The Knox Community School Corporation stands to bring in an extra $23,000 a year, after the school board agreed to place some of the corporation’s cash reserves in a certificate of deposit. Last week, board members authorized school officials to move up to $2 million into a one-year CD at 1st Source Bank.
Superintendent Dr. William Reichhart said that of the three financial institutions he contacted, 1st Source offered the highest interest rate at 2.93 percent. The money had been earning an interest rate of about 1.75 percent.
