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Fayette County approves $11,592.73 loan from Merchants National Bank to fund Morgan Ditch improvements
Summary
The Board authorized borrowing $11,592.73 from Merchants National Bank at 5.5% interest to pay for the Morgan Ditch Improvement project, with repayment to come from special assessments and maturity on Nov. 10, 2026.
The Fayette County Board of Commissioners on Nov. 3 approved a resolution to borrow $11,592.73 from Merchants National Bank to finance the Morgan Ditch Improvement. The loan carries a 5.500% interest rate, is payable from collection of special assessments from the benefitted property owners, and matures on Nov. 10, 2026.
The promissory note, as recorded in the minutes, sets interest calculation methods, a $150 late charge for payments more than 10 days late, an interest-rate increase of 3 percentage points on default (subject to applicable law), and other standard default and remedies language. County officials signed the note, including Tony Anderson, James Garland and Auditor Brenda Mossbarger; the loan was described as unsecured in the minutes.
The resolution and promissory note were approved and signed in open session; the minutes do not list which special assessments will cover repayment or the schedule for collection beyond the note's maturity date.
