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Port Commission authorizes $250,000 revolving line of credit from Roque Credit Union
Summary
The Port of Port Orford Commission unanimously approved a $250,000 revolving line of credit from Roque Credit Union to cover project costs and support cash flow for ongoing work.
The Port of Port Orford Commission voted on Oct. 13 to approve a $250,000 revolving line of credit from Roque Credit Union to cover project costs related to current port work. Commissioner Scott Mecum moved to approve the line of credit and Commissioner Brett Webb seconded; the motion passed unanimously.
The minutes record the intent of the line of credit as covering project costs; they do not specify interest rate, term, collateral or which exact projects will draw on the credit. "Commissioner Mecum moved to approve a 250,000 dollar revolving line of credit from Roque Credit Union to cover project costs, and was seconded by Commissioner Webb," the meeting record says. The commission approved the measure without recorded dissent. Staff listed on the minutes included Port Administrator Catherine Scobby.
