Nolensville Leaders Briefly Discussed Where to Place Investment Funds?

Mr. Interim Mayor..where is the best
place for city's investment funds????
At our last town meeting some discussion
took place about depositing some of the
town's money in People's State Bank.

Unfortunately, not enough discussion took
place about financial capability among our
town officials. The resolution was passed
rather quickly to authorize you and town
recorder to supervise investing X-funds in
new local bank.

Before the final vote a suggestion was made
to set up a financial committee to research
the many different options available to our
town. Since the Peoples State Bank is not a
member of the State Banking Collateral
Pool. The state may very well not allow
our town to "risk" putting considerable
dollars in Peoples State Bank. Here's some
background on the pool you and others on
board may want to review.

CLICK HERE for State Banking Collateral
website that includes everything anyone
might want to know about this pool. Check
out the list of 98 members banks to choose
from including First Tennessee.

In March of 1990, the state enacted legislat-
ion which permited the creation of a state-
wide Collateral Pool. Purpose was to establish
a collateral pool structure that would benefit
financial institutions and local governments
by allowing an alternative method of securing
public funds that is efficient, cost effective,
best return,and safe!

We would recomend you and board review
this state pool and entire manual to help
you establish a financial procedure to reduce
all risk and increase return on town's funds.

Send in your comments to blog and town
board for serious consideration of the State's
Collateral Pool...it's the very best way to GO!