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Middleburg council approves interfund loan, amends FY25 to pay off 2020 loans
Summary
The Town Council approved an interfund loan from the general fund to the utility fund and amended the FY2025 budget to pay outstanding Series 2020 A and B loans, agreeing to an interest-only demand note with plans to revisit amortization terms.
Middleburg — The Middleburg Town Council voted to authorize an interfund loan from the general fund to the utility fund and to amend the FY2025 budget to appropriate $1,400,000 to pay the outstanding principal on Series 2020 A and Series 2020 B loans.
Council members approved the ordinance and budget amendment after staff said the loan would allow the town to pay off existing lines of credit and carry the balance as a demand note between town funds. Danny (special projects staff) told the council the proposed interfund loan would be for $1,100,000 from the general fund to the utility fund and that the town would pay interest at the rate the town currently earns through the VML/VACO…
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