Hennessey’s town trustees voted to convert $3.4 million in CDs into two money market accounts last week.

“This will allow us to receive more interest than we’re getting on our CDs,” Hennessey Mayor Clif Vogt told other trustees before their vote.

Their 3-0 approval as both Town Trustee and Utilities Authority members were during the 6 p.m. meetings Tuesday, Jan. 9.

Their action gives Town Treasurer Shelley Burch the go-ahead to make a conversion of eight town and three utilities authority CDs at InterBank. (See lists below.)

“What is the money market interest rate?” asked the KT&FP reporter from the audience.

“We can’t say,” said the mayor, who is also the deputy treasurer.

“It’s a public record,” the reporter said.

That interest rate is 4.4%.

The mayor, treasurer and Town Administrator Tiffany Tillman all said they weren’t sure of the exact rate.

The treasurer said she’d check after the meeting, and told the reporter 4.4% by phone Thursday, Jan. 11.

In addition to Vogt, other trustees at the meeting were Vice Mayor Harold Shaw and Bert Gritz. Absent were trustees David Jones and Randy Bohnstedt.

In addition to Burch, another town official at the meeting was Town Clerk Kelley Vaverka.

After their meetings, Shaw bragged they’d had a shorter meeting than the school board’s 12-minute meeting Monday.

The trustees meeting began at 6 p.m, adjourned at 6:05 p.m. and three minutes later the Utilities Authority adjourned at 6:08 p.m.

October Interest Rate Talks The town was paid 3.3% on six-month CDs at InterBank, Vogt told the board during its October meeting.

Gritz said some banks were paying 5.5% on CDs.

Vogt and town office staff had met with an Inter-Bank representative before that meeting and were asked not to disclose the town’s interest rate, unless it was necessary.

The town’s rate was based on the amounts of their accounts and its long-time relationship with InterBank, the board was told.

Tillman told trustees that local, area and Oklahoma City banks were contacted about their rates, but didn’t respond. She added that the town had some CDs ranging from $200,000 to $1 million.

Town & Utilities Authority CDs – $3,447,455.93 Balances as of 12/31/23 Town of Hennessey CDs General Fund – $744,806.36 Restricted Sales Tax – $906,374.27 and Tillman noted this includes federal COVID money that must be allocated this year).

(A second ) Restricted Sales Tax – $882,084.88 (includes ambulance service and swimming pool taxes) Street and Alley – $26,072.10 (gasoline taxes used to pay for street lighting) Rural Fire – $11,633.31 Cemetery Perpetual Care – $71,206.03 (5.5% lot sales set aside for bathrooms at cemetery pavilion) Sam Snyder Trust – $36,218.73 (for museum) Police Juvenile Funds – $16,180.00 Town Total: $2,694,575.68 Hennessey Utilities Authority CDs Meter Deposits – $103,306.84 Oklahoma Water Resources Board – $69,546.37 HUA – $580,027.04 HUATotal:$752,880.25