The Logan County Public Trust Authority convened a special meeting on July 22nd to determine the best course of action for a maturing 7-month, $3 million Certificate of Deposit (CD).
After evaluating the options, the Authority, decided to stay with F&M Bank, securing a 12-month CD at 5% interest.
The Authority is comprised of the three Logan County Commissioners Mark Sharpton, Charlie Meadows, and Monty Piearcy.
The maturing 7-month CD had generated over $91,000 in interest.
Following additional discussion, the Authority chose to allocate the earned interest towards roads and bridges within the county. This initiative will provide over $30,000 per district within a year, with the new 12-month CD projected to yield $50,000 per district, according to Meadows.
Additionally, Logan County can anticipate further financial benefits from a $1 million CD maturing in five months and another $500,000 CD due in 12 months. These investments aim to maximize revenue for county infrastructure improvements.
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