Oscar Wilde wrote, “I can resist anything but temptation.”

On Monday, the majority of the Oktibbeha Board of Supervisors managed to do what Wilde could not by voting to place all of the money from the October sale of OCH Regional Medical Center into an endowment.

Since the OCH sale was finalized in October, there had been much speculation about what the supervisors would do with the money, estimated to be between $55 million and $58 million.

Some argued that all of the money be placed in an endowment or trust, which is what Lowndes County did with the proceeds from the sale of its county hospital 20 years ago.

Others suggested using the money for immediate needs and endowing only a portion of the money. There was also talk that the funds should be divided equally among the county’s five districts. Ultimately, the supervisors – most of them, at any rate – listened to their constituents. The public sentiment for endowing the money was clear.

The next step is getting special legislation to allow the supervisors to invest the money in stocks and bonds, something the Lowndes achieved in 2014. Since then, Lowndes County has withdrawn more than $11 million in profits while growing the fund by almost $10 million.

The third step is agreeing on a disciplined plan for using the dividends the endowment will create.

Over the last dozen years, Lowndes County’s fund has become a significant financial engine, providing millions of dollars for capital projects without increasing taxes.

There is no reason why the Lowndes County model wouldn’t work in Oktibbeha County now that the initial temptation to spend, spend, spend has been defeated.

We commend the Supervisors for making a wise decision, one that will pay dividends – literally – to Oktibbeha County citizens for generations.

 

The Dispatch Editorial Board is made up of publisher Peter Imes, columnist Slim Smith, managing editor Zack Plair and senior newsroom staff.