Park Board Secures 4.10% Interest Rate for District Certificates of Deposit
Frankfort Park District Meeting | December 9, 2025
Article Summary: The Frankfort Park District Board voted to renew expiring Certificates of Deposit at a negotiated rate of 4.10% for a 13-month term. The decision secures favorable interest earnings for the district’s funds through early 2027.
Financial Key Points:
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Rate Approval: The board approved a 4.10% interest rate for two 13-month Certificates of Deposit (CDs).
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Maturation Schedule: The current CDs, holding a 4.18% rate, are set to mature on December 27, 2025.
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Negotiated Terms: The bank agreed to honor a 9-month rate for the longer 13-month term.
The Frankfort Park District Board of Commissioners on Tuesday, December 9, 2025, voted to approve the renewal terms for the district’s maturing Certificates of Deposit (CDs).
District staff reported that the current CDs, which carry an interest rate of 4.18%, will mature on December 27, 2025. Reinvesting or allocating these funds required formal board action.
According to the finance report, the current market rate for a 9-month CD is 4.10%. However, the bank agreed to honor that rate for a longer term of two 13-month CDs. Staff recommended the board accept this offer.
During the discussion, Commissioner Elmer Gentry asked if staff would investigate the difference between a Money Market Rate and the proposed CD rate. Following the discussion, Commissioner Mark Ponton made a motion to approve the CD renewal at the 4.10% rate.
The motion passed with a unanimous 5-0 vote.
Clear
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