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Xenia Daily Gazette: Star Plus program beneficial to local governments

Special Correspondent
Xenia Daily Gazette
September 10, 2012

XENIA — Ohio Treasurer Josh Mandel stopped at the Greene County Treasurer’s office Monday to see how the new Star Plus Investment program is working out for the county.

The Star Plus Ohio program is an investment option that allows Ohio government agencies such as county treasurers and school districts to safely invest money and receive better returns.

The Star plus program began in June. Greene County has been a part of the program for a little over a month. The County has invested $15 million in the program.

The Star Plus Program is based on the previous Start Ohio Program, only allowed participants to receive .009 percent of interest on the money invested in the program. With the Star Plus program, participants get .025 percent in returns. This program triples returns while keeping the money insured, while investing in local banks with amounts under the $250,000 FDIC limit.

According to Greene County Treasurer, Dick Gould, the money invested has yielded around $3,100.

“The money goes into the general fund, and adds to the overall moneys available,” said Gould. “It is a much better return than we are getting from the banks.”

The funds are also more fluid than with traditional investment programs, such as CDs. Investors in the Star Plus program can make withdraws once a week.

State representative for the 84th district, Bob Hackett, stated this program has come just in time.

“We are at record low yields, so this is the perfect storm,” said Hackett.

The house bill that created the Star Plus Ohio Program was unanimous, according to Seth Unger, Mandel’s press secretary.

“This was a good example of state legislators rising above and working together to do what is best,” said Mandel.

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