Martin County BOE rejects proposal to cash Tuthill scholarship stock for bond investment

Martin County BOE in a meeting Monday.

BY ROGER SMITH
MOUNTAIN CITIZEN

INEZ — The Martin County Board of Education has turned down a proposal to cash the Tuthill scholarship stock to invest in a long-term bond. District treasurer Ernest Hale introduced the proposal during a board meeting Monday.

Hale suggested cashing the Tuthill scholarship stock, a donation to the district, to purchase a long-term bond while interest rates are currently high. Hale argued that with current interest rates, a savings account would yield a better return than stock. Therefore, he said converting the stock into cash and purchasing a long-term bond would be beneficial. The treasurer proposed a 10- or 15-year bond but expressed a preference for a 30-year bond.

Schools Superintendent Larry James stated the value of the Tuthill stock is “a little over $100,000.”

Hale clarified, in response to a query from board member Mickey McCoy, that the stock originated from a donation by a family years ago.

“How long ago was that?” McCoy asked.

“I don’t even know,” Hale replied. “It’s been years and years.”

Before making a decision, McCoy suggested the board consult their attorney to confirm whether any stipulations prevented the scholarship from being cashed out and reinvested in a different manner. The other board members back the decision, postponing the decision until legal advice is sought.

The Tuthill-Martin County scholarship was established in 1952 by Dr. Edward Tuthill, a retired University of Kentucky professor who was deeply impressed by Martin County students during his 37-year teaching career. Mountain Life & Work reported in the summer of 1953 that “Tuthill, former head of the department of history and political science and later dean of the Graduate School at UK, never set foot in Martin County but said he set up the fund because he was so impressed with the character of students from the county.”

Clipping from Mountain Life & Work published in the summer of 1953.

Retired Martin County educator Willis Haws, who graduated from Warfield High School in 1956 and attended the University of Kentucky, was a Tuthill scholarship recipient.

“The awards were small, but any amount helped,” Haws said in a discussion with the Mountain Citizen in October 2013.

In other business, the BOE:

•Approved an agreement with Mountain Comprehensive Care Center for behavioral health services.

•Approved a memorandum of agreement with Big Sandy Health Care to provide nurses.

•Approved a memorandum of understanding with Mountain Association regarding transferring $94,000 of the $100,000 donated by Martin County Solar Project to the school district for installing solar panels at Martin County High School.

•Approved administrative staff reports.


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