Council authorizes moving forward on $2 million highway loan; one abstention
First Savings Bank proposed a $2,000,000, seven-year tax-exempt loan for the county highway department, with estimated annual payments of $348,445 to be repaid from CEDIT funds. The council voted to proceed; Councilmember Keeley Stingel abstained.
The full story
First Savings Bank representatives Aaron Weller and Daniel Shepard presented financing terms for a $2,000,000 loan to Washington County's Highway Department, proposing a seven-year, tax-exempt borrowing arrangement secured by pledging deposit assets and borrowing against existing investment funds. The estimated annual payment discussed was $348,445 and the proposed repayment source was CEDIT funds.
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