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Hardin County approves unsecured loan terms to Eldora Children’s Center using local option sales tax funds
Summary
Supervisors approved loan agreement terms to fund upgrades at the Eldora Children’s Center using local option sales and service tax funds; the board amended the motion on the floor to make the loan unsecured, consistent with past practice for nonprofit borrowers.
The Hardin County Board of Supervisors approved loan agreement terms for the Eldora Children’s Center to use local option sales and service tax funds to support an outdoor children’s center project.
A motion to approve the loan terms was made and then amended on the floor to specify the loan would be unsecured. A speaker noted the county’s historical practice has been not to secure loans to nonprofits; after that clarification the motion was amended to make the loan unsecured, the amendment was seconded and both the amendment and the amended motion passed unanimously.
County staff and board members discussed whether securing the loan would place an undue burden on the children’s center. One supervisor asked if making the loan secured would be a burden to the center; another participant cited prior practice of keeping similar nonprofit loans unsecured. The transcript records the motion to approve terms as amended to be unsecured; no additional reporting requirements or repayment terms were recorded in the meeting minutes excerpt.
What happens next: The recorded action authorizes staff to proceed under the agreed-upon unsecured terms. The transcript does not include the finalized loan document, repayment schedule, or a follow-up reporting timeline.
