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.
Town of Westminster
P O Box 147 3651 US Route 5
Westminster, VT 05158
Tel: 802/722-4091 Fax: 802/722-9816
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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.
Town of Readsboro