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Spencer County grants judge authority to draw $980,000 KACO loan for farmers market pavilion
Summary
The Fiscal Court authorized County Judge/Executive Scott Travis to draw the $980,000 KACO loan for the farmers market pavilion and place the funds in a local CD; loan interest rate is 3.9% and payments begin Jan. 20, 2026.
Spencer County's Fiscal Court on Jan. 5 authorized County Judge/Executive Scott Travis to draw the full $980,000 KACO loan for a farmers market pavilion and deposit the funds locally to earn interest. The loan carries a 3.9% interest rate and loan payments start Jan. 20, 2026.
At the meeting, the judge said the county had received the loan and was currently paying interest on the money despite not yet having the funds on deposit; he asked for authority to move the funds to a local bank and place them in a certificate of deposit. Esq. Stump moved to grant the judge that authority; Esq. Pharris seconded the motion, and the Court approved it by voice vote with all members present voting "aye" and Judge Travis recorded as absent for the roll call.
Why it matters: moving the loan proceeds into a local CD will allow the county to earn interest while controlling disbursements for pavilion construction draws. The Court did not record additional restrictions on how future draws will be approved during construction, beyond the authority given to the judge to initiate the draw and deposit the funds as described.
The pavilion was discussed as part of the county's capital projects for the coming year; the Court also approved related bookkeeping transfers and loan-repayment accounting in its invoices and transfers approvals later in the meeting. The action provides the county immediate access to funds for construction while preserving oversight through regular fiscal controls and the normal approval process for expenditures.
