Council approves payoff of approximately $39,000 USDA loan
The council voted unanimously to pay off an existing USDA Rural Development loan of roughly $39,000 using available funds; the loan carried an annual payment around $7,900 and a 5% interest rate.
The full story
The Town Council voted unanimously to pay off an existing loan owed to USDA Rural Development, described in the meeting as approximately $39,000. The loan carries an annual payment of about $7,900 and an interest rate of 5%; council approved using available funds to retire the debt.
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