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Finance Committee approves series of loan paydowns using carbon-credit revenue and grants, and schedules Cap X payoff
Summary
The committee approved motions to apply $250,000 in carbon credit revenue to reduce Saxon Harbor loan principal, to use $4.1M NOAA grant funds plus $1.5M state funds to pay the Gile Flowage loan when funds are received, and to pay down a $1.445M 2025 Cap X loan in late February; all motions passed unanimously.
Iron County’s Finance Committee voted Jan. 20 on a set of loan-paydown measures intended to reduce county debt burdens.
The committee approved a motion to apply $250,000 in carbon-credit revenue to principal on the Saxon Harbor loan. Members also approved a motion to apply $4.1 million in NOAA grant funds together with $1.5 million in state funds to pay the Gile Flowage loan as soon as the grant and state funds are received. Finally, the committee authorized paying down the $1.445 million 2025 Cap X loan in late February following past practice. Each motion was moved and seconded (motions recorded as moved by Lutgen and seconded by Krall/Lauer in the minutes) and the minutes record the outcome as “All yes, carried.”
The minutes do not list implementation dates beyond the Cap X loan payoff timing or details about remaining loan balances post-paydown; follow-up accounting and reporting will be required when grant receipts occur and payments are executed.
