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WORLAND – Approval was granted to look into a potential annuity for the cash flow issue at the Worland Aquatic Center at Monday night’s Washakie County School District No. 1 Board of Trustees meeting.

The Worland Aquatic Center Joint Powers Board (WACJPB) has previously met twice and Duane Whitlock, a member of both said the discussions at the meetings have included approving New York Life Annuity for a long term strategy.

City of Worland councilwoman and WACPB member Mandy Horath said the New York Life Annuity would be used to build higher interest rates, which would produce more money on the interest.

“The approval tonight is more looking into the option of being able to do it,” Whitlock said. “The state statute on some of those things has been a little more than fuzzy ... on whether it’s an approved investment ... however, this [approval] allows New York Life to do their diligence research and see if it’s a qualified investment for the school district guidelines.”

Horath said the questionable state statute Whitlock refers to is a statute that does not allow public funds to be invested.

The reason WACJPB is coming to the school board is because this is a type of application they’ve never done before, Whitlock said.

Washakie County School District No. 1 Superintendent Dave Nicholas and Business Manager Jack Stott recommended the district make application to New York Life Annuity investment and the motion was approved to go forward and complete the New York life Annuity application.

Board of Trustees Vice President David Tommerup said the board is focused on keeping the public money safe, and this annuity is not a commitment and the Joint Powers Board is only checking it out.

The Joint Powers Board is open to alternatives and was still looking at the option of a cash advance as a short term opportunity, Whitlock said.

Previously the Joint Powers Board wanted a cash advance for the Worland Aquatic Center from excess endowment money from the one-cent tax.

Washakie County voters approved a one-cent sales tax in 2010 for a $3.7 million endowment for the Worland Aquatic Center. The tax collected more money than originally anticipated, and there is an extra $750,000 for maintenance and operation purposes.

“I think we can come up with a cash advance to the aquatic center (and come up with an amount, whether it’s $20,000 to $25,000) and have a cash advance … that way it would suffice this year’s problem,” Don Bryant said at January’s school board meeting.

“A cash advance would solve our problems now, but still protects the endowment,” Bryant said.

Bryant said he likes the idea of a cash advance because it takes away the word “interest” that everyone was getting hung up on.

Whitlock said his hope is the group can collectively come to a decision by March and that there are better rates out there by then.

The school board and WACJPB had earlier rejected a proposal for a on endowment on at their Jan. 5 meetings.