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Board approves $400,000 in capital loan repayments and asks staff to formalize interest policy
Summary
The board approved repayment of $300,000 from the Sewer Capital Project and $100,000 from the Water Capital Project to the general fund; committee members urged staff to calculate interest owed and recommend a formal loan policy for future capital transfers.
The Town of Jonesburg board approved two resolutions to repay prior interfund loans: $300,000 from the Sewer Capital Project to the general fund and $100,000 from the Water Capital Project to the general fund. Chair (speaker 1) introduced both resolutions and the board voted to approve each repayment. The sewer repayment referenced a loan made on 05/18/2023 and noted that interest owed from May 2023 through August 2025 will be addressed in a separate resolution.
Committee member (speaker 5) told the board many past loans lacked formal terms and urged that the town calculate interest equitably, with Danae assigned to examine formulas and investment comparisons. He recommended the board adopt a clear policy so future capital-project loans include explicit terms. The board agreed that staff should return with interest calculations and a proposed policy for future loans.
