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City <br /> Pettff AGENDA ITEM #3.7 <br /> Lakes — <br /> REPORT TO <br /> CITY COUNCIL <br /> Report Prepared by: Nancy Malecha <br /> Date: October 7, 2014 <br /> Subject: Library CD Purchase <br /> Report: The Library Board is requesting to purchase a 60 <br /> month CD from Lakes State Bank in the amount of$10,000 <br /> at an interest rate of approximately 1 .55%. This CD will be <br /> committed to the library's endowment fund; however, the <br /> interest will be received by check quarterly and committed <br /> for daily operating expenses. <br /> Council Action Requested: Council motion authorizing <br /> the purchase of a 60 month CD from Lakes State Bank in <br /> the amount of$10,000 committed to the library's <br /> endowment fund with the quarterly interest checks <br /> committed for their daily operating expenses. <br />