Doreen - yes I am talking about the monies from the storm damage. I am not sure what he is referring to either as he can't seem to articulate it to me. So I just thought I would throw it out there and see if anyone else uses a sweep account!

Thanks,
Amber Holland
Town Clerk/Treasurer
Town of Readsboro
PO Box 187
Readsboro, VT 05350
Phone: (802) 423-5405
Fax: (802) 423-5423
Email: [log in to unmask]

-----Original Message-----
From: Vermont Municipal Government Discussion Network [mailto:[log in to unmask]] On Behalf Of Doreen Woodward
Sent: Thursday, June 21, 2012 9:25 AM
To: [log in to unmask]
Subject: Re: Merchants Sweep Account

Amber, are you talking about the reimbursement we get from FEMA/State for storm damage? I am not sure what your Town Administrator is referring to. When a project is complete, and FEMA accepts the worksheet, they reimburse based on our expenses that we have already paid. Why would there be a legal problem?

We pay our expenses from our General Fund; the "sweep" provision is simply a function of the bank depending on the account we hold with them. The reimbursements go back into the same fund the payments came out of.

Doreen


Doreen Woodward
Town Clerk/Treasurer
Town of Westminster
P O Box 147 3651 US Route 5
Westminster, VT 05158
Tel: 802/722-4091 Fax: 802/722-9816
[log in to unmask]



-----Original Message-----
From: Vermont Municipal Government Discussion Network [mailto:[log in to unmask]] On Behalf Of Amber Holland
Sent: Wednesday, June 20, 2012 7:51 PM
To: [log in to unmask]
Subject: Merchants Sweep Account

Good Evening Everyone,
Just a quick question....Do any of you have a Merchants Bank Sweep Account and do you put your FEMA monies in it? OUr Town Admin is concerened about the legalities of doing that.

Thanks
Amber
Town of Readsboro

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