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Council approves payoff of roughly $39,000 USDA loan
Summary
The council voted unanimously to pay off an existing USDA Rural Development loan of about $39,000, freeing the town from annual payments of roughly $7,900 at a 5% interest rate.
Mayor Christopher J. Walker opened the March 9 meeting and the council approved a motion to pay off an outstanding USDA Rural Development loan of approximately $39,000.
Council member Watts moved to use funds available to satisfy the loan, and Council member Keith seconded the motion. According to the meeting record the loan carried annual payments of about $7,900 and an interest rate of 5%. The motion passed unanimously.
The payoff eliminates the recurring annual payment previously budgeted. The council did not specify the funding line used to cover the payoff in the minutes; the clerk was not recorded as providing a precise funding source during the segment.
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