County earns revenue
Published 11:08 am Wednesday, January 22, 2014
Just over $447,775 in interest payments was earned by Lawrence County’s investments in 2013.
Interest came from CDs and bonds the County Treasurer’s Neighborhood Investment Program has purchased since its inception in 2011.
“We had a number of CDs that matured that were earning over 5 percent,” County Treasurer Stephen Burcham said. “Unfortunately, we were unable to replace them with as good an interest rate.”
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Because of that Burcham is expecting interest for 2014 to reach only $175,298.
Right now the county has funds invested in 18 bonds from the NIP and 18 CDs.
Last month the investment program committee purchased two bonds from the City of Ironton. The first was a one-year bond for $216,476 at nine-tenths of a percent for storm water department equipment. The second was a three-year bond for $525,000 at 1.5 percent for police cruisers and refuse equipment.
This month the committee bought a $70,605 bond from the county for five years at 2 percent for 911 dispatching upgrade equipment.
“Looking back over the bonds we have purchased through this program, we have been able to put 12 police cruisers on the streets either in the county, villages or the City of Ironton, purchase three fire trucks and four EKG monitors for 911,” Burcham said.
Total amount of bonds purchased is $5,029,561, including $2.6 million in renovations for Fairland School District for energy improvements and new classrooms.
Potential bond projects could come from Washington Township whose trustees have asked about a possible backhoe purchase, Ironton High School football field turf project and an inquiry from the Village of Coal Grove for an undisclosed project.
The committee reduced the payment amount on a bond by the Village of Proctorville. Of the original $200,000, the village has a principle balance of $122,400.
“They can’t maintain their current payment schedule,” Burcham said.
The village lost a renter for its village hall annex and is facing an unexpected PERS claim, Burcham said. The payment reduction extends the bond to five years.