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Harrison council votes to reamortize 1998 USDA LID loan
Summary
Council voted unanimously to reamortize the 1998 USDA LID loan after a motion by Will Butler; the minutes do not state the loan balance, new term or payment schedule. Mayor Wanda Irish recused herself later in the meeting and turned the chair over to Council President Josephine Prophet.
The Harrison City Council approved a motion to reamortize the city's 1998 USDA local improvement district (LID) loan during the Nov. 14 meeting. "Will Butler made a motion to reamortize the 1998 USDA LID Loan," the minutes record; John Gray seconded and the vote was recorded as Will Butler AYE, Josephine Prophet AYE, Joe Cornell AYE, Charlie Shutt AYE, John Gray AYE and Debbie Lockhart AYE.
The minutes do not include the outstanding principal, the revised amortization schedule, interest rate or how the reamortization will affect future city budgets or property assessments; those figures were not specified in the meeting record and would require review of loan documents or a staff report. The record also notes that Mayor Wanda Irish recused herself from the meeting and turned the chair over to Council President Josephine Prophet (recusal noted after the loan action in the minutes).
