Just a reminder that the meeting to clarify the proposed amendment to the By-laws has been scheduled for:
Tuesday, March 5th @ 7:00
The following explanation by Board Member John Shelar is a very good summary of what we are wanting to accomplish.
“We are not investing our monies into any investments that are any different from the FDIC Insured Certificates of Deposits (CD) we have used in the past. SIPC is used to insure mishandling of funds from the Broker/ Dealer level. The end result here is that we are attempting to consolidate and streamline the process for investing the Association’s funds into one central Broker/Dealer and one central technology trading platform. Currently we have multiple individual bank CD relationships on a one by one physical location account basis.
We will use this new platform to shop the market on a regular basis for FDIC Insured CDs in various denominations, and maturity dates through a one-stop shop central Broker/Dealer relationship enhancing our market rates and CD maturity dates while maximizing our asset management process.”