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Committee approves revised repayment terms, authorizes draw on letter of credit for Every Child Is Special loan
Summary
The committee approved revised repayment terms for a 2021 life-safety loan to Every Child Is Special and authorized drawing on the existing letter of credit if a replacement is not secured.
The Rapid City Legal & Finance Committee on Oct. 15 approved revised loan terms for Every Child Is Special, a childcare facility that received a city life-safety loan in 2021. The committee authorized the finance officer to draw on the facility’s existing letter of credit if a replacement is not secured before the current letter expires.
Why it matters: The loan originally reimbursed the facility for fire-suppression…
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