Cedar Rapids Gazette, December 8, 1974, Page 37

Publication: Cedar Rapids Gazette December 8, 1974

Cedar Rapids Gazette (Newspaper) - December 8, 1974, Cedar Rapids, Iowa The Cedar Rapid* Gazette: Sin., Dee. 8, 1974 HPIowa County Receipt of Increased Interest Uncertain MARUNGO - Although the state hanking department has raised its maximum allowable interest rato for governmental units to 9.25 percent, it is not certain yet whether Iowa county will receive this interest from the local banks. I he supervisors received the unexpected news of tho dramatically higher rate of Interest the county’s investments could bring last week but as of adjournment of the board’s meeting the county’s bankers hadn’t yet committed themselves to paying it. The county treasurer - who actually has the legal authority to invest money — can invest it in any way she sees fit. However, treasurer Ernestine Frontcra has in recent months been following the recommendations of the supervisors, who have generally been seeking to get the maximum interest return on the county’s invested money. The county currently has $1.6 million invested in 16 $100,-000 3-day time certificates in the county's eight banks. All but two of these are at tho previously maximum allowable interest rate of eight percent. The two exceptions were tho two time certificates at the Farmers Savings bank In North English, which were apparently Invested at seven percent through oversight. The possibility of the higher yet interest rate brought some disagreement on the board of supervisors Tuesday, however. Supervisor Benard Elwood, who has come on tho board since the present Investment plan was set up, questioned the wisdom of the county seeking the maximum interest rate. He said this might have an adverse effect on other citizens of tho county, also customers of these banks, who are borrowing and would face higher interest rates on their loans. "If we get 9.25 percent, then the guy who borrows will pay more,” Elwood said. "If we would take one at 7.25 percent, then that’s all they would have to pay.” However, supervisor Dale R. Mayberry disagreed, lie said he thinks the supervisors have the obligation to get the maximum interest they can on the county’s investments, lie noted that many citizens of the county who are faithful taxpayers have little reason to borrow money from the banks, and therefore no stake in seeing them lend money at lower interest rates. "I think we would be in for a lot of criticism and be the victims of the bankers if we don’t get the maximum,” Mayberry said. Supervisors Chairman Laurel J. Haas pointed out to Elwood that “it’s not peanuts” what the county’s investments bring in each month, and this money is a significant picture in possible bridge construction. The current $1.6 million — the amount varies at various times of the year because of the semi-annual payment of taxes and the sometimes even and sometimes uneven expenditures — brings in $128,000 a year in interest, or $10,667 a month. This means a difference of one percent a month on the county’s maximum interest rate will mean a difference of $1,-333 a month to the county.CEDAR RAPIDS RESIDENTS WILL SAVE*! 5,723.81 AT SLUMBERLAND TOMORROW * $15,723.81 is the difference between yesterday’s Guaranteed Lowest Prices in Town at Slumberland, and today’s even lower Floor Sample Sale prices. Every item in our store is included in this once a year offer, lf you're lucky enough to buy one of our floor samples—top quality mattresses and box springs, recliners, sleep sofas, or bunk beds—you'll save a bundle. Hurry, because it's first come—first served on these limited quantity best buys! (ANDMATTRESSES AND BOX SPRINGS Choose from famous name quality like Sealy, Serta, King Roil and Land O’ Nod—the best in providing a good night s sleep. Twin, full, queen and king size floor samples In all nine stores. You’re sure to find the quality, firmness and comfort you’ve been looking tor. You’ll find savings of $15 to $100 per sleep set. TODAY!) OPEN SUNDAY 1-5 P.M. Mon.-Fri. 9:30- 9 Saturday 9:30-5 RECLINERS The quality of La-Z-Boy, Flexsteel and many other fine chair names now available at $20-$50 floor sample reductions. Choose from the largest selection of styles, fabrics and colors in town. SLEEP SOFAS Slumberland s Secret Sleepers—the biggest selection of sleep sofas around. Love seat, full or queen size sleepers and all top quality with names like Flexsteel, Karpen, Rich well and Schweiger. Early American, Contemporary, Traditional styles in the finest fabrics at savings of $30 to $60 per sleeper. BUNKS AND TRUNDLES Choose from a variety of fine woods and finishes—maple, pine, oak, walnut and white. Sturdy, dependable quality from King Roil and others. Always the best buys to town, now at even greater savings—$15-$40—during this Floor Sample Sale. Floor Sample Sale Ends Mon., Dec. 9, 9:00 P.M.!slumberland Budget Terms AvailableCAN’T COME IN? 363-0245 It s Easy To Shop By Phone201 First Ave. S.E. Across From Roosevelt Hotel ;

  • Benard Elwood
  • Dale R. Mayberry
  • Ernestine Frontcra
  • Laurel J. Haas

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Publication: Cedar Rapids Gazette

Location: Cedar Rapids, Iowa

Issue Date: December 8, 1974

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