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Finance Committee renews $10 million line of credit with Old Second National Bank for one year
Summary
The committee voted 5–0 to renew a $10 million line of credit with Old Second National Bank for a one-year term; city finance staff said the outstanding balance is about $6.688 million and plan to evaluate whether to extinguish the line in next year’s budget.
At its Aug. 14 meeting the Finance Committee approved a resolution renewing the city’s $10 million line of credit with Old Second National Bank for a one-year term expiring June 30, 2026, Stacy Peterson, the city’s chief financial officer, told the committee.
Peterson said the outstanding balance on the line is approximately $6.688 million and that the current interest rate on the outstanding amount is 6.39 percent. She said the…
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