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Century Seeks $250K Line Of Credit To Pay Grant Expenses
November 22, 2011
The Century Town Council voted Monday night to allow a $250,000 line of credit to be opened by the mayor and town clerk to pay reimbursable grant expenses.
The town currently has grant projects of over $1 million in the works, and the town is required to pay out of pocket for various grant projects before receiving guaranteed reimbursements. That, according to Mayor Freddie McCall, has left the town shuffling money between town accounts to pay the grant-related bills.
“We are juggling money out of this department, that department, and it cuts us short,” McCall said.
The line of credit will be “much easier from a logistics standpoint”, according to Robert Hudson, the town’s accountant.
The town council voted to open the line of credit at an unknown interest rate from United Bank. The council did not receive a proposal from any other bank.
Comments
5 Responses to “Century Seeks $250K Line Of Credit To Pay Grant Expenses”
Obviously, some of the previous commenters are unable to comprehend the article. It clearly states that the council voted Monday to allow the line of credit, so the Mayor is not “juggling money without the approval of the council” and the article also states that United Bank was the only bank that gave a proposal. Our town has to use its own money to do improvements and then will be reimbursed by the grant, no money should come out of taxpayer’s pockets, it is inconvenient, but I’m sure the grant writers want to make sure their money is going toward a good cause and not being squandered. I am glad that the town has projects in the works in order to improve our hometown.
Wait a minute is this the grant to fix up the houses in Century. We are borrowing money on which the interest will be paid by the Taxpayers to get Money from the Government which came from the Taxpayers to fix up houses for a few select individuals. God Bless America!!
ummhumm
Unknown amount of interest? Ok what interest rate are you going to pay now
for this federal handout, and did you shop around or just work it out in a
back room? Is this how the work will given out also?
Good ole Century again. Is it legal for the mayor to be “juggling money” without the approval of the council? Just sayin.
Yep. Just like Century to make a financial decision wihtout getting bids on costs and fees.