Historically low interest rates have led many municipalities and schools to refinance their debt to save money.
But the same low interest rates also are cutting earnings on money set aside in "rainy day" reserve funds.
This is the case in Wetmore Township.
Acting at a meeting Tuesday, the Wetmore Township Board of Supervisors agreed to renew a $200,000 certificate of deposit (CD) with Hamlin Bank and Trust of Kane.
The interest to be paid over the next year is only 0.9 percent-- less than 1 percent. The township in the past year received 1.5 percent interest on the same CD.
Wetmore Township Board of Supervisors
When:Â Thursday, Nov. 8
Time:Â 7 p.m.
Where:Â Township Building, Spring Street, East Kane