EDA discusses CD‑management resolution and approves $50,000 9‑month CD at 3.75%

The Pine City EDA reviewed a draft resolution that would authorize EDA officers to manage and renew certificates of deposit held in the authority’s name and approved a separate motion to purchase a $50,000 9‑month CD at 3.75% from Sterling Bank.

Why it matters: Staff said the resolution would streamline frequent CD laddering for the EDA and avoid repetitive board action on routine renewals; several members cautioned that the current draft could unintentionally give officers unilateral authority and asked for language requiring board direction and city attorney review.

Discussion and safeguards: Josh recommended the streamlined authorization to avoid repetitive approvals when laddering CDs; one committee member said "it gives one person the ability to do anything they want" unless reworded. Staff and members agreed to revise the draft to add explicit language that officers act at the direction and with the approval of the EDA board and to submit the redraft to the city attorney and bylaws review before adoption.

CD purchase vote: The board also voted to place $50,000 in a 9‑month CD at 3.75% at Sterling Bank. The motion passed by voice vote; the transcript records one abstention (Dan) and staff said the paperwork will note the committee’s approval for the bank’s process.

Next steps: Staff will update the resolution language to require EDA board approval, send the revised draft to the city attorney for review, and prepare paperwork for the recently approved CD placement.