Title
Approval to Release Pledged Securities
Body
SUMMARY: The City has its primary banking accounts with the Bank of Putnam County. The bank has pledged securities to the City for securing the City’s funds in case of bank failure.
The bank has recently joined the Tennessee Collateral Pool for securitizing funds. The bank requests that the City of Crossville release all securities currently pledged to the bank.
BUDGET ACCOUNT: N/A
Recommended Action
NECESSARY COUNCIL ACTION: Approve the release of the securities back to the bank.