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Geneva council approves ordinance addressing outstanding vehicle loan amid higher interest costs
Summary
At a June 23 special meeting, the Geneva City Council approved Ordinance 3385 to address an outstanding vehicle loan. Council members discussed a rise in interest from 2.6% to 4.74% and a remaining principal balance the city reported as roughly $673,000; the meeting included questions about payment timing and prior deals.
The City of Geneva Council on June 23 approved Ordinance 3385 to address an outstanding city vehicle loan, following council discussion about higher interest rates and remaining principal.
The ordinance, discussed and moved at the special meeting, concerns repayment of a loan tied to a city truck and the city’s outstanding bond balance. Council members raised questions about the interest rate increase from a prior rate the council described as 2.6 percent to a current rate the meeting recorded as 4.74 percent…
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