Inverness Township DDA Minutes 2026-06-03
DDA Board Approves $160K CD at Alpena Alcona Credit Union
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Description
The DDA Board approved reinvesting $160,000 into a 12-month certificate of deposit at Alpena Alcona Credit Union at a 4% interest rate. The action adds $15,833.68 from checking, consolidating funds for investment and interest income.
Contract Details
Contract Amount
$160,000.00
Vendor
ALPENA ALCONA CREDIT UNION
Agency
Town of Inverness, MI
Contract Type
FINANCIAL_SERVICES
Document Date
June 3, 2026
Contract Term
12 months at 4% interest, beginning June 2026
Renewal Date
2027-06-09
Renewal Info
Standard CD maturity; option to reinvest or withdraw at term end.
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