CATEGORY: SUP Lee Board of SupervisorsMOULDE
Lee supervisors select depositories
TUPELO - Lee County supervisors Monday approved five banks to handle county operational funds during the coming year.
The county averages about $10 million in the checking accounts, Chancery Clerk Bill Benson.
"It will vary," Benson said. "This time of year the accounts are up because of (property) tax payments. But I'd say on average at any given time it's around $10 million."
The county also participates in a separate investment program for funds that won't be needed on short notice.
The five banks all submitted bids for the county business earlier this month, then agreed to offer the same rates provided in the best bids.
Under the procedure the county will get at least 4.21 percent interest on its deposits and could get more. One of the bids was for 1.41 percent over market accounts rates, so when those rates climb above 2.8 percent, the county's interest rate will increase.
"We got the best of both worlds, and our checking doesn't cost anything," Benson said.
The banks involved are the Bank of Mississippi, which will get 34 percent of the deposits; People's Bank, 34 percent; Deposit Guaranty, 26 percent; and First American Bank of Saltillo and Trustmark National Bank, each 3 percent.