CRAFTS MAKE LEARNING FUN


 Hobie Hiler/staff photographer
Ladonna Griffin of Palm Beach Gardens smiles as she watches her daughter, Sarah, 5, play with a craft that she col-
ored and put together during the open craft day at the North County Regional Library in Palm Beach Gardens last Fri-
day.


Funds
From page Al


mately 54 percent of munic-
ipal assets.
 At the last city council
meeting, financial adminis-
trator Allan Owens outlined
possible targets for new
investments.
 For "short-term operating
funds," Mr. Owens suggest-
ed the city distribute its
assets into two Wachovia
money market funds: a
treasury money market
fund, which invests only in
short-term U.S. Treasury
securities, and a U.S. gov-
ernment money market,
which invests in other gov-
ernment agency bonds and
notes.
 Treasury securities are
government bonds issued
by the U.S. Department of
Treasury to finance debt.
According to Mr. Owen, they
represent one of the most
secure short-term invest-
ments.
 At the time of the council
meeting, Wachovia's treas-
ury money market yielded
3.88 percent per annum,
while the U.S. government


money market yielded 4.4
percent. Both are AAA-rated
by Standard and Poors,
which prov ies financial
intelligence on investments.
 Mr. Qwen suggested that
for long-term investment,
the city consider the Florida
League of Cities pool. Like
the SBA pool, the FLC fund
was designed to allow
municipal governments to,
combine their resources to
gather interest in a secure
trust. It differs from the SBA
pool in that the FLC invests
exclusively in securities
guaranteed by the govern-
ment or government agen-
cies.
 "These portfolios do not
invest in securities backed
by sub-prime mortgages,
which is what got the SBA
into trouble," Mr. Owens
added.
 The FLC pools city funds
through the Florida Munici-
pal Investment Program.
Unlike the SBA, it's moni-
tored closely by rating com-
panies and its portfolio is
subject to a monthly review.


Fitch Ratings gave the Flori-
da Investment Program its
highest AAA score based on
the portfolio's strength and
liability.
 According to Dustin
Heines of the FLC, the
league's board of trustees
consists mostly of city offi-
cials, meaning that the fund
is closely monitored by the
local governments whose
money is pooled.
 "(The FLC) was created
by cities, with the intent of
offering high-quality invest-
ments. The board of trustees
(is made up of).elected offi-
cials, mayors and council
members. They're required
to pass any changes in the
investment trust," said Mr.
Heines.
 The FLC's intermediate
bond fund yielded 4.85 per-
cent last year, according to
Mr. Owens.
 While the finance admin-
istrator's presentation high-
lighted several strengths .of
the FLC when set against the
SBA's portfolio, Mr. Heines
conceded that the league


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does charge a significantly
higher administrative fee.
 The FLC applies a .23 per-
cent charge of total funds,
compared to the SBA's .02
percent. If the city.were to
invest half of its funds in the
FLC, the difference in fees
would be relatively insignifi-
cant (about $22,000 out of
$10.65 million).
 After hearing Mr. Owens'
suggestions, the council
held off on making any final
decisions, but they did
amend the city's investment
policy to allow for the new
investments. The resolution
to amend the policy passed
5-0.
 "I want to stress that these
are just options. We're not
obligating ourselves in any
way to deposit a specified
dollar amount into either
one of these funds," said Mr.
Owen. "Again, the point is to
try to diversify, give our-
selves more options.
* "All of our funds are in one
place, in one bank, right
now. I don't think it's very
prudent," he said.


'Greenf school to


convert donated car


FOR HOMETOWN NEWS

 PALM BEACH COUNTY
- The School District of
Palm Beach County's new
"green school," to be located
at the Pine Jog Environmen-
tal Educational Center on
Summit Boulevard, was
recently presented with a
Mercedes Benz car by owner
Nicky Lerner, physician and
wife of Richard A. Lerner,
president the Scripps
Research Institute.
 Students at Park Vista's
Automotive Academy in
Lake Worth will convert the
car to run on recycled veg-
etable oil and use it as an
educational tool to show


Review
From page A3
tor has published an
account of 7,000 hours of
Air Force missions in three
different wars.
 Col. Howard "Scrappy"
Johnson flew 'more. than
100 missions in Vietnam,
and served in both World
War II and the Korean
War.
 He recounts his days of
service in the recently
published, "Scrappy: A
Memoir of a U.S. Fighter
Pilot in Korea and Viet-
nam," co-authored by fel-
low Air Force veteran Ian
O'Connor.
 Col. Johnson, a recipi-
ent of the Collier Award,
the military's highest avi-
ation honor, published
the memoir through Mac-
Farland and Company.
 I His publicist describes
the book as a "fast-paced,
larger-than-life story that
reads like fiction."
 The colonel and his wife
own True Treasures, an
antique consignment
store in Crystal Tree
Plaza.
 On Jan. 26, they will
host a book signing and
discussion at the North
Palh Beach store, located
at 1201 U.S. 1, Suite 15.

 Compiled by staff writer
Izzy Kapnick


that there are many options
for using alternative energy
sources to power our auto-
mobiles.
 They will test the car's emis-
sions to see if it is greener than
burning regular diesel fuel
and eventually create a name
and logo for the car to repre-
sent its green theme.
 "This vehicle will help to
shed light on the importance
of using alternative fuels,"
said Dr. Lerner. "This is just
one way to reduce green-
house gas emissions while
demonstrating the many ben-
efits of alternative fuel vehi-
cles."
 For more information about
the project, call Fred Barch at
(561) 434-8199.


 SINGER ISLAND

 Condos near
 completion

 Ocean's Edge at Singer
Island, the 18-story, 40-unit
condominium developed, by
Toll Brothers, has residences
ready now.
 Ocean's Edge is located at
5050 North Ocean Drive.
 Although a lanai town-
house suite with a private
ocean-front swimming pool
and the penthouse unit have
been sold, others are still on
the market, according to a
press release from the Adler
Network in Boca Raton,
which handles public rela-
tions for Toll Brothers.
 The units range from 2,800-
to 5,000-square-feet in size,
and go from $1.6 million to
$3.7 million.
 The third level will feature a
lobby, full-time concierge,
activity room and fitness cen-
ter.
 Ocean's Edge has won three
industry awards in the Flori-
da's Best Awards competition,
including a first-place plat-
inum award for architecture,
a gold award for overall build-
ing and another gold award
for builder's overall product,
the release said.

 Compiled by staff writer
Sarah Stover


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