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Mount Vernon council renews $6 million line of credit with Banterra Bank; councilor abstains
Summary
Council renewed an annual $6 million overdraft line of credit with Banterra Bank; the resolution passed 4–0 with Council Member Joe Gliosci recorded as abstaining.
The Mount Vernon City Council on March 3 voted to renew a $6 million line of credit with Banterra Bank to provide overdraft protection for municipal bank accounts.
Assistant City Manager Nathan McKenna told the council that renewing the line of credit is an annual practice tied to the city’s banking services. Council approved Resolution #2025-08; the vote was recorded Yeas: Ray Botch, Donte Moore, Mike Young, and John Lewis. Council Member Joe Gliosci was recorded as abstaining.
The resolution preserves access to the $6 million facility for use if needed during the fiscal year; McKenna did not describe any immediate or pending draws against the line during the meeting. The resolution passed and will remain in effect pending the city’s ongoing banking relationship with Banterra Bank.
