Vassalboro Board of Selectmen
Minutes of the Meeting
August 5, 2010
Members Present: Rob Browne, Lauchlin Titus, and Phil Haines
Others Present: Mary Sabins, George Gould
1. Call to order – The meeting was called to order by Chairman Titus at 3:00 p.m.
2. Set mil rate – Without discussion and on a motion made by P. Haines, seconded by R. Browne, the Board voted unanimously to set the 2010 tax mil rate at $10.10 per thousand.
3. Treasurer’s Warrants – On a motion made by P. Haines, seconded by R. Browne, the Board voted unanimously to approve warrants #8 and #9.
4. Other – Sabins informed the Board that the Town’s investment certificate of deposit (CD) with TD Bank has matured and will renew at a rate of .14% interest if no other arrangement is made. Sabins instructed TD Bank not to reinvest the funds at that low rate, but to temporarily invest the funds into the town’s savings account at a rate of .36% until she could find another higher yield investment. Sabins presented a spreadsheet of investment opportunities to the Board, which included research she had performed with local banks over nearly the last week. After discussion, and on a motion made by P. Haines, seconded by R. Browne, the Board voted unanimously to authorize Sabins to call Kennebec Savings Bank about their high yield savings account with a 1% interest rate to see if they can provide insurance or security coverage for the entire $609,000 that we have to invest. If they cannot provide protection coverage for the whole amount, the Selectmen authorize Sabins to split the investment between Kennebec Savings Bank, Kennebec Federal Savings Bank, and Skowhegan Savings Bank and to find the best investment for the best return to benefit the Town.
5. Adjourn – There being no further business to discuss, the meeting was adjourned at 3:40 p.m.
These minutes were read and accepted by the Board of Selectmen on 8/19/10 with the following amendments: None.