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Anderson redevelopment commission approves up to $7 million internal loan for municipal electric utility
Summary
The Anderson Redevelopment Commission voted July 8 to authorize an internal loan of up to $7 million from its ARC fund to Anderson Municipal Light and Power to cover operating cash needs while the utility pursues a rate increase; the loan will bear 3% interest and be reviewed in one year.
The Anderson Redevelopment Commission on July 8 approved a resolution authorizing Anderson Municipal Light and Power to borrow, on an as‑needed basis, up to $7 million from the commission's ARC fund to cover operating cash needs while the utility seeks a rate increase.
Comptroller Tom, speaking for the comptroller's office, told commissioners the resolution (ARC 6‑25) authorizes a line of credit, not an immediate transfer. “It's not like tomorrow we're gonna transfer $7,000,000,” he said, adding that any draw would accrue interest from the date of drawdown and that the loan carries a 3% interest rate. He said the loan will be reviewed and may be renewed after one year "by statute." The comptroller said the ARC fund had a cash balance of $8,249,000 and that the fund receives interest earnings tied to the city's TIF balances.
Why it matters: the loan is intended only to prevent the…
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