the heels of this. So with that, um do we have to approve the agenda? We didn't have it on here but Okay. Okay. Okay. Item to be considered is considered an act upon approval utilizing certificates of deposits for the purpose of maintenance and operations considering CD number 52711667 and 4216 any or all or any combination.

Um yeah, a little background on this. If you remember about a month ago, the uh council authorized uh a letter of credit to be issued uh by the bank. Uh that was taken to the bank and the bank's attorney said that um that couldn't be done even though our attorney said that it could. Um and Jeff checked with two other attorneys and they were unwilling to do it and therefore the bank could not issue that letter of credit. So uh in lie of that we're we've made a decision to go ahead and cash these CDs in for to make up that deficit that we have discussed and that letter of credit was targeted towards addressing and um I think that also next Monday we'll probably be also looking at maybe moving those other CDs because they're only getting about a half one% interest into u what's that called the text techar fund

tech star fund where we get a lot more interest um it's a money market too right we can have access we would have access to it so this makes more sense anyway

no penalties

I think techar is paying and a quart.

Anyway, there's a discussion motion motion from Lauren, second from Mary. All in favor? I ain't here. Maybe if they weren't. If they weren't, that's that's uh that's our only item tonight. So, we close the meeting. Motion. Second. Second from Rebecca. meeting closed. Thanks. Now, thanks for taking