Porter County makes history with $148 million investment

The creation of a foundation allows for more investment options and ideally, a much better return on the money, said Porter County Commissioner Laura Blaney, D-South.

It also protects the principal, requiring unanimous approval of both the council and commissioners to make any changes, she said.

"This nest egg is protected from now into the future," she said. "It will be here for generations to come."

Porter County Council President Dan Whitten, D-at large, said the move this week was a historic way of getting around limits on government investing.

Whitten was named chairman of the council and commissioner-composed foundation board.

The initial portfolio, which he said carries a moderate risk with 40 percent of the money in equities, is expected to provide a return of 5 percent or better. The money has been earning less than 1 percent under the investment limitations in place before the new law pursued by state Rep. Ed Soliday, R-Valparaiso.

The new return is expected to translate into $8 million to $9 million in additional money each year for county government, Whitten said. Any money earned beyond 5 percent will be invested back into the principal.

"It's a wonderful way to assure the quality of life in this county will increase into perpetuity," he said.

Porter County Council Vice President Karen Conover, R-3rd, was also proud of the move.

"It's just refreshing," she said. "So much can be done in the spirit of cooperation."

County officials have been discussing the best ideas for the money since the funds became available with the opening of the new Porter Regional Hospital in August 2012. The county had been limited to investing in money markets, bonds and loans to other government entities.

Blaney said the County Council and Board of Commissioners held back $10 million from being invested in the foundation. That will allow county government to make some investments into its buildings, the new south county park and a new animal shelter.