Commissioners reinvest $1 million CD

Published 11:18 pm Wednesday, December 13, 2006

By By Lisa Tindell – news writer
With a simple decision Monday, Escambia County commissioners were able to make more money on their investments.
The main topic of discussion at their meeting was the maturity of a $1 million certificate of deposit currently held at Colonial Bank at a rate of 3.3 percent.
Commissioners listened to Britton as he explained the prospects of longer versus shorter maturity periods.
Britton made a recommendation to consider a 5 percent interest rate on a 30-month investment, indicating that none of the offers would be a bad choice.
Britton also told the commission with the maturity of three additional certificates of deposit in consecutive upcoming months, the chances of increasing interest returns is in a good situation.
After discussing Britton's recommendation, the commission agreed to reinvest the $1 million certificate of deposit for an 18-month period at Escambia County Bank at a 5.3 percent rate. That decision will see a $53,000 return each year on the investment compared to a $33,000 return on the previous investment of the same money.
In other business, the commission agreed to accept the responsibility for roads and other services in the Brewton Country Club Subdivision, phase 4.
Bridges said the county wouldn't have to worry about the area any time soon, since the project is a new one.
The roads, which will be taken on by the county, will include Lake Juniper Road and Lake Point Lane in the newly developed portion of the subdivision.
Bridges also brought the commission up-to-date on road striping in the county.
Commissioners also praised the work Bridges had put into the striping work.
Under advisement from Bridges, the commission also agreed to post a new set of traffic signs in the Pea Ridge Road area.
Detours from the current project being completed on U.S. Hwy. 41 are causing large trucks to seek alternate routes, one of which is Pea Ridge Road.
The commission agreed with Bridges and voted unanimously to erect &#8220No Through Trucks” signs on Pea Ridge Road.