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Live Oak council approves release of reserve funds to cover state loan payments
Summary
The City Council approved Resolution 2025-18 to release reserve funds to pay a portion of annual debt service on multiple state loans related to prior projects; staff said the reserves fall short of the full yearly payment.
The City Council of the City of Live Oak on Oct. 11 approved Resolution 2025-18 to release reserve funds to cover part of the city’s annual payments on several state loans tied to earlier projects.
City staff said the package of loans includes three accounts: a small construction loan and two larger remaining balances. One loan balance was identified as $1,391,829 with an annual payment of $218,155 including interest; available reserve funds by the resolution were $187,000, short of the full payment. Staff said the loans are…
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