Ohio County approves $115,000 loan to local radio operator

The Ohio County Fiscal Court approved a $115,000 loan to Right Time Broadcasting LLC to support the purchase of WXMC radio station equipment and associated tower property, the court said at its July meeting.

The loan, presented by Jason Chen, OC director, carries an interest rate of 4.5 percent and a 15-year term, Chen said. "The interest rate is 4.5," Chen told the court when describing the package OC had approved and recommended for county action.

The court’s review focused on collateral and lien priority. Chen said the county would take a first lien on the radio equipment (estimated at between $20,000 and $30,000) and a second lien on the tower and property. Chen explained that the county’s position on the tower and land would change to first lien after the borrower satisfies a separate six‑year loan described in the application. "We become a first on both on everything…for the remainder of the loan," Chen said, describing the transition after the separate loan is paid.

Commission members asked for and received copies of the loan documents; Chen said the terms would be consistent with the package approved by OC. A roll-call vote recorded Magistrate Johnston, Bivens, McKinney and Bullock in favor and Magistrate Morphew opposed; the motion carried.

The court’s action was a formal approval of the county loan as presented and does not, in itself, transfer funds to the borrower until any closing requirements are met and loan documents executed.

Jason Wright, the applicant associated with Right Time Broadcasting LLC, attended public comment later and thanked the court for support of the station, saying, "I appreciate your trust."