By Staff
Higher rate of return sought on CD to be re-invested soon
By LYDIA GRIMES Lifestyles reporter
The county is examining options that will allow it to earn greater returns on its trust money investments.
Escambia County commissioners met Thursday July 17 in the boardroom at the courthouse in Brewton.
The main discussion was about the reinvestment of funds now located in money market accounts. Dan Britton of South Alabama Trust Company was on hand to explain what he recommends so that the county will be be able to realize the best return on its investments.
The Escambia County Oil and Gas Trust Fund has a money market account in excess of $2 million, which is earning less than one percent at the moment and another $2.2 million invested with the Escambia County Bank that will mature the end of this month.
The decision was made at the meeting to place $1 million each in two banks, BankTrust and Escambia County Bank, which have offered earnings of two percent for a 24-month certificate of deposit.
Britton expressed hope that the economy will improve so that the account maturing later this month can be invested with a better yield.
Commissioners unanimously approved a resolution regarding 24 houses located in Northside Subdivision.
The county has applied for $350,000 in CDBG funds through the Alabama Community Development Block Grant Program. The commissioners committed $180,000 in local funds for the purpose of extending public sewer facilities to 24 households in the Northside Subdivision. Seventeen of those households are low or moderate income and will be connected to the sewer using federal funds.
The Escambia County Commission has decided that a public purpose will be served by connecting the seven remaining households by budgeting a portion of the previously committed $180,000 local match. It is estimated that the cost of hooking up the higher income households is $8,476.
The Commission expressed hopes of getting this matter settled and stated that the ADEM water samples supported the need.
Other items on the agenda at the meeting were:
Sheriff Grover Smith issued an invitation to commission members to the Safety Day planned for Tuesday, July 22 at Brewton City Hall. An 11 a.m. press conference will inform the public about the new Weather Service radio transmitter recently installed north of Brewton.
Commissioner Chairman Larry White and Commissioner James Hall informed the other commissioners of their recent trip to Milwaukee to a conference where they learned facts about homeland security, T-21 and healthcare issues.