County hears financing plan to start hurricane recovery projects; mayor cites $30M in state support
Financial advisers outlined a 10-year capital note designed to give the county three years before principal payments begin while the state covers initial interest and admin costs; the mayor also outlined roughly $30 million in state grants and appropriations for recovery projects and facilities.
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At the meeting, financial adviser Elizabeth Selke presented a proposed financing package to allow Carter County to begin recovery and repair projects immediately while awaiting FEMA/TEMA reimbursements. Selke described a 10-year capital outlay note with the first call option after three years; the structure would pause principal payments during that initial period while the state would reimburse interest and administrative costs.
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