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Commission rejects 0% loan to Red Bank after questions over size, term and county exposure
Summary
Hamilton County commissioners debated and then rejected a proposed 0% interest loan of $493,719 to the city of Red Bank intended to offset an incorrect certified tax rate. Commissioners questioned the loan term, fund-balance impacts and whether a smaller, shorter loan would be prudent; an amendment to provide $350,000 over four years failed, and the original resolution failed on the final roll call.
The Hamilton County Commission considered and ultimately rejected a request Dec. 3 from the city of Red Bank for a 0% interest loan to offset revenue lost because of an incorrect certified tax rate.
Red Bank city manager Martin Granham told the commission the municipalitys total budget is $11.1 million and that the error produced roughly a $762,000 shortfall. “It is $493,719,” Granham said when asked the specific loan amount he was requesting to restore last year's revenue level. He said the loan was…
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