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Commissioners discuss collateral options for interest-free mitigation loan; no final decision
Summary
For a proposed interest-free brownfield mitigation loan, the county reviewed collateral options including placing funds in a CD with a lien, using existing county cash or asking regional partners to handle paperwork; commissioners asked staff to follow up with the bank and regional contacts.
Commissioners considered collateral options for an interest-free loan offered by the Great Northern Development Corporation to support a building mitigation project. County staff explained the lender wants collateral and suggested a certificate of deposit (CD) could be used with a lien placed on it.
Staff reported Stockman Bank (Glendive office) indicated using a CD was feasible and that the county has cash and some CDs that could be set aside specifically as collateral. Commissioners discussed whether to seek the loan at all, whether to use county cash in a CD earmarked for the loan (with a lien applied), or to ask regional partners (Tara/Southeast) to assist with paperwork so the county would not have to manage the loan logistics directly.
No final commitment to the loan or collateral was recorded; staff said they would contact the bank and follow up with Tara and other regional partners to explore paperwork assistance and to determine the feasibility of using a CD as collateral.
