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 Can the City of Ortonville keep more money local?

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Lady Hawk
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PostSubject: Can the City of Ortonville keep more money local?   Tue Feb 02, 2010 9:57 pm

One of the things that this website has taught me is that it is better for the community to keep money local. The more money can circulate the better healthier community. As the outgoing City Council was leaving these documents became available. It shows the distribution of Certificates of deposit and names numerous out of state banks. It lists several banks in Utah and one in Puerto Rico along with a few others. Perhaps having money in these banks is some sort of requirement but the local economy would be better served if there was some way to keep that money local.

The breakdown of the City investment of dollars according to the document is like this:

CenBank.................$30,000.00

MinnWest Bank...$1,878,801.73

Other Banks.......$2,097,084.36






IF these numbers are hard to read click here for larger print of page 1
Click here for larger print of page 2.

Of course these are only the Certificates of Deposit. There are other bank accounts that the City has. Blair Johnson (MinnWest Board member) appointed Scott Maas (MinnWest President) to the EDA in September of 2006. Nothing was said of any bank account changes in the minutes until four months later on January 17th it was announced that there were new signature cards at MinnWest for the board members to sign. Evidently all board members will be authorized to sign checks. (Two signatures required.) There is no mention if this was a new account or what was the reason for signature cards. It was also at this meeting that Donnette Herberg was acknowledged as a new appointment by Blair Johnson.





The Certificate of Deposit documents on top don't show the EDA investments but two months later in March of 2007 the EDA voted to transfer the money from CenBank to the city accounts. Motion by Cunningham, second by Herberg with Blair Johnson and Scott Maas abstained from this vote.



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