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TO: Board of DATE: <br />County Commissioners January 25, 1983 RLE: <br />THRU: Christopher Paull <br />(in Mr. Barton's <br />absence) <br />FROM: Jeffrey Barton <br />Finance Director <br />SUBJECT: Cash Bond Deposit— <br />Request-for Payment of <br />Interest to Depositor <br />REFERENCES: <br />Mr. & Mrs. Chuck Schock have deposited with the County's Finance <br />Department the sum of $3,500.00 as a Cash Bond deposit to secure <br />compliance with all requirements of a certain house moving permit <br />issued in January by the Zoning Department. <br />Mr. Schock has requested that the County Commission authorize <br />investment of these funds in a proper manner and the payment of <br />some or all of the earned interest to him either as earnwed and <br />posted, or at the end of the bond <br />period, <br />'be—� one year from the issuance of thepei hick is anticXpated to <br />Direction from the Board is hereby requested on whether the <br />interest earned on this fiduciary account deposit is to be paid to <br />the depositor and at what rate. <br />Considerable discussion was held on the matter of what <br />rate of interest is to be paid on bonds deposited with the <br />County's Finance Department, and it was noted that past <br />policy has been that no interest will be paid. Various <br />Alternatives were suggested to deal with Mr. Shock's request <br />that his money be invested in some manner so that interest <br />might be accrued and paid to him when his bond was returned, <br />including an irrevocable letter•of credit, as well as <br />Certificates, of Deposit. Finance Director Barton stressed <br />that the -period of time involved is a large factor in <br />1 <br />investing funds and also noted that in a short period of <br />time, the amount of interest accrued probably would not <br />compensate for the staff time expended. He informed the <br />Board that he has deposited Mr. Shock's bond money into a <br />passbook account at the rate of 52%, and this is how he <br />would prefer to handle such funds. <br />5 <br />1t9R PAGE 75 <br />