Moore County commissioners authorize concept of loan to Moore Academy pending legal and financial terms

The Moore County Board of Commissioners debated and authorized, in concept, a loan to Moore Academy for $490,000 toward a roughly $700,000 campus capital project. Commissioners split on timing but eventually approved advancing the loan idea subject to legal and financial review and the preparation of promissory and deed-of-trust documents.

The Academy’s request—previously discussed at the May 20 meeting—was described as a 70% county student-share-based calculation. Several commissioners urged additional due diligence and recommended deferring action until August. Others noted that current state law (enacted in recent years) permits counties to loan funds for certain charter capital projects and that the county’s legal staff had reviewed the concept and identified mechanisms—such as a promissory note and deed of trust—to protect county interests.

One commissioner moved to authorize staff to proceed with concept approval and to prepare loan documentation; the motion passed by voice vote. Legal counsel said the board could make a conceptual motion and that formal documents would return to the board for approval if terms are acceptable. Commissioners emphasized the loan would be structured as repayable financing rather than an outright grant, and that the county would be a lienholder if required by the terms.

Next steps: county legal and finance staff will draft the loan agreement, promissory note and deed of trust for commissioners’ formal approval; commissioners asked staff to confirm terms and statutory requirements before the final vote.