Council unanimously approves payoff of USDA Rural Development loan
Summary
The council voted unanimously to use available funds to pay off an existing USDA Rural Development loan of approximately $39,000, which carried a roughly 5% interest rate and annual payments near $7,900.
The Town Council voted unanimously on March 9 to use available funds to pay off an existing USDA Rural Development loan of approximately $39,000. Council member Watts moved to authorize the payoff and Council member Keith seconded; the vote in favor was unanimous.
Council members noted the loan’s terms in discussion: the debt required yearly payments of about $7,900 and carried an interest rate of roughly 5 percent. The motion instructed staff to execute payment from available funds; no additional appropriations were requested at the meeting.
The action resolves a recurring annual obligation and reduces the town’s long-term debt service. The council took the vote during its regular agenda after routine approvals and then proceeded to other items.
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