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East Grand Forks council creates $61,143.38 discretionary loan account from EDA revolving‑loan interest
Summary
The East Grand Forks City Council on May 20 adopted Resolution No. 25-05-40 to move accrued interest from EDA revolving‑loan funds into a new discretionary loan account beginning with $61,143.38; staff said principal loan funds remain intact and the EDA will review lending policies and hold a public hearing.
The East Grand Forks City Council voted May 20 to move accrued interest from its EDA revolving‑loan funds into a newly established discretionary loan account, starting with a balance of $61,143.38 under Resolution No. 25-05-40.
City staff member Maggie, speaking during the discussion, said the city manages four revolving loan funds. "The balances range from, let's see, a $176,000 up to $1,800,000, and they're currently getting a little bit over 2% interest," she said, adding that the annual interest generated across…
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