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Treasurer outlines possible emergency line of credit; council asks staff to gather bank proposals
Summary
Treasurer Grama Polk briefed the council on seeking an emergency line of credit and the estimated application timeline and costs; the council asked the treasurer to provide financial documents to local banks so they can price terms without the county incurring application fees yet.
Treasurer Grama Polk presented background and options for an emergency line of credit during the Nov. 18 meeting, telling council members the county could expect a roughly two- to four-week process after application and an initial application cost ‘‘somewhere between $2,000 and $4,000’’ depending on the requested limit. Polk said the bank would charge interest only on…
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