Source: Sherman Publications

Orion Township investments mature

April 13, 2011

It seems Orion Township officials have invested taxpayer money wisely.

As of the April 4 Board of Trustees meeting, two certificates of deposit have matured, with sources of the deposits being the Water and Sewer Fund and the General Fund.

At a rate of 1.05 percent annual interest with a maturity limit of 731 days, the Water and Sewer deposit garnered over $25,000 while the General Fund deposit earned around $12,500. The money is invested in a corporation called The Private Bank, based in Bloomfield Hills.

This brings the Water and Sewer Fund to just under $2,400,000 while the General fund now sits at just under $2 million.

Township Treasurer Alice Young said investing funds is a common practice for townships, and letting these funds sit idle isn’t productive. She added the poor economy hasn’t drastically effected the township’s investment market prospects.

The March 31 quarterly investment report will be detailed at a meeting in May.