LANCASTER - Garrard County magistrates are carefully considering every avenue of investment for their profits from the county farm sale in May. Part of the $481,000 is expected to arrive before their next meeting and will be put in an interest-drawing temporary account pending the final vote.
Magistrates heard proposals Thursday from two investment organizations, Hilliard Lyons and Edward Jones. Both organizations had different recommendations for the county's investments.
Edward Jones representative Bob Williams recommended the court invest $250,000 in mutual fund bonds and the remainder in long-term bonds.
"I think it's a good idea, splitting them up like that," said Judge-Executive E.J. Hasty.
"The bond gives [the portfolio] stability, the mutual fund gives it growth," Williams explained. However, per a state law limiting the percentage a local government can invest in a single item, the Department of Local Government in Frankfort would have to approve the investment. The mutual fund portfolio must be determined to be diverse enough to prevent a widespread loss of the principle investment should the fund fail.