The Lawrence County Board of Education approved the purchase of three certificates of deposit with Regions Bank totaling $2 million in its regular board meeting Monday night, Dec. 3.
Superintendent Jon Bret Smith had announced last month that he and School Accountant Suzy Berryman had discussed placing some of the school system’s reserve funds into short-term CDs to help generate additional revenue.
Berryman told the board that she had also looked into purchase options with CB&S Bank and Bank Independent before determining the transaction with Regions would be most beneficial.
The board approved the purchases of a six-month CD for $500,000 at a 2.55 percent interest accruement rate, a 12-month CD for $500,000 at 2.66 percent interest, and a two-year CD for $1,000,000 at a rate of 2.77 percent interest accruement.
In a board meeting last month, Smith said the extra money might pay for a roof on a building, or it might pay for a professional salary. “We’re going to have to dip into this eventually, but not right now,” Smith said. “It’s a way to make a little extra money.”
In other business, the school board also approved the sale of a bus, which has been declared as surplus, to Albertville City Schools for $4,500. The board also accepted the resignations of R.A. Hubbard Band Director Stanley Torain, effective Dec. 31; Mallory Robinson, a part-time Indian Education paraprofessional, effective Dec. 3; Michael Moyers, ROTC with Lawrence County High School, effective Jan. 8; Jacob Holmes, a part-time Indian Education paraprofessional, effective Nov. 26; and Summer Terry, a part-time Indian Education paraprofessional, effective Nov. 13.
The school board also heard an announcement from Oakville Indian Mounds’ Cultural Research Specialist Anna Mullican concerning a grant application for trail renovation and extension at the Oakville Indian Mounds Education Center.
She told the board that the funds received would allow the center to renovate an existing five-kilometer trail and also extend it into eight kilometers, which will help them to continue promoting Oakville as a tourism destination.
Mullican told the board that the Oakville Center saw over 46,000 visitors to the park last year, most of those visitors came to watch cross-country runners from various high schools compete.
The board granted approval for the submission of the grant application.
The Lawrence County Board of Education will hold its next regular meeting on Tuesday, Jan. 8. The board meets on the first Monday of each month at 6 p.m. unless a special meeting is called.