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Century To Take Low Interest Loan For General Fund
June 9, 2010
The Town of Century will borrow about $150,000 on a low-interest loan in order to free up general fund monies for another purposes.
The 2.6 percent, 20 year note will come from the state’s revolving fund to reimburse the town’s general fund for engineering services related to a water improvement project. Since the town has already paid for the engineering, the funds can be used for any purpose.
“I think it would be a good financially sound way to pay the town back, said Robert Hudson, Century’s accountant.
Council President Ann Brooks said she thought the money would be wisely invested in street paving.
But council member Henry Hawkins, the lone vote against the loan, said he did not believe borrowing money was a good move. “We are leaving debt for our children to pay, and I don’t like it.”
In September, the town voted to accept a low interest loan from the state for water improvements that will automatically forgive $1.4 million in payments — with Hawkins voting against. On the approximately $1.6 million loan, Century would be responsible for repaying only about $250,000. Payments on the revolving loan will cost the town about $12,400 annually.
Comments
3 Responses to “Century To Take Low Interest Loan For General Fund”
You GO David Huie Green!
As for Hawkins; The great strength of America is in our ability to debate issues and come to some consensus. Thank goodness for Mr. Hawkins courage, vision, and wisdom. BTW, did he ever get the financial documents and records he wanted regarding “Helicopter Technologies” ?
trhey are selling the towndown the tubes
I know everybody stays mad at Henry Hawkins for his many NO votes, but “We are leaving debt for our children to pay, and I don’t like it.” shows a more caring attitude toward the future than many seem to have.
So many say, “What’s posterity ever done for us? Why should we worry about posterity?”
Some unpleasant things you do because you just have to do them, but if you don’t absolutely HAVE to do them. . . .