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CITY OF CENTERVILLE <br />REQUEST FOR ACTION <br />Agenda Item # Department: RequestedMeetingDate: <br />, 2023 <br />EDA/Finance <br />.2 <br />TITLE OF ISSUE: <br />Money Market Account <br />BACKGROUND AND SUPPLEMENTAL INFORMATION: <br /> interest rates on money market accounts the following: <br />MidWest One can provide a 3% rate on account balances $25,000-$49,999 and a 3.25% <br /> rate on account balances with $50,000 to 99,999. This would monthly variable rate. There are no <br />limits to the number of deposits and six withdrawals are allowed per statement cycle. The money market <br />account is FDIC insured in an amount of $250,000. <br />First Resource Bank can provide a 4.5% interest on account balance requirements. <br />This would be a monthly variable rate. There is no limit on the number of deposits or withdrawals from the <br />account. The money market account is FDIC insured in an amount of . <br />COST AND SOURCE(S) OF FUNDING: <br />REQUESTED ACTION: <br />Motion to approve funds from the EDA checking account to a money <br />marketaccount in the amount of X dollars to X bank. <br />Motion to continue using the checking account at MidWest One Bank. <br />For Clerk’s Use: <br />SUPPORTED DOCUMENTS ATTACHED <br />Motion By: ____________________________________ <br /> Resolution Ordinance Contract Minutes Plan Map <br />Second By: ____________________________________ <br />Vote Record: AyeNay <br />____ <br /> Resolution <br />Other (specify) ____________ <br />_____ <br />_______________________________________________________________ <br />_____ <br />_____ <br />_______________________________________________________________ <br />_____ <br />Refer to: _________________________________ <br /> Tabled Until: ______________________________ <br />Consent <br /> Other: ___________________________________ <br /> Regular <br /> <br />