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Shelby council resets public hearing on up-to-$2 million line of credit for Aug. 15
Summary
At its July 18 meeting, the Shelby City Council voted to reset a public hearing for Aug. 15 on a Line of Credit Note, Series 2023A, not to exceed $2,000,000. The motion passed by unanimous roll call.
At its July 18, 2023 meeting, the Shelby City Council voted to reset a public hearing for Aug. 15 on a proposed Line of Credit Note, Series 2023A, with a maximum principal amount of $2,000,000. Council member Karen Schlueter moved to reset the hearing; Pat Honeywell seconded the motion, and the measure passed on a roll-call vote of all ayes.
The council did not discuss details of the proposed line of credit in the meeting minutes beyond scheduling the public hearing and stating the not-to-exceed amount. No ordinance language, underwriting terms, or uses for the line of credit were recorded in the minutes.
The action was recorded as a procedural step to allow public comment and further deliberation at the Aug. 15 hearing. The council provided no additional timetable or staff assignments in the minutes for preparing materials related to the Line of Credit Note.
