Why Brexit matters to Oconee sewer authority

 

Policymakers for Oconee’s sewer operations started their July meeting last night with a discussion of finances—including how England’s decision to leave the European Union could affect their investments.  The Oconee Joint Regional Sewer Authority holds 45 certificates of deposit of varying amounts.  The commissioners were told last night that the bank for one of those had “called” the certificate nine months before its full maturity.  According to Bob Winchester, executive director of the JRSA, it means the 0.9% interest earned by the C-D ends on the date it was called by the bank.  In a related matter, the commissioners decided to seek the advice of a Wells Fargo banker on whether the JRSA should extend the life of some of their C-D’s to draw a higher interest.  Winchester says the JRSA would have to weigh the advantage of a higher return versus penalties for earlier withdrawals.