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Commissioners approve line of credit up to $5 million for JPA
Summary
The Richland County Board voted unanimously to authorize a line of credit up to $5,000,000 for the joint powers authority; State's Attorney Kummer said she reviewed the agreement and had no issues and the loan would carry a 3.5% rate.
The Richland County Board of Commissioners voted unanimously March 18 to authorize a line of credit of up to $5,000,000 for the joint powers authority (JPA), creating a county-backed credit facility meant to provide temporary liquidity if needed.
State's Attorney Kummer told the Board she had reviewed the proposed loan agreement and raised no legal objections. "Kummer stated she has reviewed the agreement and has no issues with it, Smith & Strege also ran the agreement by a bond attorney," the meeting record shows. Commissioner Nathan Berseth explained the line of credit would likely remain unused but would be available should funds become tied up, and the motion to approve the credit was made by Commissioner Rollie Ehlert and seconded by Berseth.
The agreement as described to the Board would set an interest rate of 3.5% for the county-provided line of credit. The Board's vote was recorded as unanimous. The item was presented as a financing contingency measure rather than an immediate draw on county funds; no disbursement was authorized at the meeting.
