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Magoffin County outlines plan to pay down $400,000 line of credit using federal funds account; borrowing from CECO proposed
Summary
County staff described plans to use a federal funds account to pay down a roughly $400,000 line of credit and to borrow additional funds from CECO to reduce principal after years of paying interest only; officials noted a state allotment cut for secondary routes.
Speaker 1 described the county's current financing challenge: a line of credit of about $400,000 that was used to provide up-front cash for projects and blacktop work. "All we've been doing is paying interest on it for over 2 years," Speaker 1 said, and officials proposed paying down the line using funds in a federal funds account created previously.
Speaker 1 said staff plan to borrow additional funds from an entity referenced as "CECO" to finish paying down the principal balance. He said the county has applied for funds from Frankfort and that the repayment plan is an initial step; paperwork will be prepared but further approvals could be needed. "This is just the first step," Speaker 1 said.
In the same financial discussion, Speaker 1 said the state's secondary-route rating reduced the county's allotment for road funds from about $200,000 to about $100,000 and that the county now expects roughly $112,000. He said the county will review flex-fund options over the next four to six weeks to determine priorities.
The transcript records motions and multiple speakers offering seconds for paperwork to proceed, but does not include a roll-call vote or final tally in the recorded segments.
