Wed10012014

     Subscribe  |  Contact  |  Advertise  |  RSS Feed Other Publications

Wednesday, 23 December 2009 13:45

Safeguarding the settlement

Written by 

A cash settlement with the federal government in lieu of the long-promised North Shore Road will reap annual dividends for Swain County for years to come.

The county will put the money in a lockbox and only use the interest each year. In fact, the county couldn’t tap the principal even if it wanted to without permission from a two-thirds majority of all county voters.

Last year, the county created a trust fund to safeguard the pending windfall with the North Carolina State Treasurer. The state will remit interest off the account to Swain County, but the principal cannot be touched unless supported by a supermajority of registered voters in Swain County.

“Since by law only the interest income can be spent, the county will have a source of income forever. Therefore every citizen of Swain County will benefit,” Douthit said.

The government will pay $4 million into the account immediately. The remaining $8.8 million will be released 120 days after a final settlement figure is agreed on.

The state’s investment vehicle has performed well. It reaped an average 6.2 percent interest over the past five years, according to the N.C. State Treasurer.

Interest on the $12.8 million would be close to $800,000 annually, based on the average interest rate of the past five years.

blog comments powered by Disqus
Read 3070 times

Media

blog comments powered by Disqus

This Must Be the Place

  • This must be the place

    art theplaceClaire Lynch likes to blur lines.

    Born and raised in Upstate New York, she eventually moved away, crossing the Mason-Dixon Line for Alabama at age 12. She carried in her mind the sounds of the 1960s folk scene of Greenwich Village in Manhattan and show tunes echoing from the record player in her childhood home. Soon, she’d cross paths down South with country and bluegrass melodies radiating from Nashville and beyond. 

    Written on Wednesday, 01 October 2014 15:49 Read more...