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Council authorizes moving forward on $2 million highway loan; one abstention
Summary
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.
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.
After discussion about collateral and repayment, Councilmember Rondale Brishaber moved to move forward with the financing and Councilmember Preston Shell seconded. The motion passed; Councilmember Keeley Stingel registered an abstention. The council did not record a roll-call tally in the transcript.
