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Council approves $50,000 additional principal payment on water well loan
Summary
Lexington City Council voted to make an extra $50,000 principal payment from the Certificate of Obligation Fund toward the water well loan with Round Top State Bank to reduce debt, approved unanimously March 9.
The Lexington City Council on March 9 authorized a $50,000 additional principal payment on the water well loan with Round Top State Bank using funds from the Certificate of Obligation Fund.
Councilmember David Mason moved to make the payment; Councilmember Anthony Retzlaff seconded and the motion passed unanimously. The action was recorded as a one-time extra principal payment; the transcript does not specify effects on the loan’s amortization schedule or the remaining balance.
The council recorded no amendment to the budget ordinance at the meeting and did not attach further reporting requirements or a repayment schedule to the motion.
