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Updated: Tuesday, 09 Feb 2010, 3:37 PM EST
Published : Tuesday, 09 Feb 2010, 3:20 PM EST

Julie Krizen

TIPPECANOE COUNTY, Ind. (WLFI) - Tippecanoe County now has a new option for investing public funds.

The council approved an agreement that will allow the treasurer's office to invest money in a government investment pool called the Hoosier Fund. Council President Andy Gutwein said this will allow the County to get more money from higher interest rates.

"Currently that fund is paying a much better interest rate than we are able to obtain through our local banks and through our other investment vehicles. I did state that I prefer to keep our money with our local banks if we can, but it is always appropriate for us to have options," said Gutwein.

The Hoosier Fund has an average interest rate of .82%, which Gutwein said is about twice the rate the County is currently getting.

The Hoosier Fund has been approved by the State Board of Accounts.

New option for county to invest money

Higher interest rate means more money

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