Wednesday, December 01, 2004

Waukon Standard

Waukon Standard: "Allamakee County will be one of the 85-90 counties in the state to begin receiving one-half of one percent of Iowa's gambling revenues beginning in the fall (most likely October) of 2005. Decisions on how the $60,000 plus dollars will be spent each year will be the task of a new governing board that has recently been formed.

If managed well, the $60,000 will grow substantially over the years. Twenty-five percent of the funds ($15,000) will go into an endowment fund which will exist in perpetuity. Ninety-five percent of that investment return will stay in the endowment fund to help continue to grow additional revenues. The other five percent of the annual investment return will be added to the $45,000 per year (75% of the $60,000) that will go to charitable groups within the county."

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