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Whigham council approves $35,058.37 withdrawal from MEAG Trust for City Hall loan payment
Summary
The council authorized a $35,058.37 withdrawal from the MEAG Trust Intermediate Flexible Portfolio Operating Account to cover a City Hall loan payment; Mayor Trey Gainous and the city clerk cited decreased funding and pending rate analyses as reasons for the withdrawal.
The Whigham City Council approved a withdrawal of $35,058.37 from the MEAG Trust Intermediate Flexible Portfolio Operating Account to make the City Hall/bank building loan payment. Mayor Trey Gainous said the city had seen a decrease in funding and, together with City Clerk Rachel Jenson, recommended using the trust withdrawal to cover the exact payment amount while the city awaits rate analyses from ECG and the Georgia Rural Water Association.
Robert Porter moved to approve the withdrawal; Jimmie Laing seconded the motion. The minutes record that all members present voted in favor and the motion carried.
Gainous explained the withdrawal was intended as an interim measure until the rate analyses are complete and the council can assess longer-term rate or budget adjustments. The minutes do not record additional discussion about alternatives such as borrowing or deferring the payment.
Next steps: City staff will complete the withdrawal and present any additional financial analyses or rate recommendations when they are available.
