Attorney reports city’s investment showing returns
by Associated Press
Published: January 7,2013
Tags: acquisition, attorney, buy, city, health, health care, hospital, investment, law, lawyer, legal, medical, medicine, municipal, municipality, public health, purchase, sale, sell, trust
OXFORD — The $30-million investment that the city of Oxford made with money from the sale of a hospital in 2011 is paying off.
Attorney Robert Paine with the Oxford Municipal Reserve and Trust Fund Committee reported the market value of the trust fund assets was over $31. 2 million. That is a gain of more than $1.2 million.
The original capital came from the sale of a hospital jointly owned with Lafayette County.
Special state legislation authorized creation of the.
Earnings can go into the city’s general account, but its capital can be used only under very limited terms in case of emergency.
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