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October 1, 2008 October 1, 2008 Special Board Meeting
Town of Germantown—Juneau County N7560 17th Avenue New Lisbon, WI 53950 Special Board Meeting October 1, 2008 Board Members Present: Chairman—William Jax, Supervisors—Rosetta Boyle, and Michael H. Poe. Board Members Absent: Supervisors David Specht and Steven Gillespie. Also present: Clerk/Treasurer—Marion Uphoff, Deputy Clerk/Treasurer—Betty Manson, and Fred Cobbs. CALL TO ORDER: Chairman Jax called the special board meeting to order at 12:00p.m. RESOLUTION #2008-11 DESIGNATING DEPOSITORY FOR TOWN’S MONEYS: With the economy being bad there was discussion about Town’s moneys being in one banking facility and how much was the Town’s moneys insured for? Manson contacted the M & I Bank stating FDIC covers $100,000.00 and the State of Wisconsin covers Municipalities $400,000.00. As of October 1, 2008 the interest at M & I Bank for the Money Market Account is 1.62% and the Impact Fee Account is 1.32%. Motion by Poe to transfer $264,960.58—Impact Fee Account from M & I Marshall & Ilsley Bank to Bank of Mauston—Business Insured Money Market Impact Fee Account at 2.83% interest and $100,000.00 from Money Market Account at M & I Marshall & Ilsley Bank to Local Government Investment Pool at 2.27% interest, 2nd by Boyle. Roll Call Vote taken by Manson: JAX—AYE, POE—AYE AND BOYLE—AYE. Motion Carried. Motion by Poe to adopt Resolution #2008-11 to designate the following banking institutions as the Town of Germantown’s bank depositories: M & I Marshall & Ilsley Bank Bank of Mauston Local Government Investment Pool PO Box 2045 503 State Road 82 E One South Pinckney St, Suite 550 Milwaukee, WI 53201-2045 Mauston, WI 53948 Madison, WI 53707 and transferring $264,960.58—Impact Fee Account from M & I Marshall & Ilsley Bank to Bank of Mauston—Business Insured Money Market Impact Fee Account and $100,000.00 from Money Market Account at M & I Marshall & Ilsley Bank to Local Government Investment Pool, 2nd by Boyle. Roll Call Vote taken by Manson: JAX—AYE, POE—AYE AND BOYLE—AYE. Motion Carried. ADJOURN MEETING: Motion by Boyle to adjourn the special board meeting at 12:40p.m.2nd by Poe. Motion Carried. Chairman Jax declared the meeting adjourned. Meeting adjourned. Respectfully submitted, ______________________________________ Betty Manson Deputy Clerk/Treasurer