LANCASTER - Garrard Fiscal Court magistrates met Thursday night to discuss ways of investing the county's profits from last month's farm sale, as well as to pick an ambulance billing service.
Three banks have offered the county rates for 60-month certificates of deposit, including Central Kentucky Federal Savings Bank, Whitaker Bank and First Southern of Lancaster. A fourth investment company, Hilliard Lyons investments, recommended the county plan for the future, and not tie the money up where it can't be used for long periods of time.
Representatives recommended the county invest in a portfolio of U.S. Treasury obligations. They would keep the money usable, not wrapped up in a 5-year CD with penalties for early withdrawal. The obligations are also secure, said Darryl Dotson, Hilliard Lyons financial consultant. They would be backed by the federal government.
While no investment is risk free, these are projected at a 4 percent interest rate, said Dotson. The rate is expected to increase, since current interest rates are at a 25-year low.