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Boyd County continues $4 million line of credit for FEMA‑reimbursable disaster costs
Summary
Boyd County approved continuation of a $4,000,000 line of credit to cover emergency or disaster expenses pending FEMA reimbursement; officials said the annual measure lets the county proceed with repairs while the bank temporarily carries the debt. The motion passed unanimously.
Boyd County approved continuation of a $4,000,000 line of credit to cover emergency or disaster costs that will later be reimbursed by the Federal Emergency Management Agency, the chair said at a special meeting on June 26.
The chair said the county renews the line each year to allow immediate repairs after disasters while the bank holds the debt until FEMA disburses reimbursements. “This is a $4,000,000 that we have, for, emergencies or disasters that happen in Boyd County,” the chair said, and added the county has used the arrangement in prior years. The chair said the interest rate on the line is 5.5 percent.
A motion to approve the line was made and seconded and the clerk conducted a roll call. Commissioner Stapleton, Mister Holbrook, Mister Salisbury and Judge Cheney all answered “Yes,” and the motion carried unanimously.
County officials did not provide a written timeline for when funds would be drawn, nor did they specify a lender; those details were not discussed in the meeting record. The chair said the county must vote on the arrangement annually. The special meeting adjourned after the vote.
Actions at a glance: The board approved the $4,000,000 FEMA‑reimbursable line of credit by unanimous roll call.
