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Vernon County Board approves $2.214 million loan from Farmers State Bank of Hillsboro
Summary
The Board authorized a $2,214,000 loan to fund 2024 capital purchases, accepting a local bank offer the administration said was preferable to bonding; Admin Coordinator Cassandra Hanan said the borrowing was already built into the 2024 budget and the loan carries a 4.05% rate amortized over 10 years.
The Vernon County Board of Supervisors voted to adopt Resolution 2024‑26, authorizing the county to borrow $2,214,000 from Farmers State Bank of Hillsboro for capital purchases. Supervisor Muller moved the resolution, Supervisor Stanek seconded it, and Chair Lorn Goede called the question; the measure passed on a voice vote.
Administrative Coordinator Cassandra Hanan told the Board the borrowing was included in the 2024 budget and that the bank’s offer presented an attractive rate compared with market bonding. The resolution specifies an annual interest rate of 4.05% and a ten‑year amortization schedule. The Board did not record a roll‑call tally; the minutes note the resolution was adopted on a voice vote.
