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Century Can’t Conduct Business; Considers $1.5 Million Investment

The Century Town Council was unable to conduct business Monday night with two council members out ill and another absent for an unknown reason.

The council had few action items on the agenda — approving a “Hospice Month” proclamation, approving previous minutes and considering a $1.5 million investment proposal. But without the quorum of members present, the were unable to vote on any issues.

Council member Nadine McCaw is recovering at home after having a kidney removed, and Councilman Gary Riley was sick according to council President Ann Brooks. Councilman Henry Hawkins was expected at the meeting, according to Brooks, but he did not attend. Brooks and Councilwoman Sharon Scott were unable to vote on any issues without a third member present.

$1.5 Million Investment Proposal

Robert Lasher, a local financial advisor for Edward D. Jones, presented a investment proposal that he said would increase the towns earnings five-fold on $1.5 million currently invested with the state.

The $1.7 million total investment with the state currently earns a half percent interest, while Lasher said the Treasury securities would earn a current rate of 2.83 percent return. The Treasury securities are risk-free, backed by the federal government.

Lasher suggested that the town invest $1.5 million, leaving $200,000 in reserve in the state fund. He recommended that the investments be laddered in $100,000 increments, with each investment maturing in different years over a 15 year period.

“You would have to look and see what the cash needs are,” Robert Hudson, the town’s accountant, said. “To me, 15 years is long time.”

Lasher said the investments could be structured over a shorter period, like seven and a half years.

“We’ve been talking about using some of that money for paving, Brooks said, adding the town might need faster access to those funds. Lasher said the investments could be sold within one business day — with a possible loss — if the town needed the cash.

Without a quorum present, the council took no action on the proposal.

Hospice Month

Covenant Hospice asked the town to approve a resolution proclaiming November as “Hospice Month”.  The council was unable to approve the resolution without the quorum present.

Pictured top: Empty seats surround Century Town Council members Ann Brooks (left) and Sharon Scott Monday night as the council did not have a quorum to conduct business. NorthEscambia.com photo, click to enlarge.