The City of Wallowa has found a way to make better interest on their $17,000 Howard Johnson Library Endowment. The city has been spending the paltry 0.15 percent interest they got from standard banking for new books for the Wallowa City Public Library.
“It was a whole $25 in May,” said city recorder Carol Long.
The new plan put the endowment money along with an $8,000 matching grant from the Friends of the Library into an Oregon Community Foundation Trust and Annuities program. The account draws a healthy 4.5 percent. This route requires a minimum starting deposit of $25,000 — thus the matching grant amount.
The money will be transferred as soon as the new fiscal year starts, July 1. The healthier interest will then be split 31 percent to the Friends for their projects at the library, and the balance to the city library for the purchase of books.