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Cedar Rapids Gazette Newspaper Archive: December 8, 1974 - Page 37

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Publication: Cedar Rapids Gazette

Location: Cedar Rapids, Iowa

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   Cedar Rapids Gazette (Newspaper) - December 8, 1974, Cedar Rapids, Iowa                                The Ct4u Giitite: Su., Dee. 8, U74 lowa County Receipt of Increased Interest Uncertain MAHENGO Although the sluto bimklns department has raised Its maximum allowable Interest rate so" crnmenui units to 9.25 percent, It is not cerUlnyot Whether Iowa county will receive this Interest from the locaTb.nk8 Ihe received the unexpected news of'tho dramatically higher rats 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 them- ielves to paying It. ,1. C1UlUy trcasuror who actually hus 'the legal au- thority to Invest money can Invest it in any way she sees fit. However, treasurer Ernestine Frontera has In recent months been following the recommendations of the supervi- sors, who have generally been seeking to get the maximum Interest return on the county's Invested money. The county currently has million invested in 000 3-day time certificates in the county's eight banks. All but two of these are. at the previously maximum allowable Inter- est rate-of eight percent. The two exceptions wero tho two time certificates at the Farmers Savings bank In North ICnK- !lsh, which were apparently Invested at seven percent through oversight. Tho possibility of the higher yet interest rate brought some disagreement on tho board of supervisors Tuesday however. Supervisor Bcnard Elwood, who has come on tho board since the present Investment plan was set up, ques- tioned tho wisdom of the county seeking the maximum inter- est rate. He said this might have an adverse effect on other citi- zens of tho county, also customers of these banks, who are borrowing and would face higher interest rates on their loans. "If wo get 9.25 percent, then tho guy who borrows will pay Elwood said. "If wo would tako one at 7.25 per- cent, then that's all they would have to pay." However, supervisor Dale R. Mayberry disagreed. He said ho thinks tho supervisors have the obligation to get the maximum Interest they can on the county's Investments. He noted that many citizens of tho county who aro faithful tax- payers have lltllo reason to borrow money from tho 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 Hie bankers if we don't get the maximum Mayberry said. Supervisors Chairman Laurel J. Haas pointed out to 1 wood that "It's not peanuts" what the county's invcstmoi bring in each month, and this money is a significant plctu in possible bridge construction. Tho current million the amount varies at vario times of the year because of the semi-annual payment of U cs and the sometimes even and sometimes uneven expen< lures brings in a year in Interest, or month. This means a difference of one percent a month on t county's maximum interest rate will mean a difference of 333 a month lo the county. CEDAR RAPIDS RESIDENTS WILLSAVE5! AT SLUMBERLAND TOMORROW (AND 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. If you're lucky enough to buy one of our floor quality mattresses and box springs, recliners, sleep sofas, or bunk save a bundle. Hurry, because it's first served on these limited quantity best buys! MATTRESSES AND BOX SPRINGS Choose from famous name quality like Sealy, Serta, King Koil and Land O' 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 for. You'll find savings of to per sleep set. OPEN SUNDAY 1-5 P.M. Mon.-Fri. 9 Saturday RECLINERS The quality of La-Z-Boy, Flexsteel and many other fine chair names now available at floor sample reductions. Choose from the largest selection of styles, fab- rics and colors in town. SLEEP SOFAS Slumberland's Secret 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, Contempo- rary, Traditional styles in the finest fabrics at savings of to per sleeper. BUNKS AND TRUNDLES Choose from a variety of tine woods and pine, oak, walnut and white. Sturdy, dependable quality from King Koil and others. Always the best buys In town, now at even greater (Ms Floor Sample Sale. Floor Sample Sale EndsMon., Dec. 9, P.M.! nidnss Budget Terms Available CAN'T COME IN? 363-0245 It's Easy To Shop By Phone 201 First Ave. S.E. Across From Roosevelt Hotel   

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