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Boyd County approves $250,000 revolving line of credit for county projects
Summary
The Boyd County board approved a $250,000 revolving line of credit to finance small county projects such as playground and parks improvements; officials said the amount stays below the threshold requiring Department of Local Government approval. Vote was unanimous.
Boyd County approved a $250,000 revolving line of credit to support county projects, including playground and parks improvements, at a special meeting on June 26.
The chair said the $250,000 cap is a maximum and does not obligate the county to borrow the full amount. “This allows us to have a project and set up a payment plan instead of saving that money up and paying cash,” the chair said, and added that state funds the county receives could be used to repay the line. The chair stated the interest rate would be around 5.5 percent.
The chair also noted that earlier discussion had considered a different amount (the recorded transcript contains a garbled numerical reference), and said the $250,000 figure remains below the threshold that would require approval from the Department of Local Government.
A motion to approve the $250,000 revolving line of credit was made and seconded. The clerk conducted a roll call and Commissioner Stapleton, Mister Holbrook, Mister Salisbury and Judge Cheney answered “Yes.” The motion passed unanimously.
The meeting did not record the lender, repayment schedule or specific projects to be funded beyond the examples cited. The board adjourned after a brief period for public comment callers, none of whom were recorded speaking.
Actions at a glance: Approved a $250,000 revolving line of credit for county projects; details on lender and draw schedule were not provided during the meeting.
