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McBee council authorizes short-term $100,000 loan, using police cars as collateral
Summary
Mayor Glenn Odom told the council the town is awaiting $450,000 from USDA and $50,000 from the State; the council voted to apply for a short-term $100,000 bank loan using police cars as collateral until those funds arrive. The transcript does not name a lender or record roll-call tallies.
Mayor Glenn Odom told the council the town had not yet received expected funds and proposed a short-term borrowing plan. "We are owed $450,000 from USDA and $50,000 from the State, but we do not have any yet," Odom said, and proposed applying for a $100,000 bank loan, "and use police cars as collateral until our money comes in." Councilman Robbie Liles moved to apply for the short-term $100,000 loan using police cars as collateral; Councilman James Linton seconded. The council indicated "All in Favor," and the motion was approved. The transcript does not identify the bank or record a roll-call vote.
The council's action authorizes the town to seek short-term financing to bridge an expected cash flow gap while awaiting State and federal funds. The transcript does not include terms of the proposed loan, the lender's identity, or any legal or insurance steps related to using municipal vehicles as collateral; those details would typically be handled by staff and appear in loan documents or subsequent council records.
After approving the loan motion, the council approved a motion to adjourn and ended the meeting.
