Groton has a sweep account with Merchants. We do not directly make any
deposits to it. It is attached to our General Fund and if the General Fund
balance goes over $50,000 the overage is automatically swept into the sweep
account. If the balance goes below $50,000 in the General Fund then money
is swept back in (if there is any in the sweep).
FEMA funds are deposited into our General Fund.
Groton Town Treasurer
& Collector of Current Taxes
1476 Scott Hwy
Groton, VT 05046
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----- Original Message -----
From: "Amber Holland" <[log in to unmask]>
To: <[log in to unmask]>
Sent: Wednesday, June 20, 2012 7:51 PM
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