DAPHNE, Ala.—The Daphne City Council voted unanimously to invest an additional $2 million with Raymond James and Associates.

“Bonds can go up, ad they can go down, and interest rates are at an all-time low (or the city),” Councilman Ron Scott said, but he added that the city’s finance director Kim Briley told him this is not money the city needs on a short-term basis.

“This is long-term, so I’m going with her mindset.”

The resolution states, “The general fund has accumulated additional funds that are not required for the day-to-day operations of the city,” and this investment would add to the $2.9 million the city already has invested in the Raymond James account.