After much debate, the Garrard County Fiscal Court decided at its meeting Thursday to invest the proceeds from the sale of the county farm with Edward Jones. The money will be divided into five separate bonds for investment, which will generate more interest and allow more flexibility than a certificate of deposit.
The sale of the farm brought $481,000 at its auction on May 8.
The Fiscal Court originally planned to use the sale proceeds to pay down the $4.5 million loan from the Kentucky Association of Counties that the county used to pay off their hospital debt, but later discovered that penalties resulting from making such a payment would be more than $600,000.
The Garrard County farm served as a safety net for the down-and-out in the days before welfare, providing a place to stay in exchange for labor. Now, the land has been sold in 28 individual tracts and will likely become a subdivision.