Century To Use $250K Line Of Credit, $116K In Reserve Funds For Grant Expenses

January 24, 2012

The Century Town Council voted Monday night to allow the mayor to open $250,000 line of credit and use $116,000 in reserve funds 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.

The council gave  McCall permission to open the quarter million dollar line of credit back in November; Monday night’s vote was to affirm that decision and accept the 3.25 percent interest rate offered by United Bank. The motion to open the line of credit passed 4-1 with council member Sandra McMurray Jackson voting against.

McCall will first use the $116,000 in reserve funds to pay reimbursable grant related expenses prior to using the line of credit.

Comments

One Response to “Century To Use $250K Line Of Credit, $116K In Reserve Funds For Grant Expenses”

  1. Richard Depue on January 27th, 2012 7:54 am

    Its about time Century starts to do something with its self. The town needs to start attracting big business. I don’t understand how a town with all this traffic hasn’t grown since I was here back when I was a toddler,but it’s good to see things are starting to happen.McCall is smart paying off those grants,the town will get the reimbursement and then use that money to build…..

Written by William Reynolds · Filed Under News