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Ronceverte council adopts $100,000 line of credit to ease vendor payments
Summary
Ronceverte approved Ordinance 2025-02 to establish a $100,000 line of credit with Peoples Bank, intended to help the city pay operating expenses and avoid vendor delays tied to grant drawdowns; the ordinance requires two signatures for withdrawals.
Ronceverte City Council unanimously adopted Ordinance 2025-02 on Jan. 13, 2025, establishing a $100,000 line of credit with Peoples Bank to help the city manage operating expenses and reduce payment delays tied to state and federal grant drawdowns.
Mayor Deena Pack read the ordinance title by request and reviewed the proposal with council members, who discussed the goal of avoiding vendor payment delays that can arise while waiting for grant drawdowns. Councilmember Tanya Hazelwood moved to approve the ordinance; Gail White seconded the motion and the council voted unanimously to adopt it. The ordinance requires two signatures to withdraw funds from the account.
Why it matters: the line of credit is intended as a short-term cash-management tool to ensure invoices and operating costs can be paid promptly when grant reimbursements are slow. The minutes do not record a dollar cost to the city beyond the $100,000 limit or details about interest rates or fees.
Next steps: Ordinance 2025-02 passed at the Jan. 13 meeting; the minutes do not specify the effective date or terms beyond the two-signature requirement and the $100,000 authorized limit.
