BY PHILL BARNETT
MOUNTAIN CITIZEN

INEZ — RSA Advisors LLC, a municipal financial consulting firm, presented a series of options to the Martin County Board of Education Monday night for investing School Facilities Construction Commission funds for Inez Elementary School. The Board has received $17.475 million in funding to renovate Inez Elementary School.

While determining the best uses for the funding, the Board will invest the funds in an interest drawing account to grow whatever funds are not in use. There are fluid and non-fluid accounts. Fluid accounts may be withdrawn at any time but often have lower interest rates.

RSA Advisors presented the bids of several financial institutions. First State Bank offered the highest interest fully fluid account with a 2.5 percent interest rate. U.S. Bank and Edward Jones made a bid using less fluid U.S. Treasury bonds. Both bids were practically identical, but Edward Jones beat out U.S. Bank by about four-tenths of a percentage.

RSA Advisors recommended, if pursuing the U.S. Treasury bond route, a draw schedule that spreads the full withdrawal of funds out over 14 months. This would result in an increase of approximately $585,000 if going through Edward Jones or $578,000 with the U.S. Bank bid.

Choosing Edward Jones’ bid would result in the BOE earning over $100,000 more than if they chose the fully fluid bid from First State Bank.

Ernest Hale, the school district treasurer, advocated for the Edward Jones bid and draw schedule, pointing out that interest rates are on the rise — giving them the opportunity to receive an even better interest rate in a year when the bulk of the remaining funds will be withdrawn.

The Board voted to move forward with the Edward Jones bid.