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Douglas County Revolving Loan Fund approves $25,000 loan to Earth Rider
Summary
The Douglas County Revolving Loan Fund Executive Board approved a $25,000 loan to Earth Rider on April 2, 2025, with a five-year term, 5.5% interest and interest-only payments for the first six months. The approval followed a closed-session review under state statute.
The Douglas County Revolving Loan Fund Executive Board on April 2, 2025 approved a $25,000 loan to Earth Rider with a five-year repayment term and a fixed interest rate of 5.5%, including interest-only payments for the first six months. The action was taken after the board met in closed session to discuss the application.
Kaci Jo Lundgren, Secretary, moved to approve the loan; Mark Hubbard seconded the motion, which the minutes record as "Motion carried." The motion text in the minutes specifies the amount, five-year term, 5.5% interest rate and the initial six-month interest-only payment period. The board reconvened open session at 2:21 p.m. and recorded the approval.
The board invoked Wisconsin's open-meeting statute provision for closed sessions (Wis. Stat. §19.85(1)(e)) to discuss the loan application. No additional loan underwriting details, conditions, or repayment schedule beyond those recorded in the motion were provided in the minutes. The minutes list no further follow-up actions or implementation assignments related to this loan; future agenda items were marked as none before adjournment.
The meeting adjourned at 2:24 p.m.
