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Commissioners authorize county manager to execute state disaster cash-flow loan for up to $10 million; specific offer about $5.58 million accepted
Summary
The board authorized the county manager to execute a state disaster cash-flow loan; staff reported the county's approved loan amount is $5,575,309.69 though the authorization sought a $10 million not-to-exceed cap.
Buncombe County commissioners on June 17 authorized the county manager to execute a state disaster cash-flow loan agreement, with staff reporting the county's approved loan amount and a larger not-to-exceed cap.
Melissa (staff) presented the request, saying the agenda item would grant the county manager authority to enter into a loan agreement with a maximum not to exceed $10,000,000. Staff later provided the exact amount the county had been notified it may borrow: $5,575,309.69. "Late Friday, we were sent acknowledgment of the exact amount that Buncombe County will have the opportunity to borrow is at 5,575,309 and 69¢," Melissa said.
Commissioner Wells moved to approve the authorization; Commissioner Sloan seconded. The board voted in favor and the motion carried.
Staff did not present specific borrowing terms, interest rates, or repayment schedules during the public meeting; the authorization granted the manager authority to execute the loan agreement within the stated cap and the specific acknowledgement amount.
