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Shelby council approves Resolution 8-15 to authorize up to $2 million loan from Midstate’s Bank
Summary
The Shelby City Council approved Resolution 8-15 authorizing a multiple-advance loan agreement with Midstate’s Bank for up to $2,000,000 following a public hearing in which City Attorney Clint Fichter answered citizen questions; the measure passed on a unanimous roll call.
The Shelby City Council on Aug. 15 approved Resolution 8-15 authorizing a multiple-advance loan agreement with Midstate’s Bank for an Essential Corporate Purpose note not to exceed $2,000,000 (series 2023A).
The vote followed a public hearing during which several citizens asked questions about the project and City Attorney Clint Fichter responded to those questions. Mayor Ron Kroll then closed the hearing at 7:30 p.m. The resolution was moved by Councilmember Karen Schlueter and seconded by Councilmember Chris Evans; a roll call recorded all ayes and the motion carried.
Council did not specify in the meeting minutes the precise uses of any individual advance from the loan; the resolution authorizes the city to enter the loan agreement with the stated maximum principal. The council’s action establishes authority for city staff to finalize loan documents with Midstate’s Bank under the terms described in the resolution.
Next steps recorded in the minutes indicate staff will proceed with implementing the loan agreement under the authority of Resolution 8-15; no additional timeline or borrowing schedule was provided in the record.
