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Court authorizes execution of support agreement for loan refinance by local distillery
Summary
The court approved a support-and-action agreement allowing a local distillery to refinance its loan and asked the county judge to execute the document. Court members said the county would remain in second position on its mortgage.
The Ohio County Fiscal Court approved a support-and-action agreement requested by a local distillery that is refinancing its loan. County staff explained the county holds a second mortgage under a prior Cedar program loan; the distillery sought the court’s approval to allow the refinance and to confirm the county’s position in the new instrument.
According to court remarks, the company requested the county to subordinate temporarily so the lender could refinance inventory-related debt. County counsel and staff described the approval as permitting the county to “sit back behind them” in the mortgage priority arrangement; court remarks indicated the county would remain second in position if the refinance proceeded.
A motion to permit Judge Johnson to execute the agreement was made by Bo Bennett and seconded; the court approved the motion by roll call. Members did not provide additional financial details about the distillery’s loan in the public discussion.
