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House substitutes and extends $25 million disaster loan for Washington County, adopts first substitute to change repayment terms
Summary
The House adopted a first substitute to House Bill 87 to extend repayment terms and seek relief on interest for a $25 million disaster loan tied to January 2005 floods in Washington County. The substitute passed and the first substitute bill passed the House by recorded vote 71-0.
The Utah House on the floor adopted a first substitute to House Bill 87, extending and restructuring a $25 million promissory note used to help communities recover from January 2005 floods in Washington County. Sponsor Representative David Clark described widespread damage, community fundraising and federal involvement, and asked the House for a one-year extension of the note due date and to reduce the interest rate from 2 percent toward 0 percent.
Clark recounted the scale of local response: more than 6,000 volunteers,…
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