Committee votes unanimously to enter closed session to discuss loan in default
Members reviewed loan fund balances and delinquent borrowers, agreed staff should check contract language, and voted unanimously to enter closed session under Wisconsin Statute Section 19.85 to consider a loan recipient in default.
The full story
The committee reviewed the economic development revolving loan fund and discussed borrowers who are behind on payments. Staff summarized account balances ($195,833.39) and interest collected and noted specific borrowers showed missed payments; one staff member recommended sending formal letters to delinquent accounts pending a review of loan documents. Committee members asked staff to check contract language before sending notices.
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