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AGENDA ITEM #3.4,, 3.4A. 3.4B <br /> REPORT TO <br /> CITY COUNCIL <br /> Date: August 7, 2007 <br /> Subject/Report: <br /> 3.4. Library Monthly Report <br /> Monthly report is attached for Council Review <br /> 3.4A. Request to Close Money Market Account <br /> The Library is requesting to close their money market <br /> account ($3,000). The funds will be deposited into the <br /> City's checking/money market accounts. The $3,000 <br /> will continue to accrue interest at the same rate that <br /> the City's money is receiving which is a higher rate <br /> than the money was previously making. <br /> 3.4B. Request to Transfer Money <br /> The Library is requesting to transfer money from their <br /> checking account to purchase a CD for the endowment <br /> fund. See attached. <br />