PINEVILLE -- During a short Tuesday meeting of the Pineville Board of Aldermen, the board voted to pass a resolution to purchase CDs in the amount of $225,000.
The board recently pulled the money out of other mature CDs to wait until it could get rates from local banks for new CDs. The two banks that bid were Cornerstone Bank in Pineville and First Community Bank in Goodman. Cornerstone Bank bid 2.75 percent for a six-month CD, and First Community bid 3.5 percent for a six-month CD. Cornerstone Bank bid 3.0 percent for a 12-month CD, and First Community bid 3.75 percent for a 12-month CD.
Alderman Roy Milleson suggested that, since interest rates have gone up recently, perhaps the board should go with a six-month CD in case rates go up again soon.
The board voted to place the money in the 3.5 percent, six-month CD at First Community Bank in Goodman.
Also, on Tuesday, public works superintendent Chris Tinsley told the board the city needs a new gas chlorinator. He said the gas chlorinator needs to be replaced every two years or so. The current one has been rebuilt, and the city has gotten three years' use out of it. The board approved a bid from Ferguson Waterworks for $3,433 for a gas chlorinator.
The board approved the payment of bills in the amount of $70,653.