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Bonner County ambulance board signs LOI with Columbia Bank to pursue $500,000 revenue anticipation note
Summary
The Bonner County Ambulance Service District board voted Dec. 3 to sign a letter of intent with Columbia Bank to pursue a $500,000 revenue anticipation note; legal documents will be drafted and returned for final execution at a later meeting.
The Bonner County Ambulance Service District voted Dec. 3 to sign a letter of intent with Columbia Bank to pursue a $500,000 revenue anticipation note to cover district cash‑flow needs. Board members approved the motion after staff explained the LOI is an initial, templated step and that bank counsel will draft the formal documents.
The LOI, described to the board as a preliminary template the bank uses, does not finalize signers or the loan terms. Staff told the board that once the LOI is signed lawyers will prepare the full legal documents and the district will return for approval of the final paperwork at a subsequent meeting. Staff indicated the finalized documents should be ready by the board’s meeting on the 17th.
Board members asked procedural questions about authorized signers listed on the bank’s template and were told the bank will update signatory language to reflect the district’s legal structure when the formal documents are drafted. The board moved to sign the LOI and approved the motion by roll call.
No disbursement or final loan agreement was completed at the Dec. 3 meeting; the LOI formally authorizes the district to proceed with bank drafting and negotiation. Next steps are the preparation of legal documents by counsel and a return to the board for final execution once terms and authorized signers are finalized.
