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Council accepts Community Bank terms, sets April 9 public hearing on $78,688.59 loan
Summary
The council voted to accept Community Bank's 5.25% interest terms and set a public hearing for April 9 at 6:45 p.m. to consider a $78,688.59 loan agreement; both motions were unanimous among members present.
The Dunlap City Council voted Wednesday to accept Community Bankterms and to set a public hearing on a proposed loan agreement.
On a motion by Councilmember Schauer, seconded by Bonsall, the council accepted Community Bankoffer of a 5.25% interest rate. The motion passed with all members present voting in favor; Councilmember Wingrove was absent.
Later in the meeting, Councilmember Murphy moved and Councilmember Gunia seconded a motion to schedule a public hearing for April 9 at 6:45 p.m. on entering into a loan agreement with Community Bank for $78,688.59. The motion carried unanimously. The transcript does not specify the loanpurpose or which department would use the funds.
The actions taken are procedural approvals that authorize moving forward to public notice and a formal hearing; no loan documents were approved at the meeting. The public hearing will provide an opportunity for additional public comment and for council to review proposed loan terms before any final action is taken.
The meeting record shows the motions were approved by the four councilmembers present (Bonsall, Gunia, Schauer and Murphy); Wingrove was recorded as absent. The council adjourned at 7:48 p.m.
