Disk shaped aircraft with rotating lights hovering over tree line

It was 1977or 1978 during the summer. While outside with two older sisters and one adult we watched a flying disc shaped object hovering over the tree line and darting back and forth over the area. The object had square lights that rotated around the craft. It appeared to be a little larger than a car. Other people in the neighborhood were outside viewing, as well. The adults called the police to report the sighting. They didn’t feel the report was taken seriously.