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I <br /> I <br /> c��y of <br /> AGENDA ITEM #3.9 ' <br /> Pequot <br /> Lakes — _ <br /> REPORT TO <br /> CITY COUNCIL <br /> Report Prepared by: Nancy Malecha <br /> Date: October 3, 2017 <br /> Subiect: CD Purchase <br /> Report: In an effort to move City monies from lower <br /> interest yielding investment accounts to higher interest <br /> yielding investment accounts, I am recommending that the <br /> City purchase a $1,000,000 short-term CD with First <br /> National Bank North at an interest rate of 1.4%. I also <br /> received quotes from Edward Jones, Mid-MN Federal <br /> Credit Union, and Wells Fargo Bank. American National <br /> Bank refused to quote. <br /> Council Action Requested: Council motion approving the <br /> purchase of a $1,000,000 CD with First National Bank <br /> North at an interest rate of 1.4% with a flexible maturity <br /> dateof6-1-18. <br />