Citizens and elected officials have asked, “Why CSAFE?” All of the 2E (Funds 31) bond proceeds/funds have been deposited with CSAFE. Since the issuing of 2E bonds on May 8th, the 2E bond account with CSAFE has earned $206,425.56 in interest. The current interest rate is at 1.22%, which is much higher than any PDPA insured banking institution. The first bond payment recently approved by City Council will be wired on 11/30/2017 and is due 12/1/2017.
I am also moving other City investments over to CSAFE as they mature (CDs, Bonds, etc…) to earn a better rate of return for the taxpayers. Please see link —> About CSAFE